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

Bullions counter may remain on volatile path as today FOMC meeting to give further direction to the prices. Gold can move in range of 61100-61500 while Silver also can move in range of 71500-72600.

Report Overview


Bullions counter may remain on volatile path as today FOMC meeting to give further direction to the prices. Gold can move in range of 61100-61500 while Silver also can move in range of 71500-72600. Gold prices on Tuesday pared gains on news that U.S. consumer prices rose unexpectedly in November, while traders focused on key central bank policy meetings for clues on monetary policy. The consumer price index (CPI) rose 3.1% in November on an annual basis, in line with economists’ expectations. The CPI edged up 0.1% on a month-on-month basis in November.  All eyes turn towards the Fed’s two-day monetary policy meeting that will end on Wednesday with its interest rate decision and the release of its summary economic projections. The Fed is widely expected to leave rates unchanged this week, with about an 80% chance of a rate cut in May, CME FedWatch Tool shower.


In base metal counter, Copper can witness some bounce back as it can move in range of 710-716. The notable increase of 16.0% in copper inventories in Shanghai Futures Exchange-monitored warehouses contributed to the downward pressure on prices. Anglo-American now expects copper production of 730,000-790,000 metric tons in 2022, down 20% from its previous estimate. Macquarie revised its copper surplus forecasts for 2024 and 2025 to 100,000 and 287,000 tons, respectively, down from earlier projections of 203,000 and 369,000 tons. China’s increased copper imports in November, rising 10.1% to 550,565.6 tonnes, according to data from the General Administration of Customs, further influenced market sentiment. Zinc can move in range of 214-219.


Crude oil may trade on weaker path as it may move in range of 5600-5800. Oil prices consolidated, after falling by more than 3% to six-month lows in the previous session on oversupply and demand concerns. The market stumbled in overnight trade as firmer-than-expected U.S. inflation readings for November bolstered the view the Federal Reserve was unlikely to cut interest rates early next year, which would weigh on consumption. Meanwhile, the weekly average of Russian crude exports jumped to the highest since July, ANZ analysts said, compounding oversupply concerns and further throwing doubt on the recent output cut agreement by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+. The Federal Reserve is widely expected to keep rates on hold. However, investors will focus on Fed officials’ views on the economy and where they see interest rates in the coming quarters. Natural gas prices may remain on weaker path as it can move in range of 180-196.














































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