- Bullions counter may trade with mixed bias as yellow metal dropped on gold held steady on Tuesday after U.S. President Donald Trump unveiled higher tariffs on imports from Japan, South Korea, and other nations, while a firm dollar and higher Treasury yields limited potential gains.
Commodity Morning Trading Guide
Report Overview
BULLIONS
- Bullions counter may trade with mixed bias as yellow metal dropped on gold held steady on Tuesday after U.S. President Donald Trump unveiled higher tariffs on imports from Japan, South Korea, and other nations, while a firm dollar and higher Treasury yields limited potential gains.
- Overall gold (Aug) can move in range of 96600-97400 while silver (Sep) also can move in range of 107200-109500.
- On Monday, Trump began telling trade partners that sharply higher U.S. tariffs would start on August 1, marking a new phase in the trade war he launched earlier this year, with tariffs on goods from Japan and South Korea set at 25%.
- Trump said the August 1 deadline for implementing the tariffs was firm but that he would consider extensions if countries made proposals.
BASE METALS
- In base metal counter, Copper prices can trade on negative path as it can move in range of 885-905. Copper prices eased on the London Metal Exchange and Shanghai Futures Exchange on Tuesday, as uncertainty over U.S. trade tariffs and the potential for increased copper supply from Chile, the world’s largest producer, weighed on the market.
- Aluminum prices can trade on upside path as it may move in range of 245-252.while lead may also move in range of 178-184.
- The United States sent formal notices to 14 countries on Monday announcing new tariffs ranging from 25% to 40%, set to take effect on August 1. Additionally, U.S. President Donald Trump warned that an extra 10% tariff could be imposed on BRICS nations, including Brazil, Russia, India, and China, if they pursue what he described as “anti-American” policies during their summit in Brazil.
- Copper is still flowing to the U.S., as Washington’s ongoing investigation into potential new copper import tariffs keeps the premium of COMEX copper futures over the LME benchmark elevated, and the COMEX copper stocks are at a seven-year high, or up 120% since mid-February.
ENERGY
- Crude oil may trade on upside path as it can move in range of 5730-5880. Oil prices eased on Tuesday after rising almost 2% in the previous session, as investors assessed new developments on U.S. tariffs and a higher-than-expected OPEC+ output hike for August.
- U.S. President Donald Trump on Monday began telling trade partners, which included major suppliers South Korea and Japan as well as smaller U.S. exporters like Serbia, Thailand and Tunisia, that sharply higher U.S. tariffs will start August 1, marking a new phase in the trade war he launched earlier this year.
- Trump’s tariffs have prompted uncertainty across the market and concerns they could have a negative effect on the global economy and, consequently, on oil demand. However, there are some signs current demand remains strong, particularly in the U.S., the world’s biggest oil consumer, which has supported prices. A record 72.2 million Americans were projected to travel more than 50 miles (80 km) for Fourth of July vacations, data from travel group AAA showed last week.
- Natural gas may trade on upside path as it can move in range of 286-295.
Disclosure
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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.
Any such recipient shall be responsible for conducting his/her/its/their own investigation and analysis of the information contained or referred to in this report and of evaluating the merits and risks involved in securities forming the subject matter of this report. The price and value of the investment referred to in this report and income from them may go up as well as down, and investors may realize profit/loss on their investments. Past performance is not a guide for future performance. Actual results may differ materially from those set forth in the projection.
AY Securities and Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. AtoZFinstock 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, LakshyaImpex Private Limited and Launchpad Fintech Private Limited are associates 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.
Any such recipient shall be responsible for conducting his/her/its/their own investigation and analysis of the information contained or referred to in this report and of evaluating the merits and risks involved in securities forming the subject matter of this report. The price and value of the investment referred to in this report and income from them may go up as well as down, and investors may realize profit/loss on their investments. Past performance is not a guide for future performance. Actual results may differ materially from those set forth in the projection.
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