IGI Logo

GLOBAL MARKET ROUND UP

Commodity prices traded mixed on Thursday with bullion prices traded lower on stronger dollar while rest of the commodities ended in green for the day. Crude oil prices rallied on higher demand outlook form US and possible output cut from OPEC. Base metals gained on tight supplies and China stimulus hopes. The dollar index ended 0.85% up at 107.48 for the day.

U.S. stocks finished slightly higher on Thursday as investors assessed mixed signals from several Federal Reserve officials on the potential pace of interest rate increases on deck for September. U.S. stocks looked to be taking a breather as investors scrutinized the latest update on the Federal Reserve’s plans for tightening monetary policy.

Asian shares were rangebound on Friday as recession clouds gathered over Europe and highlighted the relative outperformance of the U.S. economy.

Commodity Daily BULLION

* Bullion prices traded weak on Friday with gold prices at COMEX were trading 0.28% down near $1753 per ounce while spot silver prices at COMEX were trading 0.94% down near $19.35 per ounce in the morning trade. Bullion prices traded under pressure over stronger dollar which rose above 107 against major currencies. The lack of fresh triggers have also capped upside in gold prices.

* We expect bullion prices to trade sideways to down for the day. MCX Gold Aug resistance for the day at Rs. 51800 per 10 grams with support at Rs. 51200 per 10 grams. MCX Silver Sept resistance forthe day at Rs. 56600 with support at Rs. 55200.

COMEX Gold Spot

COMEX Silver Spot

Commodity Daily ENERGY

* Crude oil prices traded weak with NYMEX WTI crude oil prices were trading 0.43% down near $90.12 per barrel on Friday. Crude oil prices dipped on Friday after two days of gain, as market participants weighed worries about global economic slowdown - that could dampen fuel demand - against expectations of tighter supplies toward year-end.

* We expect crude oil prices to trade sideways to down for the day. MCX Crude Oil Aug support lies at Rs. 7050 per barrel with resistance at Rs. 7290 per barrel. MCX Natural gas Aug contract is expected to trade firm with support at Rs. 710 and resistance at Rs. 750.

MCX Crude Oil Aug 2022

MCX Natural Gas Aug 2022

Commodity Daily BASE METALS

* Base metals prices traded mixed on Friday with most of the metals kept steady trading in the morning trade. The stronger dollar and China demand worries has capped upside in industrial metals despite of tight supplies. Europe’s energy crisis has claimed another victim in the power-hungry metals industry, with Norsk Hydro ASA planning to shutter an aluminum smelter in Slovakia at the end of next month.

* Base metals may trade sideways to up for the day. MCX Copper Aug support lies at Rs. 662 and resistance at Rs. 676. MCX Zinc Aug support lies at Rs. 311, resistance at Rs. 320. MCX Aluminium Aug support lies at Rs. 207 with resistance at Rs. 214.

LME Copper 3M Forward

LME Zinc 3M Forward

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795

SEBI Registration number is INZ000171337

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer