Bullions counter may witness some short covering after the recent fall .Meanwhile yesterday the dollar firmed after recent economic data boosted bets that the U.S. Federal Reserve would raise interest rates further to combat high inflation. Gold can move in range of 56000- 56400 while silver also can move in range of 65000-66500.
Bullions counter may witness some short covering after the recent fall .Meanwhile yesterday the dollar firmed after recent economic data boosted bets that the U.S. Federal Reserve would raise interest rates further to combat high inflation. Gold can move in range of 56000- 56400 while silver also can move in range of 65000-66500. U.S. retail sales rebounded by 3% in January after two straight monthly declines, data showed on Wednesday, pointing to the economy’s continued resilience despite higher borrowing costs. Interest rate futures markets are now expecting the Fed’s target rate to peak above 5.2% in July, from a current range of 4.50% to 4.75%. Euro-zone inflation remains far too high and the European Central Bank will keep raising interest rates to dampen underlying price pressures, ECB President Christine Lagarde said on Wednesday, repeating the bank’s most recent policy guidance.
In base metal counter, Copper can trade on volatile in range of 765-780. In terms of fundamentals, Guangdong’s inventory has fallen for two consecutive days, but the decline is limited due to the small amount of outbound shipments. At present, the 2023 annual long-term orders have begun to be implemented. Due to the macro factor and market optimism over a turnaround in the market, it is expected that copper prices will remain range bound. Zinc may trade with sideways path as it can move in range of 260-272. Aluminum can trade weaker path as it can move in range of 207-214. The market is waiting to see when the demand will show strong recovery.
ENERGY: Crude oil may witness some short covering as it can test 6600 while taking support near 6470. Oil prices rose as hopes of a robust fuel demand recovery in top oil consumer China offset losses arising from strength in the greenback and a large build in U.S. crude inventory. The International Energy Agency (IEA) said that oil demand will rise by 2 million barrels per day (bpd) in 2023, up 100,000 bpd from last month’s forecast to a record 101.9 million bpd, with China making up 900,000 bpd of the increase. China will account for almost half of 2023 oil demand growth after relaxing its COVID-19 curbs, the Paris-based agency said. U.S. crude oil stocks soared last week by 16.3 million barrels to 471.4 million barrels, the highest level since June 2021, the Energy Information Administration (EIA) said. Natural gas prices can witness lower level buying as it can move in range of 200-215.
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