BULLIONS
Bullions counter may trade on firm path as yellow metal prices edged higher on Thursday as lackluster U.S. economic activity fuelled expectations that the Federal Reserve would cut interest rates this year. Overall gold can move in range of 71600-72000 while silver also can move in range of 89000-90500. Traders are currently pricing in about a 66% chance of a Fed rate cut in September, according to CME FedWatch Tool. Lower interest rates reduce the opportunity cost of holding non-yielding bullion. Elsewhere, Britain’s central bank looks on course to hold interest rates at a 16-year high of 5.25% as underlying inflation pressures prove persistent.
BASE METALS
In base metal counter, Copper prices can trade on positive path as it can move range of 853-857. Stocks of the metal in Shanghai Futures Exchange warehouses have grown to their highest level since 2020 at about 330,000 tonnes this month. Stocks at warehouses linked to the world’s largest metals exchanges are used by traders and analysts as indicators of market strength, as they fill up when a market is oversupplied and deplete when demand is high. Aluminium may trade on sideways path as it can move in range of 228-235. The global zinc market surplus fell to 22,100 metric tons in April from 70,100 tons in March, data from the International Lead and Zinc Study Group showed on Wednesday. During the first four months of the year, the global surplus was 182,000 tons compared with a surplus of 282,000 tons in the same period last year.

ENERGY
Crude oil may trade on upside path as it may move in range of 6650-6800. Brent oil futures were little changed, hovering slightly below seven-week highs, as the market weighed geopolitical developments in the Middle East while waiting for the upcoming U.S. inventory data. Brent crude futures edged up in early trade on Thursday as the market digested news of Israeli tanks advancing into Gaza. The Energy Information Administration is due to release last week’s oil stocks data at 11 a.m. EDT (1500 GMT) on Thursday. An industry report released on Tuesday showed U.S. crude stocks rose by 2.264 million barrels in the week ended June 14, market sources said, citing American Petroleum Institute figures, while gasoline inventories fell. Israeli troops, backed by tanks, warplanes and drones, moved farther into the city of Rafah, killing eight people, residents and Palestinian medics said. Natural gas can move in range of 237-250.

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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