BULLIONS

Bullions counter may remain under selling pressure investors awaited a key U.S. Federal Reserve meeting that could see the central bank pausing interest rate hikes after July. Gold can move in range of 59000-59500 while silver also can move in range of 74000-75500. The dollar index was steady, holding near its over one-week peak hit on July 20, limiting gold’s rise, as a stronger dollar makes the metal more expensive for holders of other currencies. This week, long with the Fed, the European Central Bank (ECB) and Bank of Japan decisions all come over the Wednesday-Friday 48-hour period. Markets are fully priced for quarter point hikes from the Fed and ECB, so the focus will be on what Fed Chair Jerome Powell and ECB President Christine Lagarde say about the future. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.57% to 919.00 tonnes on July 21 from 913.80 tonnes on July 20.

BASE METALS

In base metal counter, Copper can trade on positive path as it can move in range of 721-732. Chinese authorities unveiled measures to boost consumption of automobile and electronics items as part of a broader drive to shore up the country’s faltering economy. Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 5.8% from last Friday, the exchange said. The global refined copper market showed a 65,000 metric tons deficit in May, compared with a 33,000 metric tons surplus in April, the International Copper Study Group (ICSG) said in its latest monthly bulletin. For the first 5 months of the year, the market was in a 287,000 metric tons surplus compared with a 74,000 metric tons deficit in the same period a year earlier, the ICSG said. Zinc may remain on sideways path as it can move in range of 210-216.  Aluminum can move in range of 196-202.

ENERGY: Crude oil may trade on firm path as it may move in range of 6250-6380. Oil prices eased on Monday as traders await more rate hike cues from U.S. and European central banks, with tightening supply and hopes for Chinese stimulus underpinning Brent at $80 a barrel. The benchmarks rose 1.5% and 2.2% respectively last week, their fourth straight of week of gain, as supply is expected to tighten following OPEC+ cuts. Investors have priced in quarter-point hikes from the Federal Reserve and European Central Bank this week so the focus will be on what Fed Chair Jerome Powell and ECB President Christine Lagarde say about future rate hikes. Rising interest rates have dampened investments and strengthened the greenback, making dollar-denominated commodities more expensive for holders of other currencies. Natural gas prices may trade on mixed path in range of 217-225.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

This report has been prepared by GCML and published in accordance with the provisions of Regulation 19 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, for use by the recipient as information only and is not for general circulation or public distribution. This report is not to be altered, transmitted, reproduced, copied, redistributed, uploaded, published or made available to others, in any form, in whole or in part, for any purpose without prior written permission from GCML. The projections and the forecasts described in this report are based on estimates and assumptions and are inherently subject to significant uncertainties and contingencies. Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections are forecasts were based may not materialize or may vary significantly from actual results and such variations will likely increase over the period of time. This report should not be construed as an offer to sell or the solicitation of an offer to buy, purchase or subscribe to any securities, and neither this report nor anything contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. It does not constitute a personal recommendation or take into account the particular investment objective, financial situation or needs of any individual in particular. The research analysts of GCML have adhered to the code of conduct under Regulation 24 (2) of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. The recipients of this report must make their own investment decisions, based on their own investment objectives, financial situation or needs and other factors. The recipients should consider and independently evaluate whether it is suitable for its/ his/ her/their particular circumstances and if necessary, seek professional / financial advice as there is substantial risk of loss. GCML does not take any responsibility thereof.

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