- Bullions counter may witness volatile movement as gold prices inched higher on Wednesday, ahead of a widely expected interest rate cut from the Federal Reserve, although easing U.S.-China trade tensions kept bullion strength in check.
Commodity Morning Trading Guide
Report Overview
BULLIONS
- Bullions counter may witness volatile movement as gold prices inched higher on Wednesday, ahead of a widely expected interest rate cut from the Federal Reserve, although easing U.S.-China trade tensions kept bullion strength in check.
- Overall Gold (Dec) can move in range of 119400-121000 while silver (Dec) can move in range of 146000-149000.
- Top Chinese and U.S. economic officials over the weekend hashed out the framework of a trade deal for U.S. President Donald Trump and his Chinese counterpart Xi Jinping, that would pause steeper American tariffs and Chinese rare-earths export controls.
- Meanwhile, the Fed is widely expected to cut interest rate by a quarter-percentage point at the end of its policy meeting on Wednesday, and investors are watching out for any forward-looking language from Fed Chair Jerome Powell.
BASE METALS
- In base metal counter, Copper (Nov) prices can trade on strong path as it can move in range of 1000-1020.
- Aluminum (Nov) prices can trade on mixed path as it may move in range of 268-274.while Zinc (Nov) may move on upside path as it may trade in range of 298-304.
- Southern Copper, one of Peru’s largest copper producers, said on Tuesday that its $1.8 billion Tia Maria mine project is 23% complete, and maintained its 2027 target start date for production.
- Southern Copper is also working on other mainly copper projects in Peru at exploration or basic engineering stages, with planned investments exceeding $10.3 billion over the next decade, including the Los Chancas and Michiquillay copper projects.
ENERGY
- Crude oil (Nov) may trade with upside path as it can move in range of 5300-5400. Oil prices edged up on Wednesday morning after three straight days of declines, with market sources citing a decline in U.S. crude inventories, while investor concerns about Russia sanctions and a potential OPEC+ output increase capped gains.
- U.S. crude, gasoline and distillate stocks fell last week, market sources said, citing American Petroleum Institute figures on Tuesday.
- Crude stocks fell by 4.02 million barrels for the week ended October 24, the sources said, requesting anonymity. Gasoline inventories dropped by 6.35 million barrels, while distillate inventories fell by 4.36 million barrels from a week earlier, the sources said.
- OPEC+, the world’s largest group of oil-producing nations, is leaning towards a modest output boost in December, four sources familiar with the talks said, with two sources citing an additional 137,000 barrels per day.
- Natural gas (Nov) may remain on volatile path as it can move in range of 332-336.
Disclosure
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AY Securities and Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. AtoZFinstock 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, LakshyaImpex Private Limited and Launchpad Fintech Private Limited are associates 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.
AY Securities and Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. AtoZFinstock 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, LakshyaImpex Private Limited and Launchpad Fintech Private Limited are associates 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.
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