Bullions counter may trade on volatile path as yellow metal prices steadied in a tight range as optimism that the U.S. central bank will not hike interest rates this month kept the dollar under pressure .Gold can move in range of 59600-60000 while silver also can move in range of 71500-72500.
Bullions counter may trade on volatile path as yellow metal prices steadied in a tight range as optimism that the U.S. central bank will not hike interest rates this month kept the dollar under pressure .Gold can move in range of 59600-60000 while silver also can move in range of 71500-72500. The Fed’s data-dependent stance will mean that rate expectations may continue to see huge swings due to its higher sensitivity to incoming economic data, with a key look-ahead being the U.S. May CPI report next week. A survey from the Institute for Supply Management showed the U.S. services sector barely grew in May as new orders slowed, pushing a measure of prices paid by businesses for inputs to a three-year low, which could aid the Fed’s fight against inflation.
In base metal counter, Copper can trade on further positive movement as it can move in range of 715-725. On the macro front, data on Monday showed that the US services sector barely grew in May as new orders slowed, snapping an earlier rebound sparked by strong job growth. Weak growth in the US services sector has reinforced bets the Federal Reserve will keep interest rates on hold next week. Limited shipments arrivals of imported and domestic copper over the weekend and normal downstream purchasing lowered inventories in both east and south China. Zinc may remain on volatile path as it can move in range of 207-213. Aluminum can trade on trade on mixed path in range of 207-211. Aluminium dropped driven by production resumption in Guizhou and Sichuan.
ENERGY: Crude oil may trade on negative path as it can move in range of 5870-6050. Oil prices edged lower giving up most of the prior session’s gains that followed an announcement by the world’s top exporter, Saudi Arabia, that it would further cut output. The voluntary cut, Saudi Arabia’s biggest in years, is on top of a broader deal by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia to limit supply into 2024 as OPEC+ seek to boost flagging oil prices. Market participants are now waiting to see if the U.S. Federal Reserve will hike or hold interest rates in June for more trading cues. Higher rates could curb energy demand. Natural gas prices may witness lower level buying as it can move in range of 183-195.
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