Bullions counter may remain on volatile path as prospects of U.S. interest rates staying higher for longer kept bullion on a tight leash. Gold can move in range of 55700-56100 while silver also can move in range of 64800-66500.
Bullions counter may remain on volatile path as prospects of U.S. interest rates staying higher for longer kept bullion on a tight leash. Gold can move in range of 55700-56100 while silver also can move in range of 64800-66500. Minutes from the Federal Reserve’s latest policy meeting showed on Wednesday policymakers agreed rates would need to move higher, but that the shift to smaller-sized hikes would let them calibrate more closely with incoming data. St. Louis Fed President James Bullard reiterated on Wednesday that a Fed policy rate in the range of 5.25%-5.5% would be adequate to tame inflation. Traders of Fed funds futures expect rates to peak at 5.362% in July and remain above 5% through the year.
In base metal counter, Copper can trade mixed path in range of 774-785. In terms of fundamentals, the China import loss has expanded to 1,000 yuan/mt, creating export opportunities for smelters, and some smelters have planned to export copper in March. In addition, the copper price has risen to above 70,000 yuan/mt in recent days, and smelters were reluctant to sell at large discounts. Zinc may trade with sideways path as it can move in range of 270-278. Aluminum can trade weaker path as it can move in range of 208-213. On the supply side, the news of production cuts in Yunnan was gradually digested by the market. On the demand side, aluminium prices retreated slightly in recent two days, while the supply available in the spot market was sufficient, thus downstream buyers were not keen on picking up cargoes amid price decline. In general, there has been no signs of a peak reason
ENERGY: Crude oil may trade on sideways path as it can move in range of 6000-6300. Oil prices rose, pausing from a six-day losing streak fed by mounting concerns that more aggressive interest rate increases by central banks could pressure economic growth and fuel demand. U.S. crude oil and fuel inventories rose by 9.9 million barrels last week, according to market sources citing American Petroleum Institute figures on Wednesday. U.S. oil inventories have climbed every week since mid-December, stoking investor worries about demand. Natural gas prices can see lower level buying as it can move in range of 180-200.
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