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Gold

Gold prices slipped by 0.52% to settle at 1,53,152, as easing geopolitical tensions reduced safe-haven demand. Optimism around a potential U.S.-Iran peace deal, along with comments from Donald Trump suggesting the conflict may be nearing an end, weighed on prices. Softer oil prices have also helped ease inflation concerns, reinforcing expectations that the Federal Reserve may hold rates steady in the near term. However, underlying support for gold remains intact. U.S. inflation data showed prices rising at the fastest pace in nearly four years, keeping uncertainty around future rate decisions alive. At the same time, central bank demand continues to be a key pillar, with China extending its gold purchases for the 17th consecutive month. According to the World Gold Council, global central banks remained net buyers in early 2026, highlighting sustained institutional interest. Physical demand trends are mixed. In India, buying interest has picked up slightly ahead of the upcoming festival season, although elevated prices are limiting aggressive purchases. In contrast, China has seen softer retail demand, reflected in narrowing premiums. Technically, the market is witnessing fresh selling pressure, with open interest rising by 2.73%. Gold has immediate support at 1,52,390, with further downside toward 1,51,630. On the upside, resistance is seen at 1,54,450, and a move above this level could push prices toward 1,55,750.

Trading Ideas:

* Gold trading range for the day is 151630-155750.

* Gold prices dropped amid hopes for a peace deal between the U.S. and Iran helped ease concerns.

* President Donald Trump said the war is “close to over,” helping support sentiment across markets.

* Economic growth will be slower this quarter amid war, US Treasury chief says

Silver

Silver prices fell sharply by 1.24% to settle at 2,48,628, as improving sentiment around a potential resolution to the US-Iran conflict reduced safe-haven demand. Reports suggesting a possible ceasefire extension to allow further negotiations have eased market concerns, weighing on bullion prices. On the macro front, comments from Alberto Musalem indicated that current interest rate levels are likely to remain unchanged for some time, despite ongoing supply-side inflation risks. U.S. economic data presented a mixed picture—manufacturing output unexpectedly declined in March, while jobless claims dropped to 207,000, pointing to continued resilience in the labor market. These factors have kept expectations around monetary policy steady, limiting strong directional moves in silver. From a supply perspective, global inventories remain comfortable. Holdings in London vaults rose slightly to 27,487 tonnes at the end of March, reflecting adequate physical availability and capping any sharp upside. Technically, the market is witnessing fresh selling pressure, with open interest rising by 2.24%, indicating the build-up of short positions. Silver has immediate support at 2,45,935, and a break below this level could lead to further downside toward 2,43,240. On the upside, resistance is seen at 2,53,530, and a sustained move above this level could push prices toward 2,58,430.

Trading Ideas:

* Silver trading range for the day is 243240-258430.

* Silver dropped as markets remain cautiously optimistic that a deal could be reached to end the US-Iran war.

* Fed’s Musalem said that “supply shocks are placing the Fed’s inflation and employment targets at risk”.

* Manufacturing output in US decreased 0.1% month-over-month in March 2026, missing market expectations for a 0.1% gain.

Crude oil

Crude oil prices surged by 2.88% to settle at 8,856, as uncertainty around U.S.-Iran peace talks reignited concerns over supply disruptions. While discussions are expected to resume soon, the lack of a concrete agreement—along with the U.S. blockade on Iranian ports—has kept markets on edge. Comments from Scott Bessent about tightening sanctions on Iranian and Russian oil have further added to supply-side worries. The broader supply picture remains tight. Sharp declines in output from key Middle East producers, including Saudi Arabia, Iraq, Kuwait, and the UAE, reflect the ongoing impact of disruptions in the Strait of Hormuz. This has prompted firms like UBS to raise their oil price forecasts for the coming quarters. Meanwhile, U.S. inventory data provided additional support, with crude stocks unexpectedly falling alongside significant draws in gasoline and distillates, pointing to steady underlying demand despite softer refinery activity. On the demand side, OPEC has slightly lowered its second-quarter demand outlook, citing temporary weakness due to geopolitical uncertainty, though it expects recovery later in the year. Technically, the market is witnessing fresh buying interest, with open interest rising sharply by 33.2%. Crude oil has immediate support at 8,609, with further downside toward 8,363. On the upside, resistance is seen at 8,990, and a move above this level could push prices toward 9,125.

Trading Ideas:

* Crudeoil trading range for the day is 8363-9125.

* Crude oil prices rose as market questioned ‌whether peace talks between U.S. and Iran would achieve a deal to end the war.

* Crude inventories fell by 913,000 barrels to 463.8 million barrels in the week ended April 10, the EIA said.

* U.S. gasoline stocks fell by 6.3 million barrels in the week to 232.9 million barrels, the EIA said.

Natural gas

Natural gas prices rose by 0.82% to settle at 246.6, supported by a short-term dip in output and slightly stronger demand expectations over the next couple of weeks. While overall production in the U.S. remains near record highs, daily output has eased in recent days, primarily due to declines in Louisiana and Ohio, offering some support to prices. That said, the broader supply picture remains comfortable. Production in the Lower 48 states is averaging around 110.7 bcfd in April, close to peak levels. Storage data also points to ample availability, with inventories rising by 59 bcf last week—well above both last year’s increase and the five-year average. Mild weather conditions, expected to persist through early May, are keeping both heating and cooling demand subdued, limiting any sharp upside in prices. Looking ahead, the Energy Information Administration projects output to climb further in 2026 and beyond, even as domestic consumption is expected to dip slightly before recovering. However, steady growth in LNG exports could help balance the market over time. From a technical perspective, the market is witnessing short covering, with open interest declining by 12.25%. Natural gas has immediate support at 243.3, with further downside toward 240. On the upside, resistance is seen at 249.6, and a move above this level could push prices toward 252.6.

Trading Ideas:

* Naturalgas trading range for the day is 240-252.6.

* Natural gas edged up on a drop in output over the past few days and forecasts for more demand than previously expected.

* The U.S. EIA said energy firms added 59 bcf of gas into storage during the week ended April 10.

* On a daily basis, output was on track to drop by 3.2 bcfd over the past four days to a preliminary 10-week low of 108.0 bcfd.

Copper

Copper prices slipped by 0.34% to settle at 1,268.7, mainly due to profit booking after recent gains driven by supply concerns. Earlier support came from fears of sulphur shortages—an important input in copper processing—amid disruptions in the Middle East, which accounts for a significant share of global sulphur production. Market sentiment has also been influenced by expectations of a potential U.S.-Iran peace deal. While the Donald Trump administration remains optimistic, uncertainty still lingers. On the demand side, China continues to show signs of strength, with the Yangshan premium rising sharply, indicating strong import appetite. Additionally, inventories at the Shanghai Futures Exchange have declined notably, supporting near-term prices. However, global supply remains comfortable. Stocks at the London Metal Exchange and Comex have surged, while expectations of a larger market surplus in 2026 and weaker Chinese import data are capping upside potential. Production trends remain mixed, with declines in Chile offset by increases elsewhere. Technically, the market is witnessing long liquidation, with open interest slightly down by 0.16%. Copper has immediate support at 1,261.7, with further downside toward 1,254.5. On the upside, resistance is seen at 1,280.5, and a move above this level could push prices toward 1,292.1.

Trading Ideas:

* Copper trading range for the day is 1254.5-1292.1.

* Copper dropped on profit booking after prices gained supported by worries about shortages of sulphur used to process the metal.

* Earlier, support seen underpinned by prospects of a potential U.S.-Iran peace deal to end the war.

* Citi expects copper at $13,000 a metric ton near term on easing geopolitical risks

Zinc

Zinc prices gained 0.59% to settle at 340.25, supported by improving sentiment around a potential U.S.-Iran peace deal and signs of tighter near-term supply. Although recent negotiations have yet to produce a breakthrough, ongoing dialogue has helped stabilize market confidence. Strength in China’s manufacturing sector has also lifted demand expectations, providing a positive backdrop for base metals. On the supply side, inventories at the Shanghai Futures Exchange declined by 1.7% over the past week, reflecting tighter availability. Ongoing mine closures and operational disruptions have further supported prices in the short term. However, the broader outlook remains balanced, with the restart of Tara Mine and ramp-up at Kipushi Project expected to keep the global market in a small surplus this year. Data also shows the market shifted into a surplus in January, while production trends remain mixed across regions. Demand is projected to grow steadily by around 2% annually, though concerns over the global economic impact of geopolitical tensions continue to limit strong upside momentum. From a technical perspective, the market is witnessing short covering, with open interest slightly lower by 0.46%. Zinc has immediate support at 338.8, with further downside toward 337.3. On the upside, resistance is seen at 342, and a move above this level could push prices toward 343.7.

Trading Ideas:

* Zinc trading range for the day is 337.3-343.7.

* Zinc gains underpinned by prospects of a potential U.S.-Iran peace deal to end the war.

* Prices also gained supported by improving industrial activity and signs of short-term supply tightness.

* China's central bank pledged to maintain appropriately loose monetary policy.

Aluminium

Aluminium prices rose by 0.82% to settle at 372.85, as markets continued to factor in supply risks stemming from the ongoing Middle East conflict. Disruptions linked to tensions involving Iran, particularly around the Strait of Hormuz, have raised concerns over supply chains and output from key regional producers. Supply-side pressure remains the dominant theme. Producers such as Emirates Global Aluminium and Aluminium Bahrain are facing operational challenges, with recovery timelines expected to be prolonged. Reflecting this tightness, Japanese port inventories have declined, while premiums for aluminium shipments have surged to multi-year highs. According to JPMorgan Chase, the market is likely to remain in a significant deficit in 2026, with prices expected to stay elevated as supply disruptions persist. At the same time, global production trends are mixed. While overall output has edged higher, particularly in China, imports have declined, indicating cautious demand amid elevated prices and ongoing uncertainty. From a technical standpoint, the market is witnessing short covering, with open interest dropping by 13.18% as prices move higher. Aluminium has immediate support at 369.3, with further downside toward 365.7. On the upside, resistance is seen at 376.8, and a breakout above this level could push prices toward 380.7.

Trading Ideas:

* Aluminium trading range for the day is 365.7-380.7.

* Aluminium prices rallied as traders continued to assess the scale of damage to global supply.

* China aluminium production up 2.7 % to 3.85 mln metric tons in March

* Aluminium stocks at three major Japanese ports fell to 279,800 metric tons at the end of March, down about 7.4% from the previous month.

Turmeric

Turmeric prices declined by 0.73% to settle at 15,690, mainly weighed down by expectations of higher acreage following favourable sowing conditions. However, the overall supply outlook remains balanced rather than excessive, as weather disruptions and disease pressure have offset some of the gains from increased planting. Crop conditions have been mixed across key producing states like Maharashtra, Telangana, and Andhra Pradesh. Unseasonal rains during the late growth stage have impacted yields, with localized losses reported in several regions. While fresh production is estimated at around 11.41 lakh tonnes, dried output is expected to rise to nearly 90 lakh bags from 82.5 lakh bags last year. At the same time, lower carry-forward stocks and tight arrivals are supporting the market, as farmers continue to hold back produce in anticipation of better prices. Demand fundamentals remain steady. Export trends are mixed, with short-term pressure seen in January shipments, but overall volumes holding firm on a cumulative basis. Imports have declined sharply, reflecting reduced dependence on overseas supply. Strong domestic and export demand, especially for high-quality produce meeting EU standards, continues to provide a price cushion. Technically, the market is witnessing fresh selling pressure, with open interest rising by 4.38%. Turmeric has immediate support at 15,532, with further downside toward 15,376. On the upside, resistance is seen at 15,952, and a move above this level could push prices toward 16,216.

Trading Ideas:

* Turmeric trading range for the day is 15376-16216.

* Turmeric dropped as amid increase in acreage due to favourable rains during the current sowing season.

* India’s turmeric crop for the 2026 harvest is shaping up with higher acreage but only moderate supply growth.

* However downside seen limited amid lower-than-normal arrivals of the new crop in major physical markets.

* In Nizamabad, a major spot market, the price ended at 15816.6 Rupees gained by 0.13 percent.

Jeera

Jeera prices declined by 1.05% to settle at 21,615, pressured by the arrival of the new crop and comfortable supply conditions in the market. Weak export demand, especially from China, has further added to the downside, leading to a build-up of domestic stocks. Farmers are actively selling their produce to take advantage of prevailing prices, which is keeping near-term pressure intact. On the production front, output is expected to fall by around 5% this year to 5.13 lakh tonnes. Gujarat, a key producing state, is likely to see a sharp drop in production due to lower acreage and weaker yields, with sowing down over 14% year-on-year. In contrast, Rajasthan is expected to offset some of this decline with higher output supported by better yields. Weather risks, including heatwaves and pest attacks like aphids, continue to pose uncertainty for the final crop size. Export demand remains a concern, with shipments declining sharply both on a monthly and cumulative basis, reflecting subdued global interest. Despite tighter global supplies due to disruptions in other producing countries, India’s export momentum remains weak. Technically, the market is witnessing fresh selling pressure, with open interest rising by 12.76%. Jeera has immediate support at 21,470, with further downside toward 21,330. On the upside, resistance is seen at 21,820, and a move above this level could push prices toward 22,030.

Trading Ideas:

* Jeera trading range for the day is 21330-22030.

* Jeera dropped as increasing supplies of fresh cumin crops in Unjha and Rajasthan mandis are weighing down prices.

* Global buying interest, particularly from China, remains weak, leading to a domestic stock build-up.

* Farmers are rushing to liquidate stocks in local markets to capitalize on current rates.

* In Unjha, a major spot market, the price ended at 21589.55 Rupees dropped by -0.02 percent.

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