BULLIONS
Bullions counter may trade on weaker path on bounce back in greenback. Overall gold can move in range of 66000-66900 while silver also can move in range of 74000-75500. The U.S. central bank held rates steady on Wednesday, but policymakers indicated they still expected to reduce them by three-quarters of a percentage point by the end of 2024 despite recent high inflation readings. Fed Chair Jerome Powell said recent high inflation readings had not changed the overall story of slowly easing U.S. price pressures. Fed funds futures traders are now pricing in a 74% probability that the Fed will begin cutting rates in June, according to the CME Group’s FedWatch Tool. Data on Thursday showed that the number of Americans filing new claims for unemployment benefits unexpectedly fell last week, while sales of previously owned homes increased by the most in a year in February.
BASE METALS
In base metal counter, Copper can move lower as it can move range of 748-752. In terms of fundamentals, from the supply side, warehouse receipts will be offerred for sale at the end of the week, and imported copper will arrive. It is expected that the demand for copper will increase significantly. From a consumption perspective, rising copper prices have continued to suppress downstream procurement demand. On the macro level, State Council released favourable policies to boost demand. Fed maintained interest rates unchanged in March, which was in line with expectations. Swiss Central Bank cut interest rates, causing LME aluminum to rise sharply overnight. Fundamentally, imports of primary aluminum are still at a high level, and the drought in Yunnan will not disturb aluminum production resumption in the short term. Zinc may trade on weaker path as it may move in range of 215-222.
ENERGY
Crude oil may remain on lower path as it may move in range of 6650-6760. Oil prices sank in early Asian trading on Friday on the possibility of a nearing Gaza ceasefire, which could loosen global supply, at the same time a stronger U.S. dollar and faltering gasoline dampened demand sentiment. On Thursday, U.S. Secretary of State Antony Blinken said he believed talks in Qatar could reach a Gaza ceasefire agreement, increasing the prospect of more global oil supply. Blinken met Arab foreign ministers and Egypt’s President Abdel Fattah El-Sisi in Cairo as negotiators in Qatar centred on a truce of about six weeks. In the United States, the world’s top oil consumer, gasoline product supplied, a proxy for demand, slipped below 9 million barrels for the first time in three weeks, indicating a possible slowdown in crude demand. Natural gas prices may move on upside path as it may move in range of 138-145.

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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