Commodity Morning Trading Guide | Globe Capital Market LTD.
Commodity Morning Trading Guide

Bullions counter may remain on mixed path as this week US inflation data to give further direction to the prices.

Report Overview


Bullions counter may remain on mixed path as this week US inflation data to give further direction to the prices. Gold can move in range of 62000-62400 while silver also can move in range of 71500-72500. Gold prices held steady, as investors refused to make big bets ahead of a key U.S. inflation print that could offer more clarity on when the Federal Reserve might begin cutting interest rates. Traders are on lookout for Thursday’s U.S. consumer price inflation report that is expected to show headline inflation rose 0.2% in the month and by 3.2% on an annual basis. Market participants are pricing in an about 62% chance of a rate cut by the U.S. central bank in March, according to the CME FedWatch tool.


In base metal counter, Copper can move in range of 710-720. Prices of copper, often viewed as a gauge of economic health, were under pressure as traders assessed global economic headwinds, while a weaker yuan weighed on buying interest from top consumer China. The World Bank warned on Tuesday that global growth in 2024 is set to slow for a third year in a row, prolonging poverty and debilitating debt levels in many developing countries. Growing expectations of policy easing in China to shore up its economy resulted in a weaker yuan, making it more expensive for Chinese buyers to buy the greenback-priced metal. Globally, investors awaited U.S. inflation data on Thursday for clues on when the Federal Reserve is likely to cut rates. Also on Friday, China will release its trade data this week to gauge prospects for demand in the world’s biggest metals consumer. Aluminium may trade in range of 201-205.


Crude oil may witness lower level buying as oil prices inched higher, extending the previous day’s rally, after industry data showed U.S. crude stocks fell more than expected last week, though a bigger-than-anticipated build in products inventories capped gains. Overall it may move in range of 6000-6100. Investors’ attention is back on a global supply and demand balance,” he said, noting they are waiting for the U.S. Energy Information Administration’s (EIA) weekly data due later today and a monthly report on oil demand and supply by the International Energy Agency (IEA) due next week. On the supply side, U.S. crude production will hit records over the next two years but grow at a slower rate, the EIA said on Tuesday, as efficiency gains offset a decline in rig activity. In the Middle East, U.S. Secretary of State Antony Blinken urged Israel on Tuesday to make “hard choices” to normalise relations with more of its neighbours, a new appeal to smooth the path to creating a Palestinian state. Natural gas prices may trade on upside path as it may move in range of 235-245.
























































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