BULLIONS

Bullions counter may remain on volatile path as today US nonfarm payroll data to give further direction to the prices. Gold (Feb) can move in range of 62300-62600 while Silver (Mar) also can move in range of 74000-75000. After an uptick in weekly U.S. jobless claims, traders positioned for the non-farm payrolls data on Friday in search of more signs of a weaker labor market. The market consensus is for a soft landing in the U.S., which historically makes gold less attractive. Still, geopolitical tensions in a critical election year alongside central bank buying could support gold in 2024, the World Gold Council said

BASE METALS

In base metal counter, Copper can witness some bounce back as it can move in range of 710-720. Chilean copper commission Cochilco estimates national production will rise 1% to 5.4 million tons this year and increase 4.3% next year to 5.6 million tons. The agency has identified a project pipeline for 2022-2031 of almost $74 billion, with Codelco, Anglo American Plc, Antofagasta Plc and BHP among those set to spend. Aluminum can move lower in range of 193-198. Zinc can move downside in range of 216-220. The global zinc market swung to a deficit of 15,400 metric tons in September from a surplus of 28,000 tons in August, according to data from the International Lead and Zinc Study Group (ILZSG). The surplus during the first nine months of the year reached 475,000 tons, a significant increase from a surplus of 47,000 tons during the same period last year.

ENERGY

Crude oil may trade on firm path as it may move in range of 5820-5980. Oil benchmarks were headed for a seventh straight weekly decline on worries over a global supply surplus and weak Chinese demand, although prices recovered ground on Friday after Saudi Arabia and Russia called for more OPEC+ members to join output cuts. Saudi Arabia and Russia, the world’s two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts for the good of the global economy, only days after a fractious meeting of the producers’ club. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed to a combined 2.2 million barrels per day (bpd) in output cuts for the first quarter of next year. Chinese customs data showed its crude oil imports in November fell 9% from a year earlier as high inventory levels, weak economic indicators and slowing orders from independent refiners weakened demand. Natural gas prices may witness some short covering as it can move in range of 212-220.

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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