BULLIONS

Bullions counter may trade on mixed path .Yellow metal firmed after a slower-than-expected U.S. job growth data knocked the dollar and bond yields off their recent highs, as investors brace for this week’s inflation test that could influence the Federal Reserve’s policy path. Gold can move in range of 59300-59600 while silver also can move in range of 71500-73000. The U.S. dollar index fell and benchmark 10-year Treasury yields slid from November highs after the Labor Department’s employment report on Friday showed the U.S. economy added fewer jobs than expected in July. The new evidence that the labor market is cooling, added to the case that the U.S. central bank’s recent interest rate hike could be the last of its current tightening cycle. Premiums on physical gold in China hit a near five-month peak last week on strong retail demand in the top consumer, while a weaker rupee offset the impact of a retreat in local prices in India.

BASE METALS

In base metal counter, Copper can trade on negative path as it can move in range of 735-745. Chile’s state-owned mining company, Codelco, adjusted its output projections downward by 70,000 tonnes to a range of 1.31-1.35 million tonnes for the current year. This revision was attributed to explosions and delays in key mines. The adjustment followed a report indicating that Codelco’s production had plummeted by 14% in the first half of 2023. Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 14.9 % from last Friday, the exchange said. Zinc may remain on sideways path as it can move in range of 218-225.  Aluminum can move in range of 199-204.

ENERGY: Crude oil may trade on upside path as it may move in range of 6800-6920. Oil prices extended gains to touch their highest levels since mid-April after top producers Saudi Arabia and Russia pledged to keep supplies down for another month to tighten global markets further and support prices. Several factors have underpinned prices in recent weeks including expectations of U.S. interest rate hikes tapering off, a reduction in OPEC+ supplies and hopes of stimulus boosting oil demand recovery in the world’s top crude importer China after a dismal second quarter. The world’s top exporter Saudi Arabia on Thursday extended its voluntary production cut of 1 million barrels per day (bpd) to the end of September, adding that it could be extended beyond then or deepened. The kingdom’s production for September will be around 9 million bpd. Natural gas prices may move further higher as it may move in range of 210-225.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

This report has been prepared by GCML and published in accordance with the provisions of Regulation 19 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, for use by the recipient as information only and is not for general circulation or public distribution. This report is not to be altered, transmitted, reproduced, copied, redistributed, uploaded, published or made available to others, in any form, in whole or in part, for any purpose without prior written permission from GCML. The projections and the forecasts described in this report are based on estimates and assumptions and are inherently subject to significant uncertainties and contingencies. Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections are forecasts were based may not materialize or may vary significantly from actual results and such variations will likely increase over the period of time. This report should not be construed as an offer to sell or the solicitation of an offer to buy, purchase or subscribe to any securities, and neither this report nor anything contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. It does not constitute a personal recommendation or take into account the particular investment objective, financial situation or needs of any individual in particular. The research analysts of GCML have adhered to the code of conduct under Regulation 24 (2) of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. The recipients of this report must make their own investment decisions, based on their own investment objectives, financial situation or needs and other factors. The recipients should consider and independently evaluate whether it is suitable for its/ his/ her/their particular circumstances and if necessary, seek professional / financial advice as there is substantial risk of loss. GCML does not take any responsibility thereof.

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