BULLIONS

Bullions counter may trade on firm path as gold can move in range of 62000-62500 while silver also can move in range of 71700-72400. Investors’ attention shifted to the U.S. Federal Reserve’s policy meeting due this week for more insights into the interest rate outlook. Markets widely expect the Fed to leave interest rates unchanged at its policy meeting on Jan. 30-31, but have pared back expectations of a rate cut by March, according to the CME FedWatch Tool. U.S. prices rose moderately in December, keeping the annual increase in inflation below 3% for a third straight month, which could allow the Fed to start cutting interest rates this year. Another set of data on Thursday showed the U.S. economy grew faster than projected in the fourth quarter.

BASE METALS

In base metal counter, Copper can move in range of 724-735. Copper inventories in the Shanghai bonded zone added 100 mt to 8,600 mt, and inventories in the Guangdong bonded zone dipped 200 mt to 1,400 mt. The import window was closed at the end of the week, and that reduced shipments from bonded zone inventories. China’s industrial firms recorded a second straight yearly decline in their profits in 2023, data showed on Saturday, while analyst expected the number to rise this year, as a slight improvement in demand and historic lows in inventories in some major economies. China’s securities regulator said on Sunday that it will fully suspend the lending of restricted shares effective from Monday, in policymakers’ latest attempt to stabilise the country’s stock markets following recent sharp falls. Aluminium may trade on upside path in range of 202-208.

ENERGY

Crude oil may trade on firm path as it may move in range of 6450-6600. Oil prices climbed after a drone attack on U.S. forces in Jordan added to worries over supply disruption in the Middle East as Houthi rebels stepped up their attacks on vessels in the Red Sea, hitting a Trafigura-operated fuel tanker. Risks of a widening conflict come as Russian refined product exports are set to fall, with several refineries under repair following drone attacks. The attack on U.S. troops in a drone strike in Jordan raised concerns of a wider conflict in the oil-rich Middle East. Russia will likely cut exports of naphtha, a petrochemical feedstock, by some 127,500 – 136,000 barrels per day, or around a third of its total exports, after fires disrupted operations at refineries on the Baltic and Black Seas, according to traders and LSEG ship-tracking data. Natural gas prices may remain on weaker path as it may move in range of 175-185.

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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