BULLIONS
Bullions counter may trade on sideways path as yellow metal prices were flat on Thursday, as investors turned their focus to U.S. economic data that could offer additional insights into the timing of the Federal Reserve’s potential interest rate cuts. Overall gold can move in range of 70800-71400 while silver also can move in range of 82500-83500. Fed Bank of Boston President Susan Collins said on Wednesday that the U.S. economy needs to cool off as an avenue toward getting inflation back to the central bank’s 2% target. Meanwhile, the Bank of England is likely to move closer to its first interest rate cut in four years as inflation falls, but will probably be cautious about signalling that a move is imminent. On the geopolitical front, Hamas said on Wednesday it was unwilling to make more concessions to Israel in negotiations over a ceasefire for Gaza, although talks were still under way in Cairo aimed at pausing Israel’s seven-month-old offensive.
BASE METALS
In base metal counter, Copper prices can trade on weaker path as it can move range of 852-865. China’s unwrought copper imports rose 7.5% in April from a year earlier, data from the General Administration of Customs showed on Thursday. Unwrought copper arrivals in top consumer China were 438,000 metric tons last month, up from 407,294 tons in April 2023, the data showed. China’s manufacturing sector continued to see muted recovery in April. The official purchasing managers’ index fell to 50.4 in April from 50.8 in March, staying above the 50 mark that separates growth from contraction, yet indicating a slower expansion in activity versus the previous mouth. Zinc may move sideways in range of 255-262.
ENERGY
Crude oil may witness lower level buying path as it may move in range of 6550-6750. Oil prices rose in early trade on Thursday as shrinking U.S. crude inventories signalled tighter supply, and amid rising hopes that the Federal Reserve would cut interest rates by the end of the year. Crude inventories dropped last week by 1.4 million barrels to 459.5 million barrels, according to the Energy Information Administration, more than analysts’ expectations for a 1.1 million-barrel draw as refinery activity increased. China’s crude oil imports rose on the previous year in April, as refiners prepared for a fully recovered Labour Day holiday travel season, official data showed on Thursday. Crude imports in April totalled 44.72 million metric tons, or about 10.88 million barrels per day (bpd), data from the General Administration of Customs showed. Natural gas prices may trade on mixed path as it may move in range of 176-186.

Disclosure

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