BULLIONS

Bullions counter may trade on positive path as yellow metal edged up from seven-month lows, as the U.S. dollar and bond yields took a breather after scaling new highs this week ahead of U.S. non-farm payrolls data. Yellow metal can move in range of 56500-56800 while silver also can move in range of 66500-68000. Benchmark U.S. 10-year bond yields pulled back from 16-year peak and the U.S. dollar was off November 2022 highs, but remained on track for 12 straight weeks of gains. Markets await the release of U.S. non-farm payrolls data at 1230 GMT, following a string of jobs indicators released this week. The data could help determine whether interest rates will be raised again. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings hit the lowest levels since August 2019 on Thursday.

BASE METALS

In base metal counter, Copper can move on lower path as it can move in range of 695-704. A report by the International Copper Study Group also predicted a surplus of 3,320,000 tonnes in the year’s first quarter. This was far more than the slight surplus of 8,000 tonnes in the same period in the previous year. On the one hand, you have copper price supplies and price fluctuations directly linked to the events in China. Yet other geopolitical factors could also affect metal prices. China’s increased copper demand is attributed to its growing green economy, solar installations, and manufacturing sector. Aluminum can move in range of 202-208.

ENERGY

Crude oil may trade lower as it can move in range of 6800-6950. Oil prices were on track for their steepest weekly decline since March on growing worries that higher-for-longer interest rates could stoke a global economic slowdown and curb fuel demand. Bond investors’ rising concerns around government spending and a ballooning budget deficit in the United States, the world’s top oil consumer, are contributing to a steep sell-off that has pushed Treasury prices to 17-year lows. A meeting this week of a ministerial panel of OPEC+, the Organization of the Petroleum Exporting Countries and allies led by Russia, made no changes to the group’s oil output policy. U.S. Government data this week showed a sharp decline in U.S. gasoline demand, with economic data showing the U.S. services sector had slowed. Natural gas prices may move with upside path as it can move in range of 255-275.

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.

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