ENERGY, BULLION, BASE METALS AND CURRENCIES TRENDS AT A GLANCE (6-3-23)

ENERGY, BULLION, BASE METALS AND CURRENCIES TRENDS AT A GLANCE (6-3-23)

ENERGY

International crude oil prices recovered from a brief sell-off and ended the session higher on Friday and the week higher, driven by renewed optimism around demand from top oil importer China. Prices initially witnessed a big fall after a media report said the UAE had held internal debates on leaving OPEC and pumping more oil. The Dollar too weakened on Friday and lent support to oil prices.

  • The range for NYMEX April futures is $74.40 to $81.10, while that for ICE Brent May futures is $81.10 to $87.10.
  • Domestic crude could start weaker tracking global markets. The range for MCX March crude futures is 6,130 to 6,660.
  • The range for MCX natural gas March contract is 215 to 230.

BULLION

International gold and silver prices climbed to a two-week high on Friday and gained for the week as a pullback in the U.S. dollar and Treasury yields offered some respite from prospects of more rate hikes from the Federal Reserve.

  • The range for COMEX gold April is $1,830 to $1,875.
  • Domestic prices could also ease tracking weak overseas prices and strengthening Rupee.
  • The range for MCX gold April is 55,400 to 55,900.

BASE METALS

COMEX and MCX Copper continued to remain under pressure on Friday. LME aluminium, zinc, nickel and tin gained on Friday, lead ended weaker. Looking ahead, COMEX Copper started weaker this early Monday morning in Asian trade after China set a modest target for economic growth this year of around 5%, lower than market expectations of 5.5% growth. 

  • The range for MCX copper March range is 748 to 765.

CURRENCIES

  • Rupee could open around at 81.8500 to 81.8600 compared with 81.9650 in the previous session.
  • Supports for the USDINR spot pair are at 81.6500 and 81.3500, resistances are at 82.2500 and 82.5500.

BONDS

  • The benchmark 10-year yield could move in the 7.400% to 7.445% range.
  • The benchmark 10-year yield could move in a range of 3.920% to 4.035%.

(Appended is the note on Commodities, Currencies and Bonds  by Mr. Sriram Iyer, Senior Research Analystat Reliance Securities)

 (Disclaimer: The information provided here is investment advice only. Investing in the markets is subject to risks and please consult your advisor before investing.)

(સ્પષ્ટતા: અત્રેથી આપવામાં આવતી તમામ પ્રકારની માહિતી કોઇપણ પ્રકારે રોકાણ, ટ્રેડીંગ માટેની સલાહ નથી. બજારોમાં રોકાણ જોખમોને આધીન છે અને રોકાણ કરતા પહેલા કૃપા કરીને તમારા સલાહકારની સલાહ લો.)

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