Bullions counter can witness some profit booking at higher levels trade as bounce in greenback weighed on the sentiments. Market participants braced for U.S. jobs data that could influence the Federal Reserve’s policy trajectory. Gold can move in range of 55600-56000 while Silver also can move in range of 68500-69700.
Bullions counter can witness some profit booking at higher levels trade as bounce in greenback weighed on the sentiments. Market participants braced for U.S. jobs data that could influence the Federal Reserve’s policy trajectory. Gold can move in range of 55600-56000 while Silver also can move in range of 68500-69700. Minutes of the Fed’s December policy meeting released on Wednesday showed that all officials agreed the U.S. central bank should slow the pace of its aggressive interest rate hikes. Meanwhile, Minneapolis Fed President Neel Kashkari said on Wednesday that the Fed should continue hiking interest rates at its next few meetings at a minimum until it is sure that inflation has peaked.
In base metal counter, Copper can trade on weak bias as it can move in range of 700-715. On the fundamentals, copper price fell after opening low after copper inventory started to accumulate. The traders also failed to hold the prices firm amid poor downstream demand. In addition the smelters in north China actively shipped their cargoes to east China, easing the supply pressure in the north. Zinc may move on mixed path as it can move in range of 262-273. Aluminum can in narrow range of 200-206. The power rationing in south-west China dragged down the domestic operating aluminium capacity. Once downstream enterprises resume their production, regional supply shortages will occur in the first quarter.
ENERGY: Crude oil may trade on weaker path as it can test 6000 while taking resistance near 6200 in MCX. Oil came under pressure as investors worry about a potential global recession and the short-term economic signs in the world’s two biggest oil consumers, the United States and China, appear shaky. Concerns about the economic disruptions as COVID-19 works its way through China, the world’s biggest oil importer, have added to the pessimism around crude prices. The Chinese government increased export quotas for refined oil products in the first batch for 2023, signaling expectations of poor domestic demand. U.S. manufacturing contracted further in December, dropping for a second straight month to 48.4 from 49.0 in November, in the weakest reading since May 2020, the Institute for Supply Management (ISM) said. Natural gas prices can witness some bounce back as it can move in range of 325-350.
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