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

Bullions counter may trade on mixed path as investors will eye the US CPI data will give further direction to the prices.

Report Overview


Bullions counter may trade on mixed path as investors will eye the US CPI data will give further direction to the prices. Overall gold can move in range of 65800-66200 while silver also can move in range of 74100-75300. Gold edged up trading near its highest ever level after a record rally last week, as traders hunkered down for U.S. inflation data that could provide more clarity on the Federal Reserve’s interest rate trajectory. Traders are pricing in an around 70% chance of an interest rate cut by June, according to the CME FedWatch tool. Low interest rates help gold prices as they reduce the opportunity cost of holding zero-yield bullion. Central bank buying has also been supportive for gold. Reflecting bullish sentiment, COMEX gold speculators raised their net long positions by 63,018 contracts to 131,060 in the week ended March 5, data on Friday showed.


In base metal counter, Copper can move on mixed path in range of 732-739. Nonferrous metals prices fell in London, retreating from gains in the previous session, as investors and traders pulled back ahead of key data in China and the United States. China is also scheduled to release its loan data this week, which includes the total social financing numbers – a key indicator of future metals demand. Chinese banks lending is expected to have pulled back sharply in February from a record high a month earlier due to seasonal factors. The London prices have been pressured by subdued economic growth outlook, poor manufacturing data and the lack of a big stimulus support from top metals consumer China. The U.S. inflation data due later in the day could move the dollar, and ultimately metals prices due to trading activities by funds that buy and sell on signals from numerical models. Aluminium may trade on sideways path as it may move in range of 200-205.


Crude oil may trade on mixed path as it may move in range of 6420-6520. Oil prices rose in early Asian trading, but price moves were limited as the market waited for monthly reports from oil agencies. Israel was checking on Monday if it had killed Hamas’s deputy military leader in an airstrike in Gaza, as prospects faded for a ceasefire during the Muslim holy month of Ramadan. But the war has not led to significant supply disruptions. Natural gas prices may tad further lower as it may move in range of 140-152. Natural gas futures fell on Monday for a fourth session as the possibility of an early season storage build later this week outweighed cooler weather trends into late March. Very light national demand was expected over the next week with the interior states warming into the 50s to 80s and very few areas of the country with highs still in the 30s, according to the forecaster.













































































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