- Bullions counter may trade on upside path as yellow metal prices extended their record run on Wednesday, as persistent market uncertainty and growing investor confidence that the U.S. Federal Reserve will cut interest rates this month lifted demand for the safe-haven metal.
Commodity Morning Trading Guide
Report Overview
BULLIONS
- Bullions counter may trade on upside path as yellow metal prices extended their record run on Wednesday, as persistent market uncertainty and growing investor confidence that the U.S. Federal Reserve will cut interest rates this month lifted demand for the safe-haven metal.
- Overall Gold (Oct) can move in range of 105500-106600 while Silver (Dec) also can move in range of 123500-126000.
- Heightening uncertainty and potential trade tensions in the market, U.S. President Donald Trump’s administration said it will ask the Supreme Court for an expedited ruling on tariffs that a U.S. appeals court found illegal last week.
- Trump has been exerting relentless pressure on the Fed to cut interest rates and publicly discussed firing Fed Chair Jerome Powell. U.S. rate futures are pricing in a 92% chance of a 25-basis-point Fed rate cut at the end of the two-day policy meeting on September 17, according to CME Group’s Fed Watch tool.
BASE METALS
- In base metal counter, Copper prices can trade on mixed path as it can move in range of 897-908. London copper prices edged lower on Wednesday, giving up some of the gains from the previous session, although upbeat Chinese economic data and optimism over U.S. rate cuts helped limit the decline.
- Aluminum prices can trade on upside path as it may move in range of 252-257.while Zinc may move on strong path as it may trade in range of 272-277.
- Surveys of purchasing managers in China’s manufacturing sector showing expansion in August due to a rise in new orders indicate healthier demand prospects for industrial metals.
ENERGY
- Crude oil may trade on upside path as it can move in range of 5700-5830. Oil prices were steady in Asian trading on Wednesday, holding on to sanctions-driven gains from the previous session as the market looked ahead to an OPEC+ meeting over the weekend.
- Oil had settled up more than 1% in the previous trading session after the U.S. imposed new sanctions on a network of shipping companies and vessels led by an Iraqi-Kittitian businessman for smuggling Iranian oil disguised as Iraqi oil.
- The market was waiting for the results of a meeting of eight members of the Organization of the Petroleum Exporting Countries and their allies on September 7.
- Natural gas may remain on volatile path as it can move in range of 258-268.
Disclosure
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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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