BULLIONS
Bullions counter may trade on volatile path as yellow prices held firm on Wednesday, supported by lower U.S. Treasury yields, although bullion traded in a narrow range as investors stayed on the sidelines awaiting more cues on the Federal Reserve policy. Overall gold (Jun) can move in range of 66500-66900 while silver (May) also can move in range of 74000-75000. nvestors now look forward to U.S. core personal consumption expenditure price index data due on Friday to gauge when the Fed may begin cutting interest rates. Gold prices hit a record high last week after Fed policymakers indicated they still expect to reduce interest by three-quarters of a percentage point by 2024 end despite recent high inflation readings. Traders are pricing in a 72% probability that the Fed will begin cutting rates in June, according to the CME Group’s FedWatch Tool. Lower interest rates reduces the opportunity cost of holding bullion.
BASE METALS
In base metal counter, Copper can move on subdued path as it can move range of 753-762. Zinc may trade on weaker path as it may move in range of 215-220. Zinc prices slid to hit their lowest in more than three weeks, as a firm dollar and weakening demand from the steel sector weighed on the market. Zinc inventories in LME and SHFE warehouses have been rising, pushing the discount of the LME cash zinc contract to the three-month contract to $50.83 a ton on Tuesday, the biggest since November 1991. In top consumer China, a lack of sufficient capital has slowed the construction of infrastructure and property projects in the first quarter of 2024, weakening demand for zinc.
ENERGY
Crude oil may remain on weaker path as it may move in range of 6700-6850. Oil prices fell after a report that crude stockpiles in the U.S., the world’s biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week. U.S. crude oil inventories rose by 9.3 million barrels in the week ended March 22, according to market sources citing American Petroleum Institute figures on Tuesday. Distillate inventories also rose by 531,000 barrels. The Organization of the Petroleum Exporting Countries and allies led by Russia, also known as OPEC+, is unlikely to make any oil output policy changes until a full ministerial gathering in June, The group will hold an online meeting of its Joint Ministerial Monitoring Committee on April 3 to review the market and members’ implementation of output cuts. Natural gas prices may tad lower as it may move in range of 145-155.

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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