BULLIONS

Bullions counter may trade on mixed path as gold can move in range of 61850-62200 while silver also can move in range of 70500-71600. Gold prices inched lower, as hawkish comments from Federal Reserve officials and strong U.S. data doused hopes for early interest rate cuts, while investors awaited a slew of economic reports this week for more clarity on rate trajectory. Market focus is on the U.S. flash PMI report due at 1445 GMT later in the day, fourth-quarter advance GDP estimates on Thursday and personal consumption expenditures data on Friday.

BASE METALS

In base metal counter, Copper can move in range of 716-730. On the macro front, former Federal Reserve official Bullard urged the Federal Reserve to cut interest rates as soon as possible, saying that if the rate cut is too slow, it may have to cut interest rates by 50 basis points at the next meeting. According to the content of the party committee meeting, the market expects China to release more stimulus policies, and copper prices stabilized and rebounded. In terms of fundamentals, from the supply side, there is a certain inflow of low-priced imported copper, and the supply is still relatively sufficient. In terms of consumption, there is currently a certain demand for stockpiling in the downstream, but it has not had a significant impact on overall consumption for the time being. Aluminium may trade on upside path in range of 201-204.

ENERGY

Crude oil may trade on mixed path as it may move in range of 6150-6300. Oil prices were little changed in Asian trading on Wednesday as weak demand and a recovery in supply limited the market’s reaction to mounting geopolitical risk. The prompt-month contract for Brent crude was trading at a 42 cent premium over the following month as geopolitical tension drove demand for nearer-term supply. A coalition of 24 nations led by the U.S. and UK conducted new strikes against Houthi fighters in Yemen on Tuesday. The strikes were aimed at stopping the Houthis’ attacks on global trade, Britain said in a joint statement. The U.S. said Iran-backed Houthis have mounted 26 attacks since late November on commercial shipping in the Red Sea, a shipping lane used by about 12% of global oil trade before the attacks. Natural gas prices may witness lower level buying as it may move in range of 195-210.

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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