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GLOBAL MARKET ROUND UP

Commodity prices traded mixed on Thursday with bullion prices traded weak for the day on stronger dollar. Crude oil prices rallied by more than 4% on prospect of OPEC plus supply cut. Base metals kept narrow trading in absence of LME market. The dollar index ended 0.03% up at 108.84 for the day.

U.S. stocks finished with back-to-back losses on Monday, handing Dow industrials an almost 1,193-point loss in the past two trading days, as investors continued reacting to remarks by Federal Reserve Chairman Jerome Powell, who underscored policy makers’ resolve to squeeze out inflation even if it creates economic pain. Nonetheless, there were some glimmers of hope among stock investors on Monday, when Dow Industrials and the S&P 500 briefly and periodically flashed green.

World stocks slumped on Monday as the growing risk of more aggressive U.S. and European interest rate hikes inflicted more pain on bond markets and pushed the dollar to new 20-year highs, as recession fears moun

Commodity Daily BULLION

* Bullion prices traded steady on Tuesday with gold prices at COMEX were trading marginal down near $1735 per ounce while spot silver prices at COMEX were trading near $18.71 per ounce in the morning trade. Bullion prices were supported by dollar weakness which retreated from 20 year highs. The precious metals prices may cap upside on hawkish FED to tackle inflation.

* We expect bullion prices to trade sideways to down for the day. MCX Gold Oct resistance for the day at Rs. 51500 per 10 grams with support at Rs. 50800 per 10 grams. MCX Silver Sept resistance forthe day at Rs. 55800 with support at Rs. 54200.

COMEX Gold Spot

COMEX Silver Spot

Commodity Daily ENERGY

* Crude oil prices traded lower with NYMEX WTI crude oil prices were trading 0.31% down near $96.70 per barrel on Tuesday. Crude oil prices dipped on Tuesday, paring some gains from the previous session, as the market feared that more aggressive interest rates hikes from central banks may lead to a global economic slowdown and soften fuel demand.

* We expect crude oil prices to trade sideways to down for the day. MCX Crude Oil Aug support lies at Rs. 7050 per barrel with resistance at Rs. 7290 per barrel. MCX Natural gas Aug contract is expected to trade firm with support at Rs. 710 and resistance at Rs. 750.

MCX Crude Oil Aug 2022

MCX Natural Gas Aug 2022

Commodity Daily BASE METALS

* Base metals prices traded weak on Tuesday with most of the metals witnessed selling in the morning trade. Copper retreated from a two-week high and aluminum fell amid concerns that virus lockdowns will impede China’s economic recovery, and as supply disruptions in the country eased.

* Base metals may trade sideways to down for the day. MCX Copper Sept support lies at Rs. 654 and resistance at Rs. 672. MCX Zinc Sept support lies at Rs. 308, resistance at Rs. 316. MCX Aluminium Sept support lies at Rs. 208 with resistance at Rs. 216.

LME Copper 3M Forward

LME Zinc 3M Forward

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