Bullions counter may trade on volatile path as signs of cooling U.S. inflation boosted bets for smaller rate hikes, while markets awaited more clarity surrounding reports of Russian missiles killing two people in Poland. Gold can move in range of 52700-53200 while Silver can move in range of 61500-63000.
Bullions counter may trade on volatile path as signs of cooling U.S. inflation boosted bets for smaller rate hikes, while markets awaited more clarity surrounding reports of Russian missiles killing two people in Poland. Gold can move in range of 52700-53200 while Silver can move in range of 61500-63000. The United States and its NATO allies are investigating the blast that killed two in Poland, but early information suggests it may not have been caused by a missile fired from Russia, U.S. President Joe Biden said. Russia denied it was responsible. Data on Tuesday showed U.S. producer prices increased less than expected in October, further evidence that inflation was starting to subside. However, Atlanta Fed President Raphael Bostic said he sees little evidence that aggressive monetary policy tightening is slowing inflation, anticipating that more hikes would be needed to get inflation down to the Fed’s 2% target.
In base metal counter, Copper can trade with weaker path as it can move in range of 688-706. In terms of fundamentals, LME copper stocks increased for the second day in a row, adding 3,175 mt to 89,975 mt. In China, shipments from smelters increased near the delivery of SHFE 2211 copper. Zinc may open higher as it can move in range of 270-280. On the consumption side, the operating rates of zinc oxide producers have not yet improved, while the profitability has been hurt by high zinc slag and zinc ingot prices. Aluminum can move with upside path as it can move in range of 207-214. New aluminium capacity in China was commissioned at a slower pace than expected, while overseas smelters maintained output cuts. Domestic downstream consumption remained weak.
Crude oil may trade in green after oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline was temporarily suspended, according to oil pipeline operators in Hungary and Slovakia. It can recover towards 7150 while taking resistance near 6950.Meanwhile upside remain capped as the COVID-19 cases in China continued to climb, sparking worries of lower fuel demand in the world’s top crude importer, and outweighing concerns about an escalation of geopolitical tensions and tighter oil supply. Earlier, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for 2022 global oil demand growth for a fifth time since April citing mounting economic challenges. Natural gas prices may remain on volatile path as it can move in range of 490-520.
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