BULLIONS

Bullions counter may trade on slight weaker path as yellow metal was pressured by a firmer dollar, while investors awaited further clues on the U.S. Federal Reserve’s timing of this year’s first interest rate cut. Overall gold can move in range of 62000-62400 while silver also can move in range of 69600-70600. Last week, Fed Governor Christopher Waller said he was in “no rush” to cut rates, firming investor bets against U.S. interest rate cuts before June. While another Fed official sees the U.S. central bank on track to cut interest rates “later this year,” despite stronger-than-expected inflation and labour market data in January. Most policymakers at the Fed’s last meeting were concerned about the risks of cutting interest rates too soon, minutes showed.

BASE METALS

In base metal counter, Copper can move on subdued path in range of 725-730.   Copper was under pressure from a firmer U.S. dollar ahead of key economic data, while higher inventories in top consumer China also weighed. Investor focus shifted towards inflation data from the United States, Japan and Europe that will help refine expectations for future rate moves. China’s new home prices extended declines in January, data showed on Friday, despite Beijing’s support to restore confidence in the debt-ridden property sector. Aluminium may trade on weaker path as it may move in range of 195-201.

ENERGY

Crude oil may trade on weaker path as it may move in range of 6260-6400. Oil prices extended losses from the previous session after oil ended the week 2-3% lower amid market concerns that higher-than-expected inflation could delay U.S. interest rate cuts. The U.S. Energy Information Administration said last week that crude inventories had risen by 3.5 million barrels to 442.9 million barrels in the week ending Feb. 16. That compared with analysts’ expectations for a 3.9 million-barrel rise. White House national security adviser Jake Sullivan stated that negotiators for the United States, Egypt, Qatar and Israel had agreed on the basic contours of a hostage deal during talks in Paris but is still in negotiations. Israeli Prime Minister Benjamin Netanyahu said it was not clear yet whether a deal would materialise. Natural gas prices may trade on bullish path as it may move in range of 143-153.

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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