BULLIONS

Bullions counter may trade on mixed path as US PCE data to give further direction to the prices. Gold can move in range of 62600-62900 while silver also can move in range of 75000-76200. Gold prices climbed on Friday to their highest level in nearly three weeks, as rising bets on Federal Reserve interest rate cuts early next year pushed the dollar and bond yields lower ahead of much awaited U.S. inflation data. Traders are now pricing in an 83% chance of a Fed rate cut by March, according to the CME FedWatch tool. Lower interest rates decrease the opportunity cost of holding non-yielding bullion. Traders are now pricing in an 83% chance of a Fed rate cut by March, according to the CME FedWatch tool. Lower interest rates decrease the opportunity cost of holding non-yielding bullion. Fed officials have been pushing back against the idea of rapid rate cuts next year, but those remarks have done little to change investor sentiment.

BASE METALS

In base metal counter, Copper can move in range of 730-740. Only copper is on track to end the year in price-positive territory thanks to a late rally which is still building momentum. China’s recovery from the stringent restrictions of 2022 has been underwhelming and both U.S. and European manufacturing sectors have been steadily contracting. The old industrial cycle still rules when it comes to metals pricing but don’t be too quick to write off the new green energy super-cycle. Zinc can move in range of 223-230.

ENERGY

Crude oil may remain on firm path as it may move in range of 6150-6350. Oil prices rose as much as 1% on Friday as tensions persisted in the Middle East following Houthi attacks on ships in the Red Sea, although Angola’s decision to leave OPEC raised questions over the group’s effectiveness in supporting prices. Both the contracts are also up over 4% for a second consecutive week, as concern over shipping in the Red Sea buoyed prices. More maritime carriers are avoiding the Red Sea due to vessel attacks carried out in support of Palestinians by Yemeni Houthi militant group, causing global trade disruptions through the Suez Canal, which handles about 12% of worldwide trade. Capping further gains though, Angola’s oil minister said on Thursday that the country’s membership in the Organization of the Petroleum Exporting Countries was not serving its interests. Angola had previously protested a decision by the wider OPEC+ group to reduce the country’s oil output quota for 2024. Natural gas prices may continue it bounce back as it can move in range of 190-215.

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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