Bullions counter may witness some bounce back at lower levels on short covering amid fall in greenback. Yellow metal can move in range of 57750-58100 while silver also can move in range of 70500-72500.
DAILY MARKET NEWS AND OUTLOOK
Bullions counter may witness some bounce back at lower levels on short covering amid fall in greenback. Yellow metal can move in range of 57750-58100 while silver also can move in range of 70500-72500. Bullion was set for a nearly 4% decline this month and its second consecutive quarterly drop, with both the dollar and 10-year Treasury yields headed for their best quarters in four. Richmond Fed President Thomas Barkin said on Thursday it’s unclear whether more monetary policy changes will be needed in the coming months. Higher rates raise the opportunity cost of holding bullion, which is priced in dollars and does not yield any interest. Data on Thursday showed the U.S. economy maintained a fairly solid pace of growth in the second quarter.
In base metal counter, Copper can move on weaker path as it can move in range of 718-728. Chile’s Codelco, one of the world’s largest copper producers, announced that copper production is expected to rebound next year after a decline in 2022, primarily due to delays in key mine extension projects. Codelco’s Chairman, Maximo Pacheco, emphasized the importance of not delaying ongoing development projects. According to the International Copper Study Group (ICSG), the global refined copper market reported a deficit of 19,000 metric tons in July, a decrease from the 72,000 metric tons deficit in June. However, for the first seven months of the year, the market remained in a surplus of 215,000 metric tons, compared to a 254,000 metric tons deficit during the same period the previous year. Aluminum can move in range of 205-210.
Crude oil may witness profit booking as oil prices were set for a weekly gain as strong holiday demand from China and persistently tight U.S. fundamentals outweighed expectations of possible supply increases from Saudi Arabia. Crude oil may move in range of 7600-7700. The market eased about 1% in the previous session, as traders took profits after prices soared to 10-month highs, and some worried that high interest rates may weigh on oil demand. Traders are awaiting next week’s meeting of the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, for indications on whether Saudi Arabia might want to step up supply following a nearly 30% jump in prices this quarter. Natural gas prices may move with upside path as it can move in range of 242-255.
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