BULLIONS

Bullions counter may remain on firm path yellow metal rose to a one-week high on Thursday, supported by a slightly weaker dollar, while traders digested fairly balanced comments from U.S. Federal Reserve Chair Jerome Powell after a widely expected interest rate hike. Gold can move in range of 59400-59800 while silver also can move in range of 75000-77000. The Fed raised interest rates by a quarter-of-a-percentage point on Wednesday, highlighting that another 25 basis-point hike could be in September based on a wide range of data. However, Powell flagged they were no longer forecasting a U.S. recession. Investors will also focus on the European Central Bank’s policy decision later in the day, with the bank expected to raise rates for a ninth time and thereafter taking a “data-dependent” approach instead.

BASE METALS

In base metal counter, Copper can trade on positive path as it can move in range of 740-750. In China, industrial profits declined 16.8% year-to-date as waning demand took a toll on corporate profit margins, bolstering the case for more supportive policy to help the economy. Copper prices rose on Thursday as a softer dollar made metals traded in the U.S. currency cheaper for buyers using other currencies. Demand for imported copper into China has been declining, implied by the Yangshan copper premium  on Tuesday dropping to $34.50 per metric ton, the lowest since May 22. Zinc may remain on sideways path as it can move in range of 218-226.  Aluminum can move in range of 197-203.

ENERGY: Crude oil may trade on strong path as it may move in range of 6500-6600. Oil prices rose on Thursday as investors focused on expectations of tighter supplies from top oil producers, helping reverse earlier losses that were driven by worries that the hike in interest rates by the U.S. will hurt demand. Oil prices edged lower on Wednesday after data showed U.S. crude inventories fell less than expected and the Federal Reserve raised interest rates by a quarter of a percentage point, leaving the door open to another hike. Oil prices have rallied for four weeks, buoyed by signs of tighter supplies, largely linked to output cuts by Saudi Arabia and Russia, as well as Chinese authorities’ pledges to shore up the world’s second-biggest economy. Natural gas prices may trade on strong path in range in range of 217-224.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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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