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FUNDAMENTALS OF COMMODITY:

* WTI crude futures traded around $67 a barrel Friday, not far from a two-year high of $68 hit in March as solid economic data for the US boosted prospects of strong fuel demand and as investors shrugged off concerns over more crude supply from Iran. The US benchmark climbed almost 5% this week, putting it on track for a monthly gain, the fourth out of five this year, as prospects of growing demand in the US, Europe, and China more than offset concerns over rising coronavirus cases in Asia.

* Gold has managed to regain ground and consolidate above the $1,900 level, making a dramatic reversal from an intraday low of $1,881, as Treasury yields retreated and the dollar eased off of its more than two-week highs. Adding to the bullish tone, core PCE prices in the US, which exclude volatile food and energy cost, surged 3.1% from a year earlier in April, the highest since the 1990s. These latest reading cemented expectations of a roaring comeback for the US economy and increased price pressures, boosting the metal’s appeal as an inflation hedge.

* The steel market extended its downward momentum, with Shanghai steel futures trading below 4,660 yuan a tonne for the first time since March 11th on worries over China's price-control. Steel prices rallied to an all-time high of 5,887 yuan per tonne on May 12th, buoyed by high cost of steelmaking ingredient iron ore and as China’s steel capital Tangshan instructed most mills to cut production by 30%-50% until the end of the year to reduce carbon emissions.

MCX GOLD CHART

Technical indicators (Daily):

* RSI- 60.6083

* MACD- 476.2062

* MOVING AVERAGES (20,50,100)- (48022/46907/47021)

MCX CRUDE OIL CHART

Technical indicators (Daily):

* RSI- 56.57

* MACD- 40.196

* MOVING AVERAGES (20,50,100)- (4779/4639/4449)

MCX COPPER CHART

Technical indicators (Daily):

* RSI- 53.9741

* MACD- 4.7445

* MOVING AVERAGES (20,50,100) - (767.25/728.12/687.68)

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