Bullions counter may witness some profit booking at higher levels as the dollar strengthened on safe-haven demand triggered by protests in several Chinese cities over the country's strict COVID-19 restrictions. Gold (Feb) can trade in range of 52800-53200 while silver (Mar) can move in range of 62500-63200.
Bullions counter may witness some profit booking at higher levels as the dollar strengthened on safe-haven demand triggered by protests in several Chinese cities over the country’s strict COVID-19 restrictions. Gold (Feb) can trade in range of 52800-53200 while silver (Mar) can move in range of 62500-63200. Next on investor radar is Federal Reserve Chair Jerome Powell’s Wednesday speech on the U.S. economy and labour market for clues on the monetary policy outlook. A majority of market participants are pricing in a 50 basis-point increase at the Fed’s December meeting after minutes of the last policy meeting signalled a slower pace of hikes. The ADP National Employment report and the U.S. Labor Department’s nonfarm payrolls data due later this week will also be scanned for their likely influence on the Fed’s rate-hike strategy.
In base metal counter, Copper can move with weak bias as it can test 660 while taking resistance near 672. Chinese smelters and Freeport set the copper concentrate TC and RC at $88/mt and $0.088/lb, up $23/mt from 2022, creating a new high since 2017. It can be seen that the supply of copper concentrate will be abundant in 2023, and the smelting output will increase with the commissioning of new smelters. On the demand side, orders from many companies began to fall towards the end of the month, and the recent stricter pandemic control measures in various places have had a greater impact on the real economy, reducing downstream consumption to a certain extent. Zinc may move lower towards 255 while taking resistance near 265. Aluminum can move on sideways path in range of 202-208.
ENERGY: Crude oil may continue to tad lower as it can move lower towards 5950 while taking resistance near 6200. WTI oil hit a 11-month low, as protests in top importer China over strict COVID-19 curbs fuelled demand concerns. China, the world’s top oil importer, has stuck with President Xi Jinping’s zero-COVID policy even as much of the world has lifted most restrictions. Hundreds of demonstrators and police clashed in Shanghai on Sunday night as protests over China’s strict COVID restrictions flared for a third day and spread to several cities in the wake of a deadly fire in the country’s far west. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, will meet on Dec. 4. In October, OPEC+ agreed to reduce its output target by 2 million barrels per day through 2023.Natural gas prices may move on mixed path in range of 585-620 on mixed fundamentals.
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