Commodity Morning Insights 02 July 2025 - Axis Securities Ltd
* Comex Gold extended gains for a third consecutive session, closing over 0.6% higher and surpassing the immediate resistance zone near the $3,350 mark. The metal found support after the U.S. Senate approved the widely watched “Big Beautiful Bill”, while U.S. private sector job data showed a decline in Jun’25. Market focus now shifts to the upcoming Non-Farm Payrolls data, which is expected to guide bullion's direction for the rest of the month
* Nymex Crude Oil rallied more than 3% in the last session amid escalating geopolitical tensions. Iran’s suspension of cooperation with the U.N. nuclear watchdog triggered a modest risk premium, despite an unexpected build in U.S. crude inventories. Although OPEC+ reaffirmed its intention to gradually increase output, the market appears to have largely priced in these developments, with Saudi Arabia notably ramping up exports in Jun’25
* Comex Copper prices gained nearly 2% on signs of improved demand from China. A rebound in Chinese manufacturing activity last month indicates that the world’s top copper consumer is seeing early benefits from a cooling of U.S.-China trade tensions. Traders are closely monitoring any fresh signals from ongoing trade discussions
* Nymex Natural Gas rebounded more than 2%, snapping a two-day losing streak, as hotter mid-July forecasts boosted expectations of stronger air-conditioning demand. A lower-than-expected inventory build and lingering winter supply concerns, particularly for January contracts, continue to support prices in the near term
Gold
Silver
Crude Oil
Copper
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