BULLIONS
Bullions counter may trade on volatile path as yellow metal are set for a weekly decline as investor attention turned to key U.S. inflation data for cues on the Federal Reserve’s interest rate trajectory. Overall gold (Jun) can move in range of 71000-71500 while silver (May) also can move in range of 82000-83500. The U.S. economy grew at its slowest pace in nearly two years in the first quarter but an increase in inflation reinforced expectations the Fed would not cut interest rates before September. Top consumer China’s net gold imports via Hong Kong jumped 40% in March from the previous month, data showed. China’s gold consumption in the first quarter of 2024 climbed by 5.94% from the year earlier to 308.905 metric tons, the country’s Gold Association said on Friday.
BASE METALS
In base metal counter, Copper prices can trade on firm path as it can move range of 854-863. In terms of macro, the annualized quarterly rate of US GDP in the first quarter was significantly lower than expected. For the first time, traders postponed expectations of the Fed’s first interest rate cut to December. Market concerns may trigger a scramble for mining assets, and copper prices surged again with financial support. In terms of fundamentals, from the supply side, although smelters maintenance and increased exports have affected arrivals, the recent influx of imported non-standard copper has increased, and supply is still relatively sufficient. The President of Chile and Aurubis, Europe’s largest refined copper producer, have recently expressed plans to expand production, which may ease supply concerns. Zinc may move in range of 250-257.
ENERGY
Crude oil may remain on firm note as it may move in range of 6800-7100. Oil prices rose in early trade on Friday, as players took stock of the U.S. Treasury secretary’s comments that the country’s economy is likely in a stronger position than indicated by weak first-quarter data, coupled with supply concerns as conflict continues in the Middle East. Elsewhere, supply concerns as geopolitical tensions continue in the Middle East also buoyed prices early in the session. Israel stepped up airstrikes on Rafah after saying it would evacuate civilians from the southern Gazan city and launch an all-out assault despite allies’ warnings this could cause mass casualties. Natural gas (May) prices may remain on firm path as it may move in range of 160-170.

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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