Commodity Morning Trading Guide | Globe Capital Market LTD.
Commodity Morning Trading Guide

Bullions counter may trade on upside path as yellow metal rose to a near one-week high as a slight pullback in the U.S. dollar and escalating tensions in the Middle East lifted its safe-haven appeal.

Report Overview


Bullions counter may trade on upside path as yellow metal rose to a near one-week high as a slight pullback in the U.S. dollar and escalating tensions in the Middle East lifted its safe-haven appeal. Today US markets are closed today due to president day holiday. Overall gold can move in range of 61800-62300 while silver also can move in range of 71000-72000. Focus shifts to minutes from the Fed’s January policy meeting, due on Wednesday, for more clues on when it could begin cutting interest rates. Chicago Fed President Austan Goolsbee cautioned against delaying rate cuts for too long even after data showed consumer prices rose more than expected in January. Fed Bank of Atlanta President Raphael Bostic said that while he needs more data to convince him inflation pressures are truly falling, he’s open to lowering rates at some point in the next few months. Markets are currently pricing a 77% chance of a cut in June, according to the CME Fed Watch Tool. Lower interest rates decrease the opportunity cost of holding bullion.


In base metal counter, Copper can move on upside path in range of 715-730. Copper prices traded mixed as the U.S. dollar steadied after last week’s inflation data cast doubts on when the Federal Reserve would begin to ease interest rates, while trading resumed in China after the week-long Lunar New Year holiday. Data last week showed both U.S. producer prices and consumer prices increased more than expected in January, with the apparent stickiness in inflation raising the prospects of a delayed start to the Fed’s rate cuts. Aluminium may trade on downside path in range of 196-203.


Crude oil may trade on mixed path as it may move in range of 6400-6520. Oil markets digested comments from U.S. Federal Reserve officials pointing to a more patient stance regarding potential interest rate cuts, in thin early trade on what are a public holiday in the United States. Over the weekend, tension in the Middle East continued as Israeli raids put the Gaza Strip’s second-largest hospital out of service, and Yemen’s Iran-aligned Houthi fighters claimed responsibility for an attack on an India-bound oil tanker. The market was also reminded of the uncertain outlook for demand, with the International Energy Agency warning that growth is expected to lose its steam in 2024. Natural gas prices may continue to tumble lower as it may move in range of 125-135.






































































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