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Below is Daily Commodity Article by Mr. Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One Ltd

GOLD

Gold prices on Tuesday slipped lower, as it lost 0.37 percent and concluded at 1834.3 per ounce. 

The US Federal Reserve's most recent policy meeting's minutes, which may provide information about future interest rate increases, are eagerly expected by investors.

The market anticipates the US central bank bank to keep interest rates above 5% throughout the year. The US central bank increased rates by 25 basis points (bps) in its recent meeting 

US business activity unexpectedly rebounded in February, reaching its highest level in eight months, according to a survey on Tuesday, which also showed inflation subsiding.

Outlook: Given the dollar's continued strength and the likelihood that the US Fed will continue raising interest rates, the upside potential for the yellow metal appears to be limited.

CRUDE OIL

Post the long holiday weekend, the benchmark crude index NYMEX began the week on a lower note, joining hands with another benchmark index, Brent, which ended 0.15 percent lower. 

Both benchmark indices fell amid continuing worries about the expansion of the world economy exceeded supply restraints.

As recent data increased the likelihood that interest rates would stay higher for longer, attention is now squarely on the release of the minutes from the US Federal Reserve's most recent meeting.

Oil priced in dollars is more expensive for holders of foreign currencies when the dollar is stronger.

Outlook: We expect crude to trade lower towards 6270 levels, a break of which could prompt the price to move lower to 6160 levels.

BASE METALS

Most industrial metals on Tuesday ended on a higher note, except for Lead and MCX Aluminium and Zinc, ending on a lower note. 

Copper prices increased as demand from the world's largest consumer, China, improved; but, gains were offset by a stronger dollar as investors braced themselves for higher and longer interest rates from the US Federal Reserve.

On Tuesday, the dollar maintained moderate increases relative to its rivals, making it less appealing for holders of other currencies to purchase dollar denominated commodities.

Outlook: We expect copper to trade higher towards 795 levels, a break of which could prompt the price to move higher to 806 levels.

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