BULLIONS

Bullion counter may extend yesterday losses as bounce back in greenback and prospects of more rate hikes by the U.S. Federal Reserve kept the sentiment downbeat. Gold can dip towards 51300 while taking resistance near 51700 in domestic markets. Silver can test 55000 while taking resistance near 57000. St. Louis Fed President James Bullard said he was currently leaning toward supporting a third straight 75-basis-point rate hike in September. In the July meeting minutes released on Wednesday, Fed officials said the pace of future rate hikes would depend on incoming economic data.

BASE METALS

Copper can trade in green as it can test 680 in MCX. The global copper market moved to a surplus of 5,000 tonnes in May, from a deficit of 23,000 tonnes a month earlier, data from the International Copper Study Group (ICSG) showed. The total inventory fell by 89,400 mt compared with the same period last year when the inventory was recorded at 159,700 mt. Previously, the ICSG had reported a surplus of 3,000 tonnes in April. Recently China retail sales, fixed asset investments and industrial production rose at a slower pace than expected in July. And in U.S. new housing starts plunged 9.6% in July to an annual rate of 1.446 million after seasonal adjustment, the lowest level since February 2021.  Zinc may remain upbeat as it can test 325 while taking support near 310 in MCX

ENERGY

Crude oil can trade lower as worries about global economic slowdown are keeping prices under pressure. Overall it can move in range of 7000-7300 on domestic bourses. Iran, meanwhile, increased its oil exports in June and July and could raise them further this month by offering a deeper discount to Russian crude for its main buyer China. Recently U.S. crude inventories fell sharply as the nation exported a record 5 million barrels of oil a day in the most recent week, with oil companies finding heavy demand from European nations looking to replace crude from warring Russia. Natural gas prices can trade on sideways path after the recent rally as it can move in range of 720-745 in MCX.

Disclosure

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