Commodity Morning Trading Guide | Globe Capital Market LTD.
13-Nov-2024
Commodity Morning Trading Guide

Bullions counter may witness some short covering as investors hunted for bargains after steep declines in the previous session, while spotlight shifted to U.S. inflation print, which could shed more light on the Federal Reserve's monetary policy path.

Report Overview

COMMODITY DAILY MARKET NEWS AND OUTLOOK

BULLIONS

  • Bullions counter may witness some short covering as investors hunted for bargains after steep declines in the previous session, while spotlight shifted to U.S. inflation print, which could shed more light on the Federal Reserve’s monetary policy path.
  • Overall gold can move in range of 75000- 75500 while silver also can move in range of 89500 -91500.
  • Traders see a 60.3% chance of a 25-basis-point cut at Fed’s December meeting, down from 77.3% a week ago, according to CME’s FedWatch Tool.
  • Market focus is on U.S. Consumer Price Index (CPI) data due at 1330 GMT. Other data sets due this week include Producer Price Index (PPI), weekly jobless claims on Thursday and Friday’s retail sales data.
  • The Fed’s policy rate continues to act as a brake on the resilient labor market and on inflation that is still above the 2% target, two U.S. central bankers said on Tuesday.

 BASE METALS

  • In base metal counter, Copper (Nov) prices can trade on weaker path as it can move in range of 795-815.
  • Copper prices rose slightly on Wednesday after a battering in the last three sessions, although a stronger dollar kept gains in check and muted demand prospects in top metals consumer China weighed.
  • Aluminium prices can trade on mixed path as it may move in range of 235-238.while lead may move in range of 178-182.
  • The U.S. dollar held near a 6-1/2-month peak against major peers and bitcoin was solidly poised just below record highs on Wednesday as markets sized up so-called Trump trades ahead of key U.S. inflation data later in the day.
  • Investors have also been concerned about the impact of U.S. President-elect Donald Trump’s policies on China.

ENERGY

  • Crude oil may trade on mixed path as it can move in range of 5620-5850. Oil prices edged up on Wednesday on signs of near-term supply tightness but remained near their lowest in two weeks a day after OPEC downgraded its forecast for global oil demand growth in 2024 and 2025.
  • Crude oil prices edged higher as tightness in the physical market offset bearish sentiment on demand. Buyers in the physical market have been particularly active, with any available cargoes being snapped up quickly.
  • In its monthly report on Tuesday, the Organization of Petroleum Exporting Countries (OPEC) said world oil demand would rise by 1.82 million barrels per day (bpd) in 2024, down from growth of 1.93 million bpd forecast last month, mostly due to weakness in China, the worlds biggest oil importer.
  • Natural gas (Nov) may trade on volatile path as it can move in range of 240-250.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Disclosure

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