IGI Logo

GLOBAL MARKET ROUND UP

Commodity prices traded mixed on Thursday with most of the commodities in non-agro segment ended in green except crude oil. Bullion prices held gains supported by weaker dollar ahead of Jackson Hole symposium. Crude oil prices traded lower on Iran nuclear deal optimism. Base metals kept firm trading on tight supplies. The dollar index ended 0.19% down at 108.47 for the day.

U.S. stocks finished higher on Thursday, with all three indexes scoring back-to-back gains after a batch of strong economic data and as investors waited to hear Friday from Federal Reserve Chairman Jerome Powell at Jackson Hole. U.S. stocks ended near session highs on Thursday following revised readings on the performance of the U.S. and German economies for the second quarter, along with news of more fiscal stimulus measures out of China.

A revised reading on second-quarter gross domestic product showed the U.S. economy shrank by 0.6%, better than the 0.9% contraction from the original reading.

Asian shares rose on Friday, buoyed by news of possible progress for China and the United States to hammer out an audit deal, while traders anxiously awaited a speech from Federal Reserve ChairJerome Powell on rate-hike path later in the day.

Commodity Daily BULLION

* Bullion prices traded weak on Friday with gold prices at COMEX were trading marginal down near $1756 per ounce while spot silver prices at COMEX were trading near $19.27 per ounce in the morning trade. Bullion prices declined awaiting comments from Jackson Hole symposium. Gold prices are still set for weekly gain as dollarindex is off the 20 year highs.

* We expect bullion prices to trade sideways to up for the day. MCX Gold Oct resistance for the day at Rs. 51900 per 10 grams with support at Rs. 51300 per 10 grams. MCX Silver Sept resistance for the day at Rs. 56500 with support at Rs. 54500.

COMEX Gold Spot

COMEX Silver Spot

Commodity Daily ENERGY

* Crude oil prices traded higher with NYMEX WTI crude oil prices were trading 0.68% up near $93.14 per barrel on Friday. Crude oil prices rose on signs of improving fuel demand, although further gains were capped as the market awaited clues from the U.S. Federal Reserve chairman on the outlook for rate hikes in a speech later in the day. The prospect of the Organization of the Petroleum Exporting Countries (OPEC) curbing output to offset production increases from Iran also supported prices.

* We expect crude oil prices to trade sideways to up for the day. MCX Crude Oil September support lies at Rs. 7350 per barrel with resistance at Rs. 7580 per barrel. MCX Natural gas September contract is expected to trade firm with support at Rs. 740 and resistance at Rs. 780.

MCX Crude Oil Aug 2022

MCX Natural Gas Aug 2022

Commodity Daily BASE METALS

Base metals prices traded firm on Friday with most of the metals kept positive trading range in the morning trade. Among industrial metals, copper prices crept higher, but appeared to be taking little support from a fresh round of Chinese stimulus. China on Wednesday announced a stimulus package worth roughly 1% of its overall GDP, as it faces a drastic slowdown in growth from COVID-19 lockdowns, an ongoing heat wave and a potential power crunch.

Base metals may trade sideways to up for the day. MCX Copper Aug support lies at Rs. 672 and resistance at Rs. 687. MCX Zinc Aug support lies at Rs. 315, resistance at Rs. 324. MCX Aluminium Aug support lies at Rs. 209 with resistance at Rs. 216.

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