BULLIONS

Bullions counter may witness some profit booking at higher levels as yellow metal prices eased after hitting a more than three-week high earlier, as an uptick in the U.S. dollar and Treasury yields undermined the support from expectations of rate cuts by the Federal Reserve early next year. Gold can move in range of 63000-62500 while silver also can move in range of 73500-75500. On the physical front, China’s net gold imports via Hong Kong rose by about 37% in November from the previous month. U.S. jobless claims rose last week, indicating the labor market continues to cool in the year’s fourth quarter. Investors are betting on an 88% chance of the Fed cutting rates in March, according to the CME FedWatch tool.

BASE METALS

In base metal counter, Copper can move in range of 730-740. According to the International Copper Study Group (ICSG), the global refined copper market reported a deficit of 53,000 metric tons in October, slightly narrowing from a 56,000 metric tons deficit in September. Refined copper output in October was 2.34 million metric tons, while consumption reached 2.39 million metric tons. Adjusted for changes in inventory in Chinese bonded warehouses, there was a 52,000 metric tons deficit in October, compared to a 62,000 metric tons deficit in September. On the supply side, disruptions were noted at key mines, contributing to supply concerns. The Cobre Panama mine, responsible for 1.5% of the world’s supply, suspended its activity due to disputes with the Panamanian government. Additionally, strikes at the Las Bambas mine in Peru and persistent threats of activity suspension in BHP’s Chilean mines added to the worries, supporting upward price movements. Aluminium may trade in range of 207-215.

ENERGY

Crude oil may remain in red as it may move in range of 5900-6100. Oil prices are set to end 2023 about 10% lower, the first annual decline in two years, after geopolitical concerns, production cuts and global measures to rein in inflation triggered wild fluctuations in prices. Oil is also on track to fall for the third straight month due to demand concerns outweighing the risks to supply from the Middle East conflict, and as production cuts have proved insufficient to prop up prices, with the benchmarks declining nearly 20% from their highest level this year. Prices had surged to this year-high in September after the Organization of the Petroleum Exporting Countries and their allies agreed to cut production, triggering fears that demand was potentially higher than supply. Natural gas prices may trade sideways in range of 206-216.

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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