BULLIONS

Bullions counter may trade on mixed path investor worries that recent economic data could lead the U.S. Federal Reserve to keep raising interest rates capped gains. Gold can move in range of 55550-55900 while silver also can move in range of 64000-65000. Gold prices rose on Friday as the dollar weakened, though investor worries that recent economic data could lead the U.S. Federal Reserve to keep raising interest rates capped gains. Data on Thursday showed U.S. GDP increased at a revised 2.7% annualized rate last quarter, while new claims for unemployment benefits unexpectedly fell last week. Traders of Fed funds futures expect benchmark rates to peak at 5.347% in July and remain above 5% through the year.

BASE METALS

In base metal counter, Copper can trade mixed path in range of 774-785. On the macro front, data on Thursday showed that the number of US jobless claims fell last week, and the previously released meeting minutes generally supported the continuation of interest rate hikes. The market expectations increased that the Fed will continue to raise interest rates to tame inflation. Zinc may trade with sideways path as it can move in range of 268-274. Aluminum can trade weaker path as it can move in range of 207-213. On the supply side, market has gradually digested the impact of production cuts in Yunnan. The inventory of aluminium ingots continued to increase, and the supply in the spot market was relatively abundant.  Rising inventory, weak downstream buying, as well as expectations for overseas interest rate hikes dragged down aluminium prices.

ENERGY: Crude oil may trade on upside path as it can move in range of 6200-6380. Oil prices extended gains as the prospect of lower exports from Russia offset rising inventories in the United States. Both benchmarks ended Thursday about 2% higher on Russia’s plans to cut oil exports from its western ports by up to 25% in March which exceeded its announced production cuts of 500,000 barrels per day. Minutes from the latest U.S. Federal Reserve meeting indicated that a majority of officials remained hawkish on inflation and tight labour market conditions, signalling further monetary tightening. Oil has also been pressured by a surge in U.S. crude inventories to the highest since May 2021, as refiners ran less oil during a strong maintenance season. Crude inventories rose by 7.6 million barrels to a about 479 million barrels, data from the U.S. Energy Information Administration said. Natural gas prices can see lower level buying as it can move in range of 190-225.

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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