BULLIONS
Bullions counter may trade on volatile path as yellow metal consolidated gains on Monday, hovering near record-high levels hit in the previous session, as traders kept a close eye on developments surrounding the Middle East conflict, prompting safe-haven buying of assets such as bullion. Overall gold (Jun) can move in range of 71700-72400 while silver (May) also can move in range of 82600-84000. Bullion rose above the $2,400 level in the previous session and has gained over 14% so far this year, fuelled by strong central bank buying, safe-haven inflows amid continued geopolitical risks. Despite recent U.S. economic data showing strong labor market and high inflation, Federal Reserve Bank of Boston President Susan Collins is eyeing a couple of interest rate cuts this year. China’s physical gold premiums rose last week, driven by strong demand to shore up a depreciating yuan, while record-high prices in India forced dealers to offer discounts for a sixth straight week.
BASE METALS
In base metal counter, Copper prices can trade on strong note as it can move range of 820-830. Copper prices will likely gain further in 2024 on fears of production cuts in China and increasing demand, particularly for green energy transition, after having gained about 10 per cent since the beginning of 2024. They are currently ruling at highs not seen since June 2022. Zinc may trade on sideways path as it may move in range of 242-250. In March 2024, major Chinese copper smelters agreed to limit capacity expansion by rearranging maintenance schedules and postponing the commencement of new projects, following a decline in treatment and refining charges The U.S. Treasury Department and the British government on Friday banned the 147-year old LME and the Chicago Mercantile Exchange (CME) from accepting new Russian production of aluminum, copper and nickel produced from April 13.
ENERGY
Crude oil may trade on volatile path on geopolitical tensions taking place in Middle East as it may move in range of 7050-7200. Oil prices fell during trade on Monday, as market participants dialled back risk premiums following Iran’s attack on Israel late on Saturday which the Israeli government said caused limited damage. The attack involving more than 300 missiles and drones was the first on Israel from another country in more than three decades, raising concerns about a broader regional conflict affecting oil traffic through the Middle East. But the attack, which Iran called retaliation for an air strike on its Damascus consulate, caused only modest damage, with missiles shot down by Israel’s Iron Dome defence system. Israel, which is at war with Iran-backed Hamas militants in Gaza, has neither confirmed nor denied it struck the consulate. Natural gas prices may trade on mixed path as it may move in range of 143-153.

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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