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Gold 

Gold prices declined sharply by 2.48% to settle at 155,594, pressured by a stronger-than-expected US employment report that reinforced expectations of tighter monetary policy. The US economy added 172,000 jobs in May against market expectations of 85,000, while the unemployment rate remained at 4.3% and wage growth moderated to 3.4%. Following the data, investors increased expectations for a Federal Reserve rate hike later this year, weighing on bullion prices. Despite comments from White House National Economic Council Director Kevin Hassett suggesting there is room for rate cuts, market sentiment remained focused on the resilient labor market and inflation concerns. Investment demand also weakened during May. According to the World Gold Council, global physical gold ETFs recorded net outflows of $2 billion, led by Asia and North America, reducing total assets under management by 2% to $604 billion. Global holdings declined 0.4% to 4,121 tonnes. Swiss gold exports fell 20% in April as shipments to the UK and China slowed, although exports to India and Hong Kong improved. Physical demand remained subdued across major consuming nations, with Indian buyers staying cautious amid volatile prices and Chinese premiums easing slightly. However, the long-term outlook remains supported by robust central bank purchases. Goldman Sachs revised its estimate of central bank buying to around 60 tonnes per month through 2026, citing ongoing reserve diversification amid geopolitical uncertainty. While JPMorgan and Commerzbank lowered near-term gold price forecasts, both institutions maintained a constructive longer-term outlook. Technically, the market is under fresh selling pressure as open interest rose 5.97% to 8,807 contracts while prices declined sharply, indicating fresh short positions. Gold has immediate support at 154,050, with a break below opening the door toward 152,515. On the upside, resistance is seen at 157,860, and a sustained move above this level could trigger further recovery towards 160,135.

Trading Ideas:

* Gold trading range for the day is 152515-160135.

*  Gold fell amid a stronger-than-expected US jobs report and ongoing Middle East uncertainty kept inflation and interest rate concerns.

*  The May jobs report revealed the US economy added 172,000 jobs, significantly above the forecasted 85,000.

*  White House National Economic Council director Hassett said the Federal Reserve should not raise rates and there is room to cut.

Silver

Silver prices witnessed a sharp decline of 6.14% to settle at 248,537, pressured by a stronger US dollar and robust US economic data that reinforced expectations of higher interest rates for a longer period. The dollar index climbed above 99.60 after the US economy added 172,000 jobs in May, significantly exceeding market expectations of 85,000 jobs, while the unemployment rate remained steady at 4.3%. The stronger labour market data reduced expectations of near-term monetary easing and weighed heavily on precious metals. Meanwhile, developments in the Middle East remained mixed, with US President Donald Trump indicating that peace negotiations were approaching a final stage, while Iranian officials continued to express skepticism over meaningful progress in talks.  Fundamentally, silver continues to receive support from strong industrial and investment demand, particularly from China. China's silver imports surged to a record 836 metric tonnes in March, nearly three times the ten-year average for the month, driven by strong retail investment demand and aggressive stockpiling by the photovoltaic industry ahead of changes in export tax incentives. In the physical market, silver inventories in London vaults increased to 27,611 tonnes at the end of May, representing a 0.6% monthly rise. India has also tightened import regulations by placing silver grains, powders and most semi-manufactured silver products under the restricted category, requiring import authorization. The move aims to curb record-high imports and ease pressure on the domestic currency, potentially tightening local supplies and supporting domestic premiums. Technically, the market is under fresh selling pressure as open interest increased by 4.73% to 12,315 contracts while prices declined sharply, indicating fresh short build-up. Silver has immediate support at 243,250, with further weakness potentially extending towards 237,965. On the upside, resistance is seen at 257,855, and a sustained move above this level could push prices towards 267,175.

Trading Ideas:

* Silver trading range for the day is 237965-267175.

* Silver fell as dollar edged up above 99.60 as a resilient labor market reinforced Fed may consider further rate increases.

* US economy added 172K jobs in May 2026, well above forecasts of 85K, and following an upwardly revised 179K gain in the previous month.

* White House says U.S. jobs data were very strong.

Crude oil

Crude oil prices declined by 2.58% to settle at 8,614 as easing supply disruption concerns and growing uncertainty over global demand weighed on market sentiment. Prices came under pressure after Oman confirmed that operations at the Mina al Fahal oil export terminal continued normally despite reports of an explosion near the port. Additionally, comments from US President Donald Trump indicating progress toward peace between Israel and Lebanon helped reduce geopolitical risk premiums that had recently supported crude prices. Despite ongoing tensions in the Middle East, OPEC maintained its global oil demand growth forecast for the current year at 1.2 million barrels per day. However, the organization lowered its 2026 demand growth projection to 1.17 million barrels per day from 1.38 million barrels previously, reflecting concerns over weaker consumption trends. Russian Deputy Prime Minister Alexander Novak also highlighted rising uncertainty regarding future oil demand and acknowledged that Russian crude production has declined this year due to unplanned refinery maintenance. Meanwhile, Iranian oil exports have dropped to their lowest level in six years, largely because of tighter US restrictions, although weak Chinese demand has limited the impact on prices. On the inventory front, US crude stockpiles fell sharply by 7.97 million barrels during the week ended May 29, significantly exceeding market expectations and marking the largest drawdown since February. Crude inventories at Cushing, Oklahoma also declined, while net US crude imports fell. However, gains in gasoline and distillate inventories signaled softer fuel demand, partially offsetting the bullish impact of lower crude stocks. The Strategic Petroleum Reserve also recorded its tenth consecutive weekly drawdown. Technically, the market is witnessing fresh selling pressure as open interest increased by 4.99% to 10,572 contracts while prices declined. Crude oil has immediate support at 8,474, with further weakness likely towards 8,333. Resistance is seen at 8,854, and a breakout above this level could lead prices towards 9,093.

Trading Ideas:

* Crudeoil trading range for the day is 8333-9093.

* Crude oil prices fell after Oman said operations at its Mina al Fahal port ‌were proceeding normally, following a report of disruption.

* US crude exports hit record highs as global supply disrupted by Iran war

* Iranian oil exports fall to lowest level in six years, data shows

Natural gas

Natural gas prices declined by 4.13% to settle at 308.6, primarily driven by profit booking after recent gains and a modest increase in production levels. Market participants also reacted to changing supply and demand dynamics, although fundamentals remained relatively supportive. According to LSEG, average natural gas output in the U.S. Lower 48 states eased to 108.8 billion cubic feet per day so far in June from 109.7 bcfd in May. Despite this decline, production remains historically strong, while recent output reductions have helped narrow the inventory surplus to around 5% above normal levels from approximately 6% a week earlier. Weather forecasts continue to provide underlying support to demand expectations. Meteorologists expect temperatures to remain warmer than normal through June 20, increasing electricity consumption for air conditioning and boosting gas demand from power generators. Around 40% of U.S. electricity generation is supplied by gas-fired power plants. LSEG estimates total gas demand, including exports, will rise from 98.4 bcfd this week to 104.3 bcfd over the next two weeks. However, LNG export demand softened slightly as gas flows to major U.S. export terminals fell to 16.4 bcfd in June due to seasonal maintenance activities. On the storage front, U.S. utilities injected 95 billion cubic feet of gas into storage during the latest reporting week, below market expectations of a 101 Bcf build. Total inventories stood at 2.578 trillion cubic feet, slightly below year-ago levels but still comfortably above the five-year average. Meanwhile, the U.S. Energy Information Administration projected record natural gas production in 2026 and 2027, although domestic demand is expected to moderate next year before recovering thereafter. Technically, the market is witnessing long liquidation as open interest declined by 28.85% to 15,142 contracts while prices moved lower. Natural gas has immediate support at 303, with further weakness likely towards 297.3. Resistance is seen at 318.6, and a move above this level could extend gains towards 328.5.

Trading Ideas:

* Naturalgas trading range for the day is 297.3-328.5.

* Natural gas prices dropped on profit booking and a small increase in output.

* The U.S. Energy Information Administration said energy firms added 95 billion cubic feet (bcf) of gas to storage.

* LSEG reports Lower 48 gas output down in June, inventories remain 5% above normal

Copper

Copper prices declined by 2.92% to settle at 1,336.15, as risk sentiment across industrial metals weakened amid renewed inflation concerns and fading optimism over a potential US-Iran peace agreement. The decline was also reflected in physical market indicators, with the Yangshan copper premium falling 9% to a five-week low of $64 per ton, signaling softer import demand in China. Despite the price correction, supply conditions remain relatively tight. The premium of COMEX copper over the LME benchmark continues to attract metal into US warehouses, pushing COMEX inventories to a record 583,055 tons while reducing availability in other regions. LME available inventories fell to 240,050 tons, the lowest level since late February, while cancelled warrants accounted for 37% of total stocks, indicating continued demand for physical metal. Fundamental support for copper remains linked to China, where authorities have instructed banks to increase lending in an effort to stimulate economic activity. China's copper demand continues to benefit from strong investment in power infrastructure, with grid spending rising sharply during the first quarter. Imports of unwrought copper rose 3.2% year-on-year in April to a seven-month high despite record domestic refined copper production. Shanghai Futures Exchange copper inventories also declined 4% this week, reaching their lowest level since December. On the supply side, concerns persist over production disruptions in major mining regions. Chilean output has declined, while recovery at Indonesia's Grasberg mine remains slower than expected. Although the International Copper Study Group projects a refined copper surplus in 2026 and 2027, several investment banks remain bullish due to constrained mine supply and strong long-term demand growth. Goldman Sachs and Citi have both raised their copper price forecasts, citing tightening global availability and continued infrastructure-driven demand. Technically, the market is witnessing long liquidation as open interest declined by 2.28% to 16,896 contracts while prices moved lower. Copper has immediate support at 1,320.7, with further downside likely towards 1,305.2. Resistance is seen at 1,362, and a move above this level could extend gains towards 1,387.8.

Trading Ideas:

* Copper trading range for the day is 1305.2-1387.8.

* Copper prices fell with risk sentiment in growth-dependent metals affected by renewed worries about inflation.

* Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 4% this week to 169,512 tons, the lowest since end-December.

* Available stocks in LME-registered warehouses, according to daily LME data, are at 240,050 tons, the lowest since February 24.

Zinc

Zinc prices declined by 1.82% to settle at 365, pressured by a stronger US dollar after robust US economic data reinforced expectations that the Federal Reserve could maintain a tighter monetary policy stance. Market sentiment weakened following the release of stronger-than-expected US labor market indicators. Nonfarm payrolls increased by 172,000 in May, significantly above forecasts of 85,000, while the ADP employment report showed private sector job creation of 122,000, exceeding expectations and marking the strongest reading since January 2025. The data strengthened the dollar and reduced expectations for near-term US interest rate cuts, weighing on base metal prices. However, losses in zinc were limited by tightening supply conditions resulting from recent disruptions at major production facilities. Nexa Resources temporarily suspended operations at its Cajamarquilla smelter in Peru, the largest zinc smelter in Latin America, following a fire that damaged key infrastructure. In addition, Glencore-owned Kazzinc continued operating at reduced capacity after an explosion affected its zinc and lead facilities in Kazakhstan. These disruptions have increased concerns over refined metal availability, particularly as global inventories remain relatively low. London Metal Exchange zinc stocks are currently near 111,250 tons, equivalent to less than three days of global consumption. Fundamentally, the global zinc market remains relatively balanced despite expectations of a modest surplus. According to the International Lead and Zinc Study Group, the global zinc surplus narrowed to 32,700 metric tons in March from 58,700 tons in February. Meanwhile, China continues to support domestic demand through accommodative monetary policies and increased financial support for consumption and industrial activity. However, additional supply from mines such as Sweden’s Garpenberg operation and higher production plans from Japanese refiners may cap further upside. Technically, the market is witnessing long liquidation as open interest declined by 4.23% to 2,627 contracts while prices moved lower. Zinc has immediate support at 362.8, with further downside likely towards 360.6. Resistance is seen at 368.8, and a move above this level could extend gains towards 372.6.

Trading Ideas:

* Zinc trading range for the day is 360.6-372.6.

* Zinc dropped as US dollar rose after stronger-than-expected US jobs data.

* However downside seen limited supported by tightening supply conditions following recent disruptions.

* Zinc inventories in warehouses monitored by the Shanghai Futures Exchange up 0.9% from last Friday, the exchange said.

Aluminium

Aluminium prices declined by 1.46% to settle at 384.4, pressured by a stronger US dollar following robust US labor market data. The latest nonfarm payrolls report showed the US economy added 172,000 jobs in May, significantly above market expectations of 85,000, strengthening expectations that the Federal Reserve may maintain a tighter monetary policy stance for longer. The stronger dollar weighed on industrial metals, including aluminium, despite ongoing concerns regarding global supply availability. Fundamental support for aluminium remains linked to supply disruptions and tightening raw material availability. Emirates Global Aluminium’s flagship smelter is expected to require up to a year to return to full production, while operations at Bahrain’s ALBA smelter remain partially suspended. Additionally, Guinea’s tighter controls on bauxite exports have raised concerns about future raw material supplies for global smelters. Further support came from stronger Chinese industrial data, with industrial profits recording their fastest growth since November 2023, highlighting improving manufacturing conditions in the world’s largest aluminium consumer. Global supply dynamics remain mixed. According to the International Aluminium Institute, global primary aluminium production declined by 2.1% year-on-year in April to 5.92 million tons. Production in the Gulf region fell sharply by 35% due to disruptions linked to regional geopolitical tensions. In contrast, Chinese aluminium production continued to expand, rising 3.1% year-on-year to 3.87 million tons in April, supported by healthy profit margins. China also reported strong trade activity, with aluminium imports increasing 6.9% and exports surging 15% during April, reflecting robust international demand and tighter overseas supply conditions. Technically, the market is witnessing long liquidation as open interest declined by 5% to 3,626 contracts while prices moved lower. Aluminium has immediate support at 382.0, with further downside likely towards 379.5. Resistance is seen at 388.1, and a move above this level could extend gains towards 391.7.

Trading Ideas:

* Aluminium trading range for the day is 379.5-391.7.

* Aluminium dropped as investors turned to the US dollar following stronger-than-expected US jobs data.

* Aluminium inventories in warehouses monitored by the Shanghai Futures Exchange fell 1.6% from last Friday.

* Guinea's stricter controls on bauxite exports have added to concerns over tighter raw material supplies.

Turmeric

Turmeric prices declined by 0.78% to settle at 15,456, weighed down by increased market arrivals and higher selling activity from farmers. Daily arrivals have accelerated across major producing regions, creating a temporary supply surplus in key mandis. Farmers in Telangana and Maharashtra have been actively liquidating stocks to generate funds for upcoming Kharif sowing operations, adding immediate selling pressure. The arrival of late-harvested turmeric with higher moisture content has also led to aggressive discounting for average-quality produce. Additionally, easing weather concerns during the post-harvest period have removed much of the weather-related premium that had previously supported prices. Despite the recent decline, downside momentum remains limited due to several supportive factors. Arrivals in major markets across Maharashtra and Telangana are still lower than normal for the peak marketing season, creating localized supply tightness. Quality concerns, including moisture-related damage and rhizome rot in some areas, have reduced the availability of premium export-grade turmeric. Farmers and stockists in key trading centers such as Sangli and Nizamabad continue to hold back supplies in anticipation of stronger prices ahead. High-quality Salem Fali varieties are commanding substantial premiums, reflecting strong demand for superior-grade material. Export demand remains mixed. Turmeric exports during March 2026 declined 16.8% year-on-year, although shipments improved by more than 10% compared to February, indicating a gradual recovery in overseas buying interest. Demand from Bangladesh and increasing inquiries for Integrated Pest Management certified turmeric from European buyers continue to support sentiment. Lower carry-forward stocks and the Agriculture Ministry’s downward revision in production estimates have also provided underlying support to the market. Technically, the market is witnessing long liquidation as open interest declined by 5.49% to 18,155 contracts while prices moved lower. Turmeric has immediate support at 15,348, with further downside likely towards 15,240. Resistance is seen at 15,564, and a move above this level could extend gains towards 15,672.

Trading Ideas:

* Turmeric trading range for the day is 15240-15672.

* Turmeric dropped as daily arrivals have accelerated, creating a temporary "supply glut".

* Farmers are liquidating stocks more rapidly to raise liquidity for upcoming Kharif sowing expenses, increasing the immediate supply.

* Increased arrivals of late-harvested, high-moisture turmeric have led to aggressive price discounting for "average" quality lots.

* In Nizamabad, a major spot market, the price ended at 15564.15 Rupees gained by 0.03 percent.

Jeera

Jeera prices gained 0.56% to settle at 19,010, supported by concerns over the availability of premium-quality supplies and improving buying interest from export-oriented consumers. Demand for residue-compliant and high-specification cumin seeds has strengthened, with buyers from Europe and North America actively seeking quality lots. At the same time, large industrial processors have started rebuilding inventories at current price levels, providing additional support to market sentiment. Weather-related disruptions, including recent thunderstorms and hailstorms in Rajasthan, have raised concerns over damage to standing crops and the availability of high-grade produce. Unseasonal rainfall across north-west India also delayed drying and processing activities, contributing to temporary supply disruptions. However, gains remained limited due to increasing arrivals of the new crop from major producing regions. Improved weather conditions enabled farmers to complete harvesting activities more quickly than expected, resulting in a surge in market arrivals. Farmers are also actively selling stocks to generate liquidity ahead of the Kharif sowing season, keeping overall supplies comfortable. Daily arrivals at the Unjha market have stabilized around 28,500 bags, easing fears of immediate supply shortages and capping further price advances. Fundamentally, the medium-term outlook remains supportive due to lower production estimates. Industry estimates suggest total domestic production may decline to around 90–92 lakh bags this season from approximately 1.10 crore bags last year. Production losses are attributed to reduced acreage, lower yields, and disease outbreaks in key growing regions of Gujarat. Globally, production concerns in China, Syria, Turkey, and Afghanistan are also expected to support export competitiveness. Although March exports declined on a yearly basis, monthly shipments improved, indicating a gradual recovery in overseas demand. Technically, the market is witnessing short covering as open interest declined by 4.3% to 8,073 contracts while prices moved higher. Jeera has immediate support at 18,940, with further support at 18,870. Resistance is seen at 19,090, and a move above this level could extend gains towards 19,170.

Trading Ideas:

* Jeera trading range for the day is 18870-19170.

* Jeera gains as availability of premium quality, bold seeds is shrinking.

* European and North American buyers have re-entered the market, specifically targeting residue-compliant and high-specification lots.

* Large industrial processors have started increasing their "hand-to-mouth" inventory levels at these lower price points.

* In Unjha, a major spot market, the price ended at 19598.25 Rupees dropped by -0.14 percent.

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