BULLIONS
Bullions counter may trade on weaker path as yellow metal fell for a third session on Wednesday, partly because hedge funds reduced their holdings amid easing concerns of a major escalation of the Middle East crisis, while investors awaited key U.S. economic data for interest-rate clues. Overall gold (Jun) can move in range of 70500-70900 while silver (May) also can move in range of 81000-82500. The U.S. dollar regained some ground on Wednesday while benchmark Treasury yields also rose, making the dollar-priced bullion less attractive for other currency holders and as an investment option compared with debt. . Investors are now looking forward to the U.S. gross domestic product data due today and the Personal Consumption Expenditures report due on Friday for fresh clues on the Federal Reserve’s rate trajectory.
BASE METALS
In base metal counter, Copper prices can trade on mixed path as it can move range of 840-855. Copper prices edged higher recently as the metals market saw an extended inflow of money through investment funds, while a forecast of potential deficit in the refined copper market this year also lent support. The global refined copper market is likely to see a deficit of 428,000 tons in 2024 and expect copper prices in London to hit $12,000 a ton within the next 12 months. In China, the Yangshan premium assessed by SMM has dropped to zero for the first time on record, indicating weak appetite to import copper into China, following a surge in prices. Zinc may move in range of 245-253.

ENERGY
Crude oil may remain on firm note as it may move in range of 6800-7000. Oil prices traded on mixed note as concerns about a potential slowdown in the U.S. economy amid prospects for delayed interest rate cuts outweighed worries over the risk of expanding conflict in the Middle East. Tensions between Iran and Israel have eased, but Israeli attacks on Gaza are expected to worsen, and the risk of conflicts spreading to neighbouring countries is underpinning oil prices. Israeli warplanes pounded the northern Gaza strip for a second day on Wednesday in a fierce assault that has shattered weeks of comparative calm. Israel also said it was moving forward with plans for an all-out assault on Rafah in the south. Energy Information Administration (EIA) data on Wednesday indicated U.S. crude oil inventories unexpectedly fell last week as exports jumped, while gasoline stockpiles decreased less than forecast. Natural gas (May) prices may remain on negative zone as it may move in range of 170-185.

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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