BULLIONS
Bullions counter may trade on mixed path as US nonfarm payroll data to give further direction to the prices. Overall gold can move in range of 70400-70850 while silver also can move in range of 80700-81850. Data on Thursday showed the number of Americans filing new claims for unemployment benefits held steady at a low level last week, pointing to a still fairly tight labour market that should continue to underpin the economy in the second quarter. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.17% to 829.60 tonnes on Thursday from 831.04 tonnes on Wednesday. Gold prices traded almost flat on Friday as investors refrained from taking big positions ahead of U.S. non-farm payrolls data that could offer more cues on the Federal Reserve’s policy path.
BASE METALS
In base metal counter, Copper prices can trade on subdued path as it can move range of 844-855. The copper market is seeing some renewed volatility, but that a perfect storm continues to churn, as growing demand and dwindling supplies could push prices to record highs later this year. Adding to the correction is growing concern that Chinese copper supplies are increasing due to weakening demand as economic activity remains soft. Sticking with weak physical markets, the latest LME commitment of traders report confirms that the rally has been driven by investors, with commercial long position as a share of open interest declining. Zinc may move sideways in range of 252-259.
ENERGY
Crude oil may remain on mixed path as it may move in range of 6500-6750. Oil prices edged up on the prospect of OPEC+ continuing output cuts, but the crude benchmarks were headed for weekly losses on U.S. economic uncertainty and limited crude supply disruptions caused by the Israel-Hamas war. Still, both benchmarks were on track for weekly losses as investors worried about the prospect of higher-for-longer interest rates curbing growth in the U.S., the top global oil consumer, while the war in the Middle East showed little sign of disrupting global oil supplies. Natural gas prices may witness lower level buying as it may move in range of 161-168. Natural gas futures were bolstered by a bullish storage print, lower production and forecasts for strong summer heat. Weather-driven demand is soft this week and forecasts indicate it will remain so through the first half of May. However, National Weather Service (NWS) data showed temperatures climbing later in the month and above-average heat canvassing most of the Lower 48 through the summer months

Disclosure

Globe Capital Market Limited (“GCML”) is a Stock Broker registered with BSE, NSE, USE and MSEI in all the major segments viz. Capital, F & O and CDS segments. GCML is also a Depository Participant and registered with both the Depositories viz. CDSL and NSDL. Further, GCML is a SEBI registered Portfolio Manager. GCML includes subsidiaries, group and associate companies, promoters, directors, employees and affiliates.

Globe Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. Rolex Finvest Private Limited, A to Z Consultants Private Limited, A to Z Venture Capital Limited, M. Agarwal Stock Brokers Private Limited, A M Share Brokers Private Limited, Shri Adinath Advertising Company Pvt. Ltd., Orient Landbase Private Limited, Bolt Synthetic Private Limited, Price ponder Private Limited and Lakshya Impex Private Limited are associates of GCML. Globe Comex International DMCC is step down subsidiary of GCML.

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