BULLIONS
Bullions counter may continue its bullish momentum as yellow metal surged to a record high as Federal Reserve Chair Jerome Powell underlined that recent job gains and higher-than-expected inflation readings do not significantly alter the overall picture of the central bank’s monetary strategy. Overall gold (Jun) can move in range of 69500-70100 while silver (May) also can move in range of 79000-80000. Traders are pricing in a 62% probability that the Fed will begin cutting rates in June, according to the CME Group’s FedWatch Tool. Lower interest rates reduce the opportunity cost of holding bullion. Powell said that “if the economy evolves broadly as we expect,” he and his Fed colleagues largely agree that a lower policy interest rate will be appropriate “at some point this year.”
BASE METALS
In base metal counter, Copper prices can continue its bullish momentum as it can move range of 790-800. Copper prices rose on Wednesday to their highest in nearly two weeks, driven by a healthy demand outlook on the back of improving manufacturing activity in top consumer China though profit-taking pressure across base metals curbed gains. China’s manufacturing activity expanded for the first time in six months in March, an official survey showed. Copper inventory in warehouses monitored by Shanghai Futures Exchange rose slightly to 291,849 tonnes, its highest in four years. Outside of China, growth in U.S. factory activity also lent support to the U.S. dollar which held near an over four-month peak on Wednesday. Zinc may trade on firm path as it may move in range of 222-229.
ENERGY
Crude oil may continue its surge higher it may move in range of 7050-7250. Oil prices rose on concerns of lower supply as major producers are keeping output cuts in place and on signs of stronger economic growth in the U.S., the world’s biggest oil consumer. Oil has gained as Ukraine’s attacks on Russian refineries have cut fuel supply and amid concerns that the Israel-Hamas war in Gaza may spread to include Iran, possibly disrupting supplies in the key Middle East region. A meeting of top ministers from the Organization of Petroleum Exporting Countries (OPEC) and its allies including Russia, kept oil supply policy unchanged on Wednesday and pressed some countries to boost compliance with output cuts. In the Middle East, Iran has vowed revenge against Israel for an attack on Monday that killed high-ranking Iranian military personnel. Iran is the third-largest producer in OPEC. Natural gas prices may trade on mixed path as it may move in range of 150-160.

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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