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COMMODITY OUTLOOK

DAILY COMMODITY MARKET UPDATES

NEWS IN HEADLINE

* Turkey's Erdogan says Black Sea grain deal can be restored soon

* Oil prices inch lower from 2023 highs, OPEC+ cuts in focus

* Oil prices mixed on receding support from China's steps to revive economy

CRUDEOIL: CRUDEOIL is continuing its bullish momentum above 7000 levels and there are no signals of weakness where 7200- 7250 is an immediate target level. On the downside, 6900 intraday and immediate support levels while below 6900 leads to further weakness towards the 6850-6800 zone, Traders are advised to stay with the momentum with the “buy on decline” approach.

OUTLOOK:

* Bullion: Day trend is indicating sideways to upside in Gold &Silver.

* Energy: Day trend is indicating sideways to upside in Crude oil & Natural gas

* Base metals: Day trend is indicating sideways to upside in all base metals.

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