Bullion counter can continue to tad lower as surging dollar index and fear of faster interest rate hike by Fed to tackle rising inflation is keeping the prices under pressure. Gold can test 48800 while taking resistance near 49300 while Silver can move towards 55000 while taking resistance near 56000.
BULLIONS
Bullion counter can continue to tad lower as surging dollar index and fear of faster interest rate hike by Fed to tackle rising inflation is keeping the prices under pressure. Gold can test 48800 while taking resistance near 49300 while Silver can move towards 55000 while taking resistance near 56000. Minneapolis Federal Reserve Bank President Neel Kashkari said on Tuesday U.S. central bankers are united in their determination to do what is needed to bring inflation down, and financial markets understand that. Meanwhile, Chicago Fed President Charles Evans said the central bank will need to raise interest rates to a range between 4.50% and 4.75%.
BASE METALS
In base metal counter, Copper can trade with weaker bias as it can move in range of 615-625. In 2022, various factors cast different impacts on both the supply and demand sides of copper concentrate, and the disruption on the demand side was much deeper. Mine production was hindered to varying degrees by the decline in ore grades of mainstream mines in South America, the community protests against Las Bambas production, and the increasingly stringent environmental protection policies in South America. In 2022, the negative impact of unexpected disruptions on smelters is greater than that on the mines, thus the TCs of spot copper concentrates edged higher. Zinc may dip further as it can test 255 while taking resistance near 265 in MCX. Aluminum can remain subdued as it can test 184 in MCX.
ENERGY
Crude oil may dip lower on stronger dollar and global recession fears but U.S. production cuts caused by Hurricane Ian can cap the downside. Overall as it can test 6200 while taking resistance near 6500. Producers began returning workers to offshore oil platforms after shutting in output ahead of Hurricane Ian, which entered the U.S. Gulf of Mexico on Tuesday and is forecast to become a dangerous Category 4 storm over the warm waters of the Gulf. While U.S. crude oil in storage rose by about 4.2 million barrels for the week ended Sept. 23, according to market sources on Tuesday citing figures from industry group the American Petroleum Institute, gasoline inventories fell by about 1 million barrels. Natural gas prices may remain on sideways path as it can move in range of 560-600 in MCX.
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.
This report has been prepared by GCML and published in accordance with the provisions of Regulation 19 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, for use by the recipient as information only and is not for general circulation or public distribution. This report is not to be altered, transmitted, reproduced, copied, redistributed, uploaded, published or made available to others, in any form, in whole or in part, for any purpose without prior written permission from GCML. The projections and the forecasts described in this report are based on estimates and assumptions and are inherently subject to significant uncertainties and contingencies. Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections are forecasts were based may not materialize or may vary significantly from actual results and such variations will likely increase over the period of time. This report should not be construed as an offer to sell or the solicitation of an offer to buy, purchase or subscribe to any securities, and neither this report nor anything contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. It does not constitute a personal recommendation or take into account the particular investment objective, financial situation or needs of any individual in particular. The research analysts of GCML have adhered to the code of conduct under Regulation 24 (2) of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. The recipients of this report must make their own investment decisions, based on their own investment objectives, financial situation or needs and other factors. The recipients should consider and independently evaluate whether it is suitable for its/ his/ her/their particular circumstances and if necessary, seek professional / financial advice as there is substantial risk of loss. GCML does not take any responsibility thereof.
Any such recipient shall be responsible for conducting his/her/its/their own investigation and analysis of the information contained or referred to in this report and of evaluating the merits and risks involved in securities forming the subject matter of this report. The price and value of the investment referred to in this report and income from them may go up as well as down, and investors may realize profit/loss on their investments. Past performance is not a guide for future performance. Actual results may differ materially from those set forth in the projection.
This report has been prepared by GCML based on the information available in the public domain and other public sources believed to be reliable. Though utmost care has been taken to ensure its accuracy and completeness, no representation or warranty, express or implied is made by GCML that such information is accurate or complete and/or is independently verified. The contents of this report represent the assumptions and projections of GCML and GCML does not guarantee the accuracy or reliability of any projection, assurances or advice made herein. Nothing in this report constitutes investment, legal, accounting and/or tax advice or a representation that any investment or strategy is suitable or appropriate to recipients’ specific circumstances.
Since GCML or its associates are engaged in various financial activities, they might have financial interest or beneficial ownership in various companies including subject company/companies mentioned in the report. GCML or its associates have not received any compensation for investment banking or merchant banking from the subject company in the past 12 months. GCML or its associates might have received any compensation including brokerage services and for products or services other than investment banking or merchant banking from the subject company in the past 12 months. It is confirmed that GCML or research analyst or its associates have not managed or co-managed public offering of securities for the subject company in the past 12 months.
Research analyst or GCML or its relatives’/associates’ have no material conflict of interest at the time of publication of this report. Neither research analyst nor GCML are engaged in market making activity for the subject company. It is confirmed that research analysts do not serve as an officer, director or employee of the subject company. It is also confirmed that research analyst have not received any compensation from the subject company in the past 12 months.
No material disciplinary action has been taken on GCML by any regulatory authority impacting Equity Research Analysis activities.
The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. This information is subject to change, as per applicable law, without any prior notice. GCML reserves the right to make modifications and alternations to this statement, as may be required, from time to time.
Research analyst or GCML or its relatives’/associates’ do not have actual/beneficial ownership of 1% or more in securities of the subject company, at the end of the month immediately preceding the date of publication of the document.