Commodity Morning Trading Guide | Globe Capital Market LTD.
Commodity Morning Trading Guide

Bullions counter may trade on mixed path as outcome of FOMC meeting later tonight will give further direction to the prices

Report Overview


Bullions counter may trade on mixed path as outcome of FOMC meeting later tonight will give further direction to the prices. Overall gold can move in range of 62200-62600 while silver also can move in range of 72000-72700. Gold prices on Wednesday were headed for their first monthly dip in four as investors tempered their bets of swift and deep rate cuts in the U.S. in the light of a resilient economy, and also awaited remarks from the Federal Reserve due later in the day. Yields on benchmark U.S. Treasury notes were at a two-week low of 4.0261%, but still higher than the year-end close of 3.8600%. Market focus is on the Fed’s statement at the end of its two-day policy meeting at 1900 GMT, where it is expected to leave rates unchanged, which is followed by a news conference by Chair Jerome Powell at 1930 GMT.


In base metal counter, Copper can move in range of 730-740. Copper prices could gain in 2024 but they will be capped by weak global demand due to slack growth in China and major economies. The World Bank’s outlook said prices are expected to continue their steady decline as the economic activity in China and other major economies is expected to remain subdued with supply continuing to improve. Despite these challenges, copper prices found support from worries over supply disruptions in mines, prompting them to revise their forecasts from surpluses to deficits for the current year. The Yangshan premium, an indicator of Chinese demand for imported copper, has witnessed a 50% decline since early December, reflecting the weakening appetite for the metal in China. Aluminium may trade on upside path in range of 201-207.


Crude oil may trade on mixed path as it may move in range of 6300-6600. Oil prices edged off in early Asian trading on Wednesday on continued bearish fundamentals, following gains in the previous session amid an escalating conflict in the Middle East. President Biden said he had decided how to respond to the attack without giving further details, but added that he wanted to avoid a wider war in the Middle East. Iran-aligned Iraqi armed group Kataib Hezbollah – which the U.S. Pentagon had suggested could be behind the attacks, though no final assessment had been made – announced on Tuesday the suspension of all its military operations against U.S. troops in the region. In the Israel-Palestinian conflict, Hamas said on Tuesday it had received and was studying a ceasefire proposal. It appeared to be the most serious peace initiative since the war’s first and only brief ceasefire which fell apart in November. Natural gas prices may remain on weaker path as it may move in range of 165-180.
































































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