BULLIONS

Bullions counter may trade on firm path as yellow metal climbed to their highest level in more than a week as the dollar retreated, while the spotlight shifted to the release of the U.S. Federal Reserve’s latest monetary policy meeting minutes for further interest rate cut cues. Overall gold can move in range of 62000-62400 while silver also can move in range of 71000-72000. Hotter-than-expected U.S. consumer prices and producer prices data last week reduced hopes for a rate cut in March. Markets are currently pricing a 78% chance of a cut in June, according to the CME Fed Watch Tool.

BASE METALS

In base metal counter, Copper can move on mixed path in range of 725-735. Copper prices extended gains to hover near a two-week high, supported by a weaker U.S. dollar and hopes of strong demand outlook in top metals consumer China following Beijing’s efforts to boost its economy and property sector. The dollar weakened broadly on Wednesday as it tracked a global decline in bond yields. A weaker U.S. currency makes dollar-priced metals less expensive for holders of other currencies. The global refined copper market showed a 20,000-metric-ton surplus in December, compared with a 123,000-metric-ton deficit in the prior month, the International Copper Study Group said in its latest monthly bulletin. Aluminium may trade on upside path as it may move in range of 198-204. Global primary aluminium output in January rose 2.4% year-on-year to 6.039 million tons, according to data from the International Aluminium Institute.

ENERGY

Crude oil may trade on mixed path as it may move in range of 6350-6480. Oil prices regained some ground as investors weighed concerns over output cuts by key producers and attacks on shipping in the Red Sea against dimmed expectations of U.S. rate cuts. Meanwhile, Russia, which has pledged output cuts of 500,000 barrels per day (bpd) as part of a package of cuts with Organisation of Petroleum Exporting Countries and its allies (OPEC+), said on Tuesday that it intends to fulfil its OPEC+ quota in February despite a decline in oil refining. Refinery throughput in Russia has fallen by 7% since the start of the year, the country’s energy minister said on Tuesday, after facilities were damaged by Ukrainian drone attacks. Natural gas prices may continue to bounce back on short covering as it may move in range of 135-150.

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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