- Bullions counter may witness upside movement as yellow metal prices climbed to a record high on Tuesday as renewed U.S.-China trade tensions exacerbated broader uncertainty, bolstering safe-haven demand, while the prospects of U.S. rate cuts lent support, with silver also reaching an all-time peak.
Commodity Morning Trading Guide
Report Overview
BULLIONS
- Bullions counter may witness upside movement as yellow metal prices climbed to a record high on Tuesday as renewed U.S.-China trade tensions exacerbated broader uncertainty, bolstering safe-haven demand, while the prospects of U.S. rate cuts lent support, with silver also reaching an all-time peak.
- Overall Gold (Dec) can move in range of 125000-128000 while Silver (Dec) also can move in range of 157000-165000.
- U.S. President Donald Trump remains on track to meet Chinese leader Xi Jinping in South Korea in late October, U.S. Treasury Secretary Scott Bessent said on Monday.
- The latest tensions followed China’s announcement on Thursday to expand rare-earth export controls, prompting Trump to respond with a 100% tariff threat on Chinese imports and export controls on critical U.S.-made software starting November 1.
BASE METALS
- In base metal counter, Copper (Oct) prices can trade on firm path as it can move in range of 1000-1020. Copper prices touched $11,000 per metric ton on October 9, a milestone seen on only two other trading days in the history of the London Metal Exchange – and one that has analysts questioning whether the metal can scale a new peak.
- Aluminum prices can trade on mixed path as it may move in range of 263-267.while Zinc may move on upside path as it may trade in range of 292-298.
- Used in power and construction, copper had moved within touching distance of its all-time high of $11,104.50, set in May 2024, before losing ground on Friday after U.S. President Donald Trump threatened to impose higher tariffs on China.
- The metal has been propelled higher in 2025 by a weak dollar and, in recent months, a series of mining mishaps, but there is still a question mark over demand.
ENERGY
- Crude oil may trade with mixed path as it can move in range of 5230-5400. Oil prices rose on Tuesday as early signs of a thaw in U.S.-China trade tensions bolstered market sentiment, alleviating concerns over global fuel demand.
- U.S. Treasury Secretary Scott Bessent said on Monday President Donald Trump remains committed to meeting Chinese President Xi Jinping in South Korea later this month as both countries try to de-escalate tensions over tariff threats and export controls.
- Meanwhile, the Organization of the Petroleum Exporting Countries and allies including Russia said in its monthly report on Monday that the oil market’s supply shortfall will shrink in 2026, as the wider OPEC+ alliance moves ahead with planned output increases.
- Natural gas (Oct) may move on volatile path as it can move in range of 270-283.
- Trump had also cast doubt on a potential meeting with Xi during the Asia-Pacific Economic Cooperation (APEC) summit in South Korea scheduled for October 30-November 1, saying on Truth Social that “now there seems to be no reason to do so.
Disclosure
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This report has been prepared by GCML and published in accordance with the provisions of Regulation 19 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, for use by the recipient as information only and is not for general circulation or public distribution. This report is not to be altered, transmitted, reproduced, copied, redistributed, uploaded, published or made available to others, in any form, in whole or in part, for any purpose without prior written permission from GCML. The projections and the forecasts described in this report are based on estimates and assumptions and are inherently subject to significant uncertainties and contingencies. Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections are forecasts were based may not materialize or may vary significantly from actual results and such variations will likely increase over the period of time. This report should not be construed as an offer to sell or the solicitation of an offer to buy, purchase or subscribe to any securities, and neither this report nor anything contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. It does not constitute a personal recommendation or take into account the particular investment objective, financial situation or needs of any individual in particular. The research analysts of GCML have adhered to the code of conduct under Regulation 24 (2) of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. The recipients of this report must make their own investment decisions, based on their own investment objectives, financial situation or needs and other factors. The recipients should consider and independently evaluate whether it is suitable for its/ his/ her/their particular circumstances and if necessary, seek professional / financial advice as there is substantial risk of loss. GCML does not take any responsibility thereof.
Any such recipient shall be responsible for conducting his/her/its/their own investigation and analysis of the information contained or referred to in this report and of evaluating the merits and risks involved in securities forming the subject matter of this report. The price and value of the investment referred to in this report and income from them may go up as well as down, and investors may realize profit/loss on their investments. Past performance is not a guide for future performance. Actual results may differ materially from those set forth in the projection.
AY Securities and Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. AtoZFinstock 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, LakshyaImpex Private Limited and Launchpad Fintech Private Limited are associates of GCML.
This report has been prepared by GCML and published in accordance with the provisions of Regulation 19 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, for use by the recipient as information only and is not for general circulation or public distribution. This report is not to be altered, transmitted, reproduced, copied, redistributed, uploaded, published or made available to others, in any form, in whole or in part, for any purpose without prior written permission from GCML. The projections and the forecasts described in this report are based on estimates and assumptions and are inherently subject to significant uncertainties and contingencies. Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections are forecasts were based may not materialize or may vary significantly from actual results and such variations will likely increase over the period of time. This report should not be construed as an offer to sell or the solicitation of an offer to buy, purchase or subscribe to any securities, and neither this report nor anything contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. It does not constitute a personal recommendation or take into account the particular investment objective, financial situation or needs of any individual in particular. The research analysts of GCML have adhered to the code of conduct under Regulation 24 (2) of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. The recipients of this report must make their own investment decisions, based on their own investment objectives, financial situation or needs and other factors. The recipients should consider and independently evaluate whether it is suitable for its/ his/ her/their particular circumstances and if necessary, seek professional / financial advice as there is substantial risk of loss. GCML does not take any responsibility thereof.
Any such recipient shall be responsible for conducting his/her/its/their own investigation and analysis of the information contained or referred to in this report and of evaluating the merits and risks involved in securities forming the subject matter of this report. The price and value of the investment referred to in this report and income from them may go up as well as down, and investors may realize profit/loss on their investments. Past performance is not a guide for future performance. Actual results may differ materially from those set forth in the projection.
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