Bullions counter may trade on positive path as yellow metal edged higher and set to end its eight-session-long losing streak, last seen around the same time in 2016, as U.S. bond yields and the dollar retreated from recent highs .
Bullions counter may trade on positive path as yellow metal edged higher and set to end its eight-session-long losing streak, last seen around the same time in 2016, as U.S. bond yields and the dollar retreated from recent highs ahead of a keenly awaited non-farm payrolls report this week. Yellow metal can move in range of 56700-57000 while silver also can move in range of 67000-68500. Data on Thursday showed U.S. private payrolls increased far less than expected in September. Markets now await the Labor Department’s more comprehensive employment report on Friday. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.5% to 869.31 metric tons on Wednesday, its lowest since August 2019. The subdued dollar also buoyed other greenback-priced precious metals, with spot silver up 1.1% to $21.19 per ounce, having slipped to its lowest since mid-March this week.
In base metal counter, Copper can move on mixed path as it can move in range of 697-706. Copper faced a 0.75% decline yesterday, settling at 699.5, primarily due to concerns about economic growth and increasing inventories. The International Copper Study Group (ICSG) predicts a deficit of 27,000 metric tons in the global copper market this year, but a surplus of 467,000 tons in 2024. The group also anticipates a rise in refined copper usage by 2% in 2023 and 2.7% in 2024, driven by manufacturing growth and energy transition efforts. Despite global economic challenges, factors like increased manufacturing, energy transition projects, and new production capacity in various countries should boost copper usage in 2024. Aluminum can move in range of 203-208.
Crude oil may trade lower as it can move in range of 7000-7200. Oil prices inched up clawing back some of the previous session’s big losses after an OPEC+ panel maintained oil output cuts to keep supply tight, though an uncertain demand outlook capped gains. Oil settled down more than $5 on Wednesday as a bleaker macroeconomic outlook and fuel demand destruction came into focus, following a meeting of an OPEC+ panel, grouping the Organization of the Petroleum Exporting Countries and allies led by Russia. The OPEC+ ministerial panel made no changes to the group’s oil output policy, and Saudi Arabia said it would continue with a voluntary cut of 1 million barrels per day (bpd) until the end of 2023, while Russia would keep a 300,000 bpd voluntary export curb until the end of December. Natural gas prices may move with upside path as it can move in range of 245-255.
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