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GLOBAL MARKET ROUND UP

Commodity prices traded mixed on Thursday with most of the commodities in non-agro segment traded higher while gold prices ended in red. Bullion prices traded mixed over ECB policy decision despite of weaker dollar. Crude oil and base metals prices traded higher on higher demand and lower supply worries. The dollar index ended 0.12% down at 109.71 for the day

U.S. stocks finished higher on Thursday with their first back-to-back gains in two weeks, as Wall Street assessed Federal Reserve Chair Jerome Powell’s comments that the central bank is determined to bring inflation down. Wall Street stocks initially fell in the wake of his remarks but then reversed course to end with solid gains, helped by rate-sensitive banks and healthcare company shares

China's consumer prices rose at a slower-than-expected pace in August amid heatwaves and COVID-19 flare-ups, while producer inflation eased to the lowest since February 2021, official data showed. The consumer price index (CPI) increased 2.5% year-on-year from a 2.7% growth in July. Producer prices rose 2.3% year-on-year in August, the slowest pace since February 2021, and slowing from a 4.2% rise in July

Commodity Daily BULLION

Bullion prices traded higher on Friday with gold prices at COMEX were trading 0.85% up near $1721 per ounce while spot silver prices at COMEX rose by 1.78% near $18.84 per ounce in the morning trade. Bullion prices recovered on weaker dollar which was trading 0.65% down at 109 against six major currencies. The market players digested hawkish remarks from US FED on global slowdown worries

We expect bullion prices to trade sideways to up for the day. MCX Gold Oct resistance for the day at Rs. 50800 per 10 grams with support at Rs. 50200 per 10 grams. MCX Silver Dec resistance forthe day at Rs. 56200 with support at Rs. 53800

COMEX Gold Spot

 COMEX Silver Spot

Commodity Daily ENERGY

Crude oil prices traded higher with NYMEX WTI crude oil prices rose by 0.69% to $84.11 per barrel for the day. Crude Oil prices rose as investors considered Russia's threat to halt oil and gas exports to some buyers, but crude was set for a second straight weekly decline as central banks' aggressive rate hikes and China's COVID-19 curbs weighed on demand.

We expect crude oil prices to trade sideways to up for the day. MCX Crude Oil September support lies at Rs. 6550 per barrel with resistance at Rs. 6850 per barrel. MCX Natural gas September contract is expected to trade firm with support at Rs. 620 and resistance at Rs. 670

MCX Crude Oil Sep 2022

MCX Natural Gas Sep 2022

Commodity Daily BASE METALS

Base metals prices traded firm on Friday with most of the metals extended gains on tight supplies and higher demand. Copper prices rallied after unionized workers at Chile’s Escondida, the world’s largest copper mine, voted to go on strike over safety concerns. The gains put copper on course for a weekly gain of more than 4%. Workers at the mine said they would begin partial work stoppages next week, followed by a complete shutdown later in September.

Base metals may trade sideways to up for the day. MCX Copper Sept support lies at Rs. 654 and resistance at Rs. 672. MCX Zinc Sept support lies at Rs. 282, resistance at Rs. 295. MCX Aluminium Sept support lies at Rs. 198 with resistance at Rs. 208.

LME Copper 3M Forward

LME Zinc 3M Forward

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