BULLIONS

Bullions counter may witness profit booking at higher levels as strong dollar amid after better-than-expected U.S. retail sales data clouded hopes of a smaller rate hike, while safe-haven demand from latest geopolitical concerns also faded. Gold can dip lower towards 52700 while taking resistance near 53100 and silver can dip lower towards 61000 while taking resistance near 62500. Data showed U.S. retail sales increased more than expected in October, suggesting that consumer spending could help to underpin the economy in the fourth quarter and renewed expectations that the Federal Reserve will keep hiking rates. Gold prices hit a three-month peak of $1,786.35 per ounce on Tuesday, after Russian missiles killed two people in Poland near the Ukraine border. However, Poland’s president said on Wednesday a missile that hit his country was probably a stray Ukrainian defense projectile, dispelling fears that it came from Russia and could widen the Ukraine crisis.

BASE METALS

In base metal counter, Copper can trade with weaker path as it can move in range of 680-690. On the fundamentals, LME copper inventory lost 300 mt to 89,675 mt. In China, as the import window was closed, the imports were limited. Zinc may slip lower as it can move in range of 265-275.  Aluminum can move on sideways path in range of 205-211. On the backdrop of easing macro sentiment, the demand side was boosted to some extent with relaxing domestic pandemic control as well as supporting real estate policies. SHFE aluminium is likely to carry momentum in the near term. In addition, some major consuming areas were in short supply with cargoes still in transport. Concentrated arrivals of aluminium ingot and billet can be expected with the restoration of transportation in north-west China.

ENERGY: Crude oil may trade in red as concerns over geopolitical tensions eased and rising numbers of COVID-19 cases in China added to demand worries in the world’s largest crude importer. It can further decline towards 6800 while taking resistance near 7000. Crude stocks in the U.S., the world’s biggest oil consumer, fell by 5.4 million barrels in the week ended Nov. 11 to 435.4 million barrels, the Energy Information Administration said on Wednesday. Poland and military alliance NATO said on Wednesday that a missile which crashed inside Poland was probably a stray fired by Ukraine’s air defences and not a Russian strike, easing fears of the war between Russian and Ukraine spilling across the border. Natural gas prices may remain on positive path as it can test 525 while taking support near 495.

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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