BULLIONS

Bullions counter may trade on subdued path  as yellow metal prices edged lower as the dollar firmed after a strong U.S. payrolls report, overshadowing support from prospects that the Federal Reserve would pause its rate hikes this month. Gold can move in range of 59200-59700 while silver also can move in range of 71000-72500. Gold prices slipped more than 1% on Friday after data showed U.S. nonfarm payrolls rose by 339,000 jobs last month, exceeding a 190,000 forecast by economists. The higher unemployment reading prompted markets to price in a 79.3% chance of the Fed leaving interest rates unchanged at its June 13-14 meeting, according to the CME FedWatch Tool. The U.S. House of Representatives last week passed a bill to suspend the $31.4 trillion debt ceiling, and averted a first-ever default.

BASE METALS

In base metal counter, Copper can trade on sideways path as it can move in range of 708-720. Copper treatment and refining charges (TC/RCs) have been at a four-year high of $87.50 since last Thursday. Miners pay TC/RCs to smelters to process copper concentrate into refined metal, offsetting the cost of the ore. Zinc may remain on volatile path as it can move in range of 204-211. Aluminum can trade on trade in red   as it can move in range of 205-211. Aluminium available to the market in London Metal Exchange (LME) approved warehouses fell to near four-month lows after large amounts of inventory were earmarked to leave the LME system, data from the exchange showed.

ENERGY: Crude oil may trade on positive path as it can move in range of 5850-6100. Oil prices jumped more than $1 a barrel on Monday after the world’s top exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July, counteracting macroeconomic headwinds that have depressed markets. Saudi energy ministry said on Sunday its output would drop to 9 million barrels per day (bpd) in July from around 10 million bpd in May, the kingdom’s biggest reduction in years. The voluntary cut pledged by Saudi is on top of a broader deal by the Organization of the Petroleum Exporting Countries and their allies including Russia to limit supply into 2024 as the group seeks to boost flagging oil prices. Natural gas prices may witness lower level buying as it can move in range of 177-188. Meteorologists projected the weather in the Lower 48 states would remain mostly near through June 15 before turning warmer than normal from June 16-17.

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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