Bullions counter may remain on firm path as investors braced for key U.S. inflation data and Federal Reserve’s rate hike decision due next week. However US PPI data will also give direction to bullion counter. Gold (Feb) can move in range of 54000-54600 while silver (Mar) can move towards 66500-68000.
Bullions counter may remain firm path as investors braced for key U.S. inflation data and Federal Reserve’s rate hike decision due next week. However US PPI data will also give direction to bullion counter. Gold (Feb) can move in range of 54000-54600 while silver (Mar) can move towards 66500-68000. Market participants now expect a 93% chance of a 50-basis point rate hike at the Federal Reserve’s policy meeting on Dec. 13-14. The number of Americans filing new claims for jobless benefits increased moderately last week, pointing to a still-tight and strong labor market despite growing fears of a recession.
In base metal counter, Copper can move on sideways path as it can move in range of 708-715. In terms of fundamentals, near the end of the year, the holders’ demand for the withdrawal of funds increased, but downstream consumption was poor. The spot trading was sluggish even though the spot prices were quoted at discounts. The inventory in Guangdong has dropped for five consecutive days, and the premiums declined along with the falling premiums in Shanghai, which failed to boost the downstream purchases. Zinc may move on upside path as it can test 290 while taking support near 280. Aluminum can trade on mixed path as it can move in range of 211-220. On the supply side, the domestic operating aluminium capacity continued to rise in December, driven by restarts in Sichuan and Guangxi, as well as release of new capacity in Inner Mongolia and Gansu.
ENERGY: Crude oil may trade on weaker path as it can move in range of 5800-6100. Oil witnessed lower level buying as closure of a major Canada-to-U.S. crude pipeline disrupted supplies, but prices remained near December 2021 lows on concerns over slowing global demand growth. News of an accident closing Canada’s TC Energy’s Keystone pipeline in the United States prompted a brief rally on Thursday, but prices finally eased as the market took a view that the closure would be brief. More than 14,000 barrels of crude oil spilled into a creek in Kansas, making it one of the largest crude spills in the United States in nearly a decade. Natural gas prices can trade on volatile path in range of 480-500.
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