- Bullions counter may trade on upside path as yellow metal prices rose further to hit a fresh high on Tuesday and were poised for their best month in 14 years, as fears of a potential U.S. government shutdown and growing expectations of further U.S. interest rate cuts boosted demand for the safe-haven metal.
Commodity Morning Trading Guide
Report Overview
BULLIONS
- Bullions counter may trade on upside path as yellow metal prices rose further to hit a fresh high on Tuesday and were poised for their best month in 14 years, as fears of a potential U.S. government shutdown and growing expectations of further U.S. interest rate cuts boosted demand for the safe-haven metal.
- Overall Gold (Dec) can move in range of 116500-118200 while Silver (Dec) also can move in range of 142000-146000.
- U.S. President Donald Trump and his Democratic opponents appeared to make little progress at a White House meeting aimed at heading off a government shutdown that could disrupt a wide range of services as soon as Wednesday.
- SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.60% to 1,011.73 metric tons on Monday from 1,005.72 tons on Friday.
BASE METALS
- In base metal counter, Copper (Oct) prices can trade on firm path as it can move in range of 955-965. Copper prices rose on Monday, supported by a weaker dollar and concerns over global supply after an accident at the world’s second-largest mine.
- The Grasberg minerals district suspended operations on September 8 after a deadly mud slide at the biggest of its three underground mines.
- Aluminum prices can trade on mixed path as it may move in range of 256-259.while Zinc may move on volatile path as it may trade in range of 282-288.
- China’s industrial profits returned to growth in August, but factory activity probably shrank for a sixth straight month in September, a survey of economists showed. Official purchasing managers’ index data is due on Tuesday.
ENERGY
- Crude oil may trade with mixed path as it can move in range of 5530-5700. Oil prices fell on Tuesday as another anticipated production increase by OPEC+ and the resumption of oil exports from Iraq’s Kurdistan region via Turkey reinforced the outlook for a looming supply surplus.
- Oil’s falls came as Iraq’s Kurdistan region resumed crude oil exports over the weekend and amid reports that OPEC+ is likely to approve an increase in production for November at its meeting this weekend.
- In a meeting scheduled for Sunday, the Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, will likely approve another oil production increase of at least 137,000 barrels per day, three sources familiar with the talks said.
- Natural gas (Oct) may move on firm path as it can move in range of 286-296.
Disclosure
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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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