Bullions counter may trade on upside path as yellow metal firmed for a third consecutive session on Thursday, with investors awaiting U.S. inflation data due later in the day for more insights on the Federal Reserve's interest rate path.
BULLIONS
•Bullions counter may trade on upside path as yellow metal firmed for a third consecutive session on Thursday, with investors awaiting U.S. inflation data due later in the day for more insights on the Federal Reserve’s interest rate path. Overall gold can move in range of 72500 -73200 while silver also can move in range of 92700 -94200.
•Fed Chair Jerome Powell stated that the U.S. central bank would make interest rate decisions “when and as” they were needed. On Tuesday, he told House members that “more good data” would build the case for a rate cut.
•Traders are currently pricing in a 46% probability that the Fed will have cut rates by two notches by the end of December’s meeting and a 73% probability for the first cut in September, according to CME Group’s FedWatch tool.
BASE METALS
•In base metal counter, Copper prices can trade on stronger path as it can move range of 862-872.
•The International Copper Study Group (ICSG) has cut its forecast supply surplus for this year due to much lower-than-expected mine production.
•Copper bulls might take issue with the group’s view the refined copper market will still be in oversupply this year and the next to the tune of 162,000 and 94,000 metric tons respectively.
•Aluminium may trade on sideways path as it can move in range of 227-232.
ENERGY
•Crude oil may trade positive path as it may move in range of 6850-6960. Oil prices edged higher as crude stocks fell after U.S. refineries ramped up processing and as gasoline inventories eased, signaling stronger demand.
•U.S. crude inventories fell by 3.4 million barrels to 445.1 million barrels in the week ended July 5, far exceeding expectations for a 1.3 million-barrel draw.
•The Organization of the Petroleum Exporting Countries also stuck to its forecast for relatively strong growth in global oil demand in 2024 and next year, saying that resilient economic growth and air travel would support fuel use in the summer months.
•Natural gas can trade on mixed path as it can move in range of 193-200.
Disclosure
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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