- Bullions counter may trade with volatile path as yellow metal prices dipped in early Asian trade on Thursday, pressured by a firmer dollar and easing market tensions after U.S. President Donald Trump said it was “highly unlikely” he would dismiss Federal Reserve Chair Jerome Powell.
Commodity Morning Trading Guide
Report Overview
BULLIONS
- Bullions counter may trade with volatile path as yellow metal prices dipped in early Asian trade on Thursday, pressured by a firmer dollar and easing market tensions after U.S. President Donald Trump said it was “highly unlikely” he would dismiss Federal Reserve Chair Jerome Powell.
- Overall gold (Aug) can move in range of 97000-98000 while silver (Sep) also can move in range of 110000-113000.
- Investors worry that removing Powell before his term ends in May 2026 would undermine credibility in the U.S. financial system and the dollar as a safe-haven currency.
- SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.33% to 950.79 tons on Wednesday from 947.64 tons in the prior session.
BASE METALS
- In base metal counter, Copper prices can trade on mixed path as it can move in range of 878-885. Copper prices inched lower in London and Shanghai on Thursday, as markets remained under pressure ahead of the United States’ 50% import tariff on the metal and broader trade levies set to take effect on August 1.
- With the 50% tariff announced by U.S. President Donald Trump, the U.S. market is likely to draw on existing stockpile, putting downward pressure on COMEX copper prices and LME copper prices in the short term
- Aluminum prices can trade on upside path as it may move in range of 246-252.while lead may also move in range of 176-183.
- The LME has set up these warehouses, aiming to increase its presence in Hong Kong, which is the gateway to China, the world’s biggest metals consumer.
ENERGY
- Crude oil may trade on upside path as it can move in range of 5700-5800. Oil prices rose in early trade on Thursday, reversing the previous session’s losses, buoyed by stronger-than-expected economic data from the world’s top oil consumers and signs of easing trade tensions.
- U.S. crude inventories fell by 3.9 million barrels to 422.2 million barrels last week, the Energy Information Administration said on Wednesday, a steeper decline than forecasts for a 552,000-barrel draw, suggesting stronger refinery activity, tighter supply, and increased demand.
- Natural gas may trade on mixed path as it can move in range of 296-310.
- The U.S. central bank’s latest snapshot of the economy, released on Wednesday, showed activity picked up in recent weeks. However, the outlook was “neutral to slightly pessimistic” as businesses reported that higher import tariffs were putting upward pressure on prices.
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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