Bullions counter can witness range bound movement as market participants’ awaited economic data for further direction. The U.S. gross domestic product data for the third quarter and weekly U.S. jobless claim data will give further direction to the prices. Gold can move in range of 54800-55200 while Silver also can move in range of 69100-70200.
Bullions counter can witness range bound movement as market participants’ awaited economic data for further direction. The U.S. gross domestic product data for the third quarter and weekly U.S. jobless claim data will give further direction to the prices. Gold can move in range of 54800-55200 while Silver also can move in range of 69100-70200. The Federal Reserve lowered its pace of rate hikes gradually to 50 bps in December after four straight 75 bps rate hikes. However, Fed Chair Jerome Powell has signalled that the U.S. central bank will deliver more rate hikes next year. Gold has risen about $200 since falling to a more than two-year low in late-September as expectations around slower rate hikes from the Fed dimmed the dollar’s charm.
In base metal counter, Copper can trade higher in range of 710-725. According to the customs, China imported 358,300 mt of copper cathode in November 2022, up 43.95% on the month and 10.07% on the year, hitting a new monthly high. The imports totalled 3.32 million mt from January to November, up 9.36% YoY. On the macro front, the US consumer confidence rose to an eight-month high in December, but persistent recession fears led to fewer households planning to buy commodities over the next six months. Zinc may move on mixed path as it can move in range of 265-275. On the fundamentals, some smelters slowed the production with rising number of covid-infected employees, and the transportation efficiency also dropped. Aluminum can move lower in range of 205-212.
ENERGY: Crude oil may trade on upside path as it can test 6600 while taking support near 6400 in MCX. Crude oil prices got support as data showed a larger-than-expected draw in U.S. crude stockpiles, but gains were capped by a snowstorm that is expected to hit U.S. travel. U.S. crude inventories fell by 5.89 million barrels, according to data from the U.S. Energy Information Administration (EIA).China’s crude oil imports from Russia in November rose 17% year on year as Chinese refiners rushed to secure more cargoes ahead of a price cap imposed by the Group of Seven nations and an EU embargo from Dec. 5. Meanwhile, Saudi Arabia’s energy minister said on Tuesday that the heavily criticised move by OPEC+ to cut oil output turned out to be the right decision. Natural gas prices can witness further bounce back as it can move in range of 440-480.
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