BULLIONS
Bullions counter may trade on positive path as gold prices edged up for a second session on Tuesday, after recent economic data boosted bets that the Federal Reserve would cut interest rates later this year. Overall gold can move in range of 71000-71600 while silver also can move in range of 81300-83000. Data on Friday showed job growth in the U.S. slowed more than expected in April, while the increase in annual wages fell below 4.0% for the first time in nearly three years. Investors closely monitored the latest developments in the Middle East conflict. Palestinian militant group Hamas on Monday agreed to a Gaza ceasefire proposal from mediators, but Israel said the terms did not meet its demands and pressed ahead with strikes in Rafah while planning to continue negotiations on a deal. A private sector survey showed on Monday that China’s services activity expansion slowed a touch, but growth in new orders accelerated and business sentiment rose solidly.
BASE METALS
In base metal counter, Copper prices can trade on firm path as it can move range of 860-874. The International Copper Study Group’s significant reduction in its global surplus estimate for this year from 467,000 tons to 162,000 tons underscored supply challenges exacerbated by mine suspensions and power cuts. Cobre Panama, the world’s largest open-pit copper mine, faced suspension, while Zambia’s key mines were impacted by power outages. Additionally, Chinese smelters facing lower margins may collectively reduce output by 10% this year. Meanwhile, Chinese copper producers are planning to export up to 100,000 metric tons of metal, the largest volume in 12 years, in an attempt to temper a rally that has propelled prices towards record highs and impacted their order books. Zinc may move sideways in range of 255-262.
ENERGY
Crude oil may witness trade on positive path as it may move in range of 6540-6700. Oil prices edged higher on Tuesday after Israel struck Rafah in Gaza, while negotiations for a ceasefire with Hamas continued without resolution. Oil prices had settled higher on Monday, partially reversing last week’s declines. Both contracts had posted the steepest weekly losses in three months as the market focused on weak U.S. jobs data and the possible timing of a Federal Reserve interest rate cut. Palestinian militant group Hamas on Monday agreed to a Gaza ceasefire proposal from mediators, but Israel said the terms did not meet its demands and pressed ahead with strikes in Rafah while planning to continue negotiations on a deal. Israeli forces struck Rafah on Gaza’s southern edge from the air and ground and ordered residents to leave parts of the city, which has been a refuge for more than 1 million displaced Palestinians. Saudi Arabia’s move to raise the official selling prices for its crude sold to Asia, Northwest Europe and the Mediterranean in June also supported prices, signalling expectations of strong demand this summer. Natural gas prices may trade on mixed as it may move in range of 170-188.

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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