BULLIONS

Bullions counter may trade with weaker path on rising greenback. Gold can move in range of 62100-62700 while silver also can move in range of 71800-73000. The stronger-than-expected employment data had an immediate negative impact on gold prices, as the U.S. economy demonstrated ongoing job creation and rising wages, intensifying concerns about inflationary pressures. Physical gold buying in India increased as domestic prices retreated from record highs, while China experienced higher premiums amid expectations of fiscal measures to support the economy. Dealers offered discounts of up to $11 an ounce over official prices in India, a reduction from the previous week’s $16 discount. In China, premiums surged to $37-$45 per ounce over spot prices, compared to last week’s $23-$38 premiums. Singapore observed $1.50-$2.50 per ounce premiums, slightly higher than the previous week’s range.

BASE METALS

In base metal counter, Copper can move in range of 715-725. Adding to market concerns were supply tensions driven by low stocks in China, where demand continued to be robust. However, copper inventories in Shanghai Futures Exchange-monitored warehouses saw a 7.2% increase from the previous week, contributing to downward pressure on prices. In Chile, a significant copper-producing country, total copper production fell by 2.34% on an annual basis in November, reaching 442,800 metric tons, according to the country’s copper commission Cochilco. The ICSG reported a 53,000 metric ton deficit in the global refined copper market for October, slightly lower than the 56,000 metric ton deficit in September. Aluminium may trade in range of 202-206.

ENERGY

Crude oil may trade lower as oil prices dipped on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting worries about escalating geopolitical tensions in the Middle East. Overall it may move in range of 6000-6150. U.S. Secretary of State Antony Blinken, who is in the Middle East this week, warned that the Gaza conflict could spread across the region without concerted peace efforts, although Israeli Prime Minister Benjamin Netanyahu vowed to continue the war until Hamas was eliminated. Offsetting the upward pressure on prices from geopolitical concerns, output from the Organization of the Petroleum Exporting Countries (OPEC) rose 70,000 barrels per day (bpd) in December to 27.88 million bpd. Rising supply and competition with rival producers, prompted Saudi Arabia on Sunday to cut the February official selling price (OSP) of its flagship Arab Light crude to Asia to the lowest level in 27 months. Natural gas prices may trade on upside path as it may move in range of 232-245.

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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