BULLIONS
Bullions counter may trade on upside path as yellow metal prices ticked up hovering near record-high levels, as fears of escalating tensions in the Middle East drove investors towards the safe-haven metal. Overall gold (Jun) can move in range of 72600-73200 while silver (May) also can move in range of 83500-84500. Israelis awaited word on how Prime Minister Benjamin Netanyahu would respond to Iran’s first-ever direct attack on their country, as international pressure for restraint grew amid fears of an escalation of conflict in the Middle East. U.S. retail sales increased more than expected in March amid a surge in receipts at online retailers, further evidence that the economy ended the first quarter on solid ground. U.S. economic growth is emerging as a key prop for an ongoing global expansion, but spillovers from persistently high inflation and tight monetary policy could pose new risks to an expected “soft landing” around the world.
BASE METALS
In base metal counter, Copper prices can trade on mixed path as it can move range of 825-835. The discount of LME cash copper to the three-month contract tightened to $76.53 a ton, the lowest level since Feb. 20, suggesting that near-term supply availability has tightened. The dollar hit a five-month high following hotter-than-expected U.S. retail sales figures, raising more questions about when the U.S. Federal Reserve could begin cutting interest rates, following robust employment gains in March and a pick-up in consumer inflation. In top metals consumer China, the economy grew faster than forecast in the first quarter, a sign that metals demand might have been better than expected, but also reduced the hope for a strong stimulus policy. Zinc may trade on sideways path as it may move in range of 240-247.

ENERGY
Crude oil may trade on upside path on geopolitical tensions taking place in Middle East as it may move in range of 7100-7250. Oil prices rose on Tuesday amid heightened tensions in the Middle East after Israel’s military chief said his country would respond to Iran’s weekend missile and drone attack amid calls for restraint by allies. 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. But Israel’s Prime Minister Benjamin Netanyahu on Monday summoned his war cabinet for the second time in less than 24 hours to weigh how to react to Iran’s first-ever direct attack on Israel, a government source said. That raised market concerns that retaliatory measures could impact oil supply. Natural gas prices may trade on mixed path as it may move in range of 137-146.

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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