Commodity Morning Trading Guide – Globe Capital Market LTD.
03-Jul-2025
Commodity Morning Trading Guide

  • Bullions counter may trade with mixed bias as yellow metal fell on Thursday as investors held back from making significant bets, awaiting the U.S. payroll data later in the day for insights into the Federal Reserve's policy direction.

Report Overview

BULLIONS

  • Bullions counter may trade with mixed bias as yellow metal fell on Thursday as investors held back from making significant bets, awaiting the U.S. payroll data later in the day for insights into the Federal Reserve’s policy direction.
  • Overall gold (Aug) can move in range of 97000-97800 while silver (Sep) also can move in range of 106000-108500.
  • Data released by ADP showed U.S. private payrolls dropped by 33,000 jobs in June, marking the first decline in more than two years, as economic uncertainty hampered hiring. Meanwhile, low layoffs continued to anchor the labour market.
  • Meanwhile, the U.S. will impose a lower-than-promised 20% tariff on various goods from Vietnam, President Donald Trump announced on Wednesday. The Southeast Asian nation is the U.S.’ tenth-largest trading partner.

BASE METALS

  • In base metal counter, Copper prices can trade on positive path as it can move in range of 900-910. Copper on the London Metal Exchange and the Shanghai Futures Exchange held near the highest levels since late March, driven by concerns over tight regional supply and increased shipments to the U.S. as traders rush to beat potential import tariffs.
  • The United States is busy with trade talks with its major trade partners, and may deal with copper import tariff later, and this has been viewed as extra time by the traders to move copper to the United States when the prices over there are much higher.
  • Aluminum prices can trade on upside path as it may move in range of 248-252.while lead may also move in range of 177-183.
  • Total copper stocks in LME-registered warehouses remained near their lowest levels since August 2023, despite a slight rebound over two days. Available inventories have dropped 76% since mid-February, as cargoes were rushed to the United States following its investigation into copper imports and the prospect of new tariffs.

ENERGY

  • Crude oil may trade on mixed path as it can move in range of 5650-5800. Oil prices eased on Thursday, reversing gains from the previous session, on concerns over weak U.S. demand after government data showed a surprise build in inventories in the world’s biggest crude consumer.
  • The U.S. Energy Information Administration said on Wednesday domestic crude inventories rose by 3.8 million barrels to 419 million barrels last week. Gasoline demand dropped to 8.6 million barrels per day, prompting concerns about consumption in the peak U.S. summer driving season.
  • Lower interest rates could spur economic activity, which would in turn boost oil demand. A private payrolls report on Wednesday showed a contraction for the first time in two year though analysts cautioned there is no correlation between it and the government data.
  • Natural gas may trade on mixed path as it can move in range of 292-309.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Disclosure

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