- Bullions counter may trade on mixed path bias as gold prices slipped on Monday, pressured by a stronger dollar as investors dialed back bets for further Federal Reserve rate cuts following Chair Jerome Powell’s hawkish remarks last week, while easing U.S.-China trade tensions also weighed on bullion.
Commodity Morning Trading Guide
Report Overview
COMMODITY DAILY MARKET NEWS AND OUTLOOK
BULLIONS
- Bullions counter may trade on mixed path bias as gold prices slipped on Monday, pressured by a stronger dollar as investors dialed back bets for further Federal Reserve rate cuts following Chair Jerome Powell’s hawkish remarks last week, while easing U.S.-China trade tensions also weighed on bullion.
- Overall Gold (Dec) can move in range of 120600-122000 while silver (Dec) can move in range of 150000-152500.
- The U.S. dollar held steady near three-month highs reached last week, making greenback-priced bullion more expensive for other currency holders.
- U.S. President Donald Trump said on Thursday he had agreed with Chinese President Xi Jinping to trim tariffs on China in exchange for Beijing cracking down on the illicit fentanyl trade, resuming U.S. soybean purchases and keeping rare earths exports flowing.
- Meanwhile, SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.11% to 1,039.20 metric tons on Friday from 1,040.35 tons on Thursday.
BASE METALS
- In base metal counter, Copper (Nov) prices can trade on strong path as it can move in range of 1000-1020. India’s copper demand increased by 9.3 per cent year-on-year in the 2024-25 fiscal, driven mainly by construction, consumer durables and infrastructure sectors, the International Copper Association India (ICA India) has said.
- Copper demand reached 1.87 million tonnes (mt), with building construction and infrastructure segments off take drivers registering 11 per cent and 17 per cent year-on-year growth, respectively. Demand in the automotive sector was up by 5 per cent, with the electric vehicle (EV) segment, particularly two wheelers and three-wheelers, registering a 16 per cent rise.
- Aluminum (Nov) prices can trade on mixed path as it may move in range of 268-274.while Zinc (Nov) may move on upside path as it may trade in range of 298-304.
ENERGY
- Crude oil (Nov) may trade with upside path as it can move in range of 5400-5530. Oil prices climbed in early Asian trade on Monday after OPEC+ decided to hold off production hikes in the first quarter of next year, easing rising fears of a supply glut.
- The Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, agreed on Sunday to raise output by 137,000 barrels per day in December, the same as for October and November. The Energy Information Administration reported on Friday that U.S. crude oil output rose 86,000 bpd to a record 13.8 million bpd in August.
- Brent and WTI fell more than 2% for a third straight month in October, hitting a five-month low on October 20 on fears of a supply glut and economic concerns about U.S. tariffs.
- Natural gas (Nov) may remain on firm path as it can move in range of 358-371.
Disclosure
Globe Capital Market Limited (“GCML”) is a Stock Broker registered with BSE, NSE, MCX, NCDEX, 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 and Research Analyst. GCML includes subsidiaries, group and associate companies, promoters, directors, employees and affiliates.
AY Securities and Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. AtoZFinstock 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, LakshyaImpex Private Limited and Launchpad Fintech Private Limited are associates of GCML.
This report has been prepared by GCML and published in accordance with the provisions of Regulation 19 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, for use by the recipient as information only and is not for general circulation or public distribution. This report is not to be altered, transmitted, reproduced, copied, redistributed, uploaded, published or made available to others, in any form, in whole or in part, for any purpose without prior written permission from GCML. The projections and the forecasts described in this report are based on estimates and assumptions and are inherently subject to significant uncertainties and contingencies. Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections are forecasts were based may not materialize or may vary significantly from actual results and such variations will likely increase over the period of time. This report should not be construed as an offer to sell or the solicitation of an offer to buy, purchase or subscribe to any securities, and neither this report nor anything contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. It does not constitute a personal recommendation or take into account the particular investment objective, financial situation or needs of any individual in particular. The research analysts of GCML have adhered to the code of conduct under Regulation 24 (2) of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. The recipients of this report must make their own investment decisions, based on their own investment objectives, financial situation or needs and other factors. The recipients should consider and independently evaluate whether it is suitable for its/ his/ her/their particular circumstances and if necessary, seek professional / financial advice as there is substantial risk of loss. GCML does not take any responsibility thereof.
Any such recipient shall be responsible for conducting his/her/its/their own investigation and analysis of the information contained or referred to in this report and of evaluating the merits and risks involved in securities forming the subject matter of this report. The price and value of the investment referred to in this report and income from them may go up as well as down, and investors may realize profit/loss on their investments. Past performance is not a guide for future performance. Actual results may differ materially from those set forth in the projection.
AY Securities and Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. AtoZFinstock 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, LakshyaImpex Private Limited and Launchpad Fintech Private Limited are associates of GCML.
This report has been prepared by GCML and published in accordance with the provisions of Regulation 19 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, for use by the recipient as information only and is not for general circulation or public distribution. This report is not to be altered, transmitted, reproduced, copied, redistributed, uploaded, published or made available to others, in any form, in whole or in part, for any purpose without prior written permission from GCML. The projections and the forecasts described in this report are based on estimates and assumptions and are inherently subject to significant uncertainties and contingencies. Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections are forecasts were based may not materialize or may vary significantly from actual results and such variations will likely increase over the period of time. This report should not be construed as an offer to sell or the solicitation of an offer to buy, purchase or subscribe to any securities, and neither this report nor anything contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. It does not constitute a personal recommendation or take into account the particular investment objective, financial situation or needs of any individual in particular. The research analysts of GCML have adhered to the code of conduct under Regulation 24 (2) of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. The recipients of this report must make their own investment decisions, based on their own investment objectives, financial situation or needs and other factors. The recipients should consider and independently evaluate whether it is suitable for its/ his/ her/their particular circumstances and if necessary, seek professional / financial advice as there is substantial risk of loss. GCML does not take any responsibility thereof.
Any such recipient shall be responsible for conducting his/her/its/their own investigation and analysis of the information contained or referred to in this report and of evaluating the merits and risks involved in securities forming the subject matter of this report. The price and value of the investment referred to in this report and income from them may go up as well as down, and investors may realize profit/loss on their investments. Past performance is not a guide for future performance. Actual results may differ materially from those set forth in the projection.
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