BULLIONS

Bullions counter may continue to remain on volatile path. Overall gold can move in range of 65000-65600 while silver also can move in range of 74700-75700. Gold traded on mixed path as the dollar held firm and investors braced for a series of major central bank policy meetings including the U.S. Federal Reserve this week. The Federal Open Market Committee is scheduled to begin its two-day meeting on interest rates on Tuesday. It will announce its rate decision on Wednesday, followed by a statement. The Fed is considered certain to keep rates at 5.25%-5.5%, but there is a possibility it might signal a higher-for-longer outlook on policy given the stickiness of inflation at both a consumer and producer level. Meanwhile, the Bank of Japan is expected to exit its ultra-dovish monetary policies at its two-day meeting ending on Tuesday.

BASE METALS

In base metal counter, Copper can move on firm path in range of 756-764. Aluminium may trade on positive path as it may move in range of 203-206. China’s primary aluminium output in the first two months of 2024 climbed 5.5% from the same period a year earlier, official data showed on Monday, as better profits underpinned production. The world’s biggest aluminium producer churned out 7.1 million metric tons of primary aluminium in January and February, according to data from the National Bureau of Statistics (NBS). China combines output data for January and February into one release to smooth out the impact of the Lunar New Year holidays, which fall in either of these months each year. The yearly growth in the metal, which is widely used in auto, construction and packaging sectors, came as profit margins increased.

ENERGY

Crude oil may trade on positive path as it may move in range of 6650-6850. Oil prices ticked up in early Asian trading on Monday, firming up gains from last week when prices rose nearly 4% on the view that supply was tightening. On Saturday, one of the strikes sparked a brief fire at the Slavyansk refinery in Kasnodar, which processes 8.5 million metric tons of crude oil a year, or 170,000 barrels per day. The agency, which represents industrialised countries, had strengthened its demand outlook for the fourth time since November as Houthi attacks in the Red Sea drove vessels to divert, increasing fuel consumption. For the first time, IEA also predicted a slight deficit this year, instead of a surplus. Natural gas prices may move on upside path as it may move in range of 138-150.

Disclosure

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