Commodity Daily Insights 20th May 2026 By - HDFC Securities
GLOBAL MARKET ROUND UP
Precious metals remained under pressure in Wednesday’s Asian session as persistent geopolitical tensions and continued disruptions around the Strait of Hormuz kept inflation concerns elevated, reinforcing expectations that global central banks may maintain tighter monetary policy for longer. The higher-forlonger rate outlook continued to weigh on non-yielding assets such as gold and silver.
Spot gold traded near the $4,465 level, while spot silver remained below $74 per ounce after falling sharply in the previous session. Meanwhile, rising inflation concerns supported global bond yields and lifted the U.S. Dollar Index toward six-week highs near the 99.4 level, adding further pressure on precious metals.
Short-term trends for precious metals remain weak, and the broader market direction is expected to remain highly sensitive to geopolitical developments. Any renewed exchange of threats between the U.S. and Iran that drives oil prices higher could reignite inflation concerns and strengthen expectations of tighter monetary policy, which would likely put additional pressure on precious metals. Progress on a diplomatic solution could lead to further recovery in precious metals.
Crude oil prices continued to trade near the upper end of the range as supply concerns and a persistent geopolitical risk premium kept energy markets supported. Ongoing disruptions to Middle East energy flows and uncertainty surrounding the U.S.–Iran conflict continued to underpin prices despite broader market volatility. President Donald Trump reiterated that the conflict with Iran could end “very quickly” but also warned that further U.S. military action remains possible if diplomatic efforts fail. While markets continue to monitor developments around potential peace negotiations, investors remain cautious given the limited visibility of the timing and outcome of any agreement. Concerns over tighter supplies persist, leading to expectations of elevated oil prices in the near term. Even if a diplomatic resolution is reached, markets expect crude production and export flows to recover gradually rather than immediately, keeping support intact for energy prices.
Natural gas futures extended gains for a fifth straight session as hotter weather across the Eastern U.S. lifted cooling demand and boosted power-sector consumption. Forecasts for above-average temperatures continued to support prices as markets shifted focus toward peak summer demand.
Gold
* Trading Range: 154900 to 161080
* Intraday Trading Strategy: Buy Gold Mini Jun Fut at 157150-157175 SL 156380 Target 158080/158750
Silver
* Trading Range: 257900 to 282580
* Intraday Trading Strategy: Sell Silver Mini Jun Fut at 274375-274400 SL 278525 Target 269575/267080
CrudeOil
* Trading Range: 9750 to 10380
* Intraday Trading Strategy: Buy Crude Oil Jun Fut at 9975-9980 SL 9880 Target 10105/10180
NaturalGas
* Trading Range: 280 to 309
* Intraday Trading Strategy: Buy Natural Gas May Fut at 294-295 SL 288.8 Target 304/309
Copper
* Trading Range: 1325 to 1365
* Intraday Trading Strategy: Sell Copper May Fut at 1340-1341 SL 1348 Target 1332/1324
Zinc
* Trading Range: 357 to 374
* Intraday Trading Strategy: Sell Zinc May Fut at 369.0-369.50 SL 372.8 Target 365.5/363.0
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