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GLOBAL MARKET ROUND UP

Comex Gold prices corrected from a nine-month high on Tuesday on back of marginally gain in the dollar and U.S. bond yields, although hopes of slower interest rate hikes from the Federal Reserve underpinned the market.

Crude oil prices gained on earlier session on Tuesday on back of focused on prospects of demand recovery from top importer China and on the global economic outlook ahead of company earnings. However, price failed to sustain gain and closed in red.

Base metals price traded mix on Tuesday as lack of market participants due to the Lunar New Year holidays in top consumer China. On Macro front, S&P Global U.S. Composite PMI Output Index, rose to 46.6 this month from a final reading of 45.0 in December, the first moderation since September but still well below a key reading of 50 used to separate contraction and growth in the private sector.

Commodities are set to generate "superior total returns" in 2023 and likely to outperform other asset classes again, driven by a fundamental shift in the global macroeconomic landscape and low inventories as per one of the private report.

Commodity Daily BULLION

MCX Gold prices managed to close in positive side on Tuesday on back of support level buying. Gold price should trade in range of 56500 to 57140 for the day, investors are awaiting for the U.S. fourth quarter GDP growth estimates on Thursday. On fundamentals front physical demand remained strong in last year, Swiss exports of gold to countries including China, Turkey, Singapore and Thailand surged to multi-year highs in 2022, Swiss customs data showed on Tuesday

Trading Strategy: MCX Gold Feb Fut price hit fresh life high of Rs 57125 on previous session, we expect short term price and time correction will see in gold price until price trade below 57125 level, area around 56520 and 56300 are important supports for the day. MCX Silver Mar Fut price failed to sustain gain at higher level as selling pressured seen near resistances level. For the day 68700/69300 are major resistances while area around 67900/67300 are acts as supports

Commodity Daily ENERGY

MCX Crude oil price should open positive side on Wednesday as demand recovery hopes in top importer China following its exit from COVID-19 pandemic curbs provided support. U.S. crude stocks rose by about 3.4 million barrels in the week ended Jan. 20. Natural Gas price consolidated in lower range with negative bias on Tuesday, On Fundamental front, The latest developments surrounding the Freeport LNG terminal appeared to minimize risks of extremely bearish restart scenarios.

Trading Strategy: MCX Crude Oil Feb Fut has strong support at 6520/6480 until price hold this level recovery will see near this supports level. Whereas prices face resistances at 6670/6740. MCX Natural Gas Feb Fut bearish trend will extend below 250 level, price will move towards 235/224 levels. Up side stay limited until price cross resistance at 280 level.

Commodity Daily| BASE METALS

MCX Copper price closed flat to positive on Tuesday, during the previous session price consolidated in range 781 to 788. On fundamentals front, Chile's Codelco, the world's largest copper producer, produced 172,000 less ton of copper in 2022 compared to 2021. We expect Copper price remains supported by supply concern.

Trading Strategy: MCX Copper Feb Fut has strong supports at 780 until price hold this level major correction will not see. If price break this support likely to retest 772 level. Upside looks limited to 788 above this level price will move towards 795 level. MCX Zinc Feb Fut has strong supports at 293 until price hold this support major correction will not see in price. A rally will extend to 303/305 levels once prices cross resistance at 301 levels.

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