BULLIONS

Bullions counter may remain on weaker path as US CPI data tomorrow to give further direction to the prices. Gold (Feb) can move in range of 61400-61750 while Silver (Mar) also can move in range of 71800-72800. Focus has now shifted to the November U.S. consumer price report on Tuesday for more clues on the interest rate path. Markets are now pricing in about a 45% chance of a Fed rate cut in March, down from 60% before the jobs report. Traders widely expect the Fed to leave rates unchanged at the end of its two-day policy meeting on Wednesday. COMEX gold speculators lowered their net long position by 11,895 contracts to 132,515 in the week ended Dec. 5, the U.S. Commodity Futures Trading Commission said on Friday. Physical gold dealers in India increased discounts to seven-month highs last week to lure customers as record local prices hurt demand.

BASE METALS

In base metal counter, Copper can witness some bounce back as it can move in range of 715-721. The increase in unwrought copper and copper product imports includes anode, refined, alloy, and semi-finished copper products. The premium to import copper into China remained around a one-year high at $112.50 per ton, indicating rising demand for the metal in China. Copper inventories in warehouses monitored by the Shanghai Futures Exchange increased by 16.0%. In Chile, the world’s leading copper producer, exports of the red metal reached $3.96 billion in November, marking a 3.8% increase from the previous year, according to the central bank. Daily LME data revealed net cancelled warrants in LME-registered warehouses at 6,725 metric tons, providing additional support to copper prices. Zinc can move downside in range of 213-218.

ENERGY

Crude oil may trade on firm path as it may move in range of 5900-6080. Oil prices inched higher extending gains for a second session as U.S. efforts to replenish strategic reserves provided some support, although concerns of crude oversupply and softer fuel demand growth next year lingered. The recent price weakness drew demand from the U.S., which has sought up to 3 million barrels of crude for the Strategic Petroleum Reserve (SPR) for delivery in March 2024. Despite the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, having pledged to cut 2.2 million barrels per day (bpd) in the first quarter, investors remain skeptical supply will drop, with output growth in non-OPEC countries seen leading to excess supply next year. Natural gas prices may remain on weaker path as it can move in range of 200-207.

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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