BULLIONS

Bullions counter may trade on weaker path as yellow metal hovered near three-week lows, as the dollar held firm and investors awaited U.S. inflation data for more cues on whether the Federal Reserve will stand pat on rates or hike. Gold can move in range of 59400-59800 while silver also can move in range of 69000-70000. Gold fell 2.8% last week, logging its worst week in more than a month, as Fed Chair Jerome Powell’s hawkish remarks pushed back any notion about interest rate cuts. U.S. consumer prices index (CPI) data is due on Tuesday. Core CPI month-over-month is expected to have risen 0.3% in October, with a year-over-year increase of 4.1%, a Reuters poll showed. Both estimated gains are the same as in September. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.10% to 868.14 tonnes on Friday.

BASE METALS

In base metal counter, Copper can move on weaker path as it can move in range of 698-708. On the macro front, the one-year expected consumer inflation rate in the United States in November was 4.4%, the highest level since April 2023, exceeding the expected 4% and the previous value of 4.2%. Opinions of US Federal Reserve officials were split over future rate hike path, and there is still great uncertainty in overseas macro. Domestic favorable policies continue to boost the domestic economy. In terms of fundamentals, aluminium smelters in Yunnan have started to cut production, with 1.15 million mt of capacity estimated to be reduced. Aluminum can move in range of 205-208.

ENERGY

Crude oil may trade on lower path as it may move in range of 6300-6450. Oil prices eased on Monday, reversing their rally on Friday, as renewed concerns over waning demand in the United States and China dented market sentiment. The U.S. Energy Information Administration (EIA) said last week that crude oil production in the United States this year will rise by slightly less than previously expected while demand will fall. Weak economic data last week from China, the world’s biggest crude oil importer, also increased fears of faltering demand. Additionally, refiners in China asked for less supply from Saudi Arabia, the world’s largest exporter, for December. Top oil exporters Saudi Arabia and Russia confirmed last week that they would continue with their additional voluntary oil output cuts until the end of the year as concerns over demand and economic growth continue to drag on crude markets. Natural gas prices may witness short covering as it can move in range of 252-265.

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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