BULLIONS

Bullions counter may trade on firm path as a softer dollar and expectations of a pause in the Federal Reserve’s monetary tightening helped bullion consolidate above the key $2,000 an ounce level. Gold (Feb) can move in range of 61700-62300 while Silver (Mar) also can move in range of 76000-77000. Traders expect the U.S. central bank to hold rates in December, while pricing in about a 50-50 chance of easing in May next year, CME’s FedWatch Tool shows. Lower interest rates reduce the opportunity cost of holding non-interest-bearing assets, often boosting gold prices. Investors’ attention will be on the U.S. third-quarter GDP figures on Wednesday and the personal consumption expenditures (PCE) price index due on Thursday, the Fed’s preferred inflation gauge.

BASE METALS

In base metal counter, Copper can move on subdued path as it can move in range of 714-722. The decrease in the arrival of imported copper over the weekend in East China and some supplies being transferred to South China resulted in a decrease in inventory; in South China, due to the increase in shipments from surrounding refineries and the arrival of copper from the north, the supply of copper increased. In terms of consumption, high premiums still suppress downstream demand, and downstream consumers are expected to remain cautious. Copper prices are expected to remain rangebound as the market is cautious. Aluminum can move sideways in range of 201-204. Zinc can move in range of 225-229.

ENERGY

Crude oil may witness sideways movement as it may move in range of 6200-6350. Oil prices rose snapping a multi-session losing streak ahead of a crucial meeting of OPEC+, which is widely expected to deepen and extend cuts to oil production amid fears of supply being consistently higher than demand. OPEC+, which combines the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, will hold an online ministerial meeting on Nov. 30 to discuss production targets for 2024.The group, whose move last week to postpone the meeting to iron out disagreements over production targets for African producers sent oil prices tumbling, has since moved closer to a compromise, four OPEC+ sources told Reuters on Friday, potentially helping de facto leader Saudi Arabia edge closer to consensus on deepening oil production cuts. Natural gas prices may witness some short covering as it can move in range of 245-255.

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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