Views on Commodities, Currencies and Bonds (15/3/23)
ENERGY
International and domestic crude oil prices tumbled over 3% on Tuesday after a U.S. inflation report and the recent U.S. bank failures sparked fears of a fresh financial crisis that could reduce future oil demand.
The range for NYMEX WTI April futures is $68.20 to $73.90, while that for MCX March crude futures is 5,920 to 6,100.
The range for NYMEX April futures is $2.510 to $2.655, while that for MCX natural gas March contract is 208 to 219.
BULLION
International gold and silver ended mixed on Tuesday with gold ending marginally in the red and silver gaining by 0.53%.
The range for COMEX gold April futures is $1,900 to $1,930, while that for COMEX silver May futures is $21.650 to $22.265.
The range for MCX gold April is 57,230 to 57,740, while that for MCX silver May is 66,190 to 67,425.
BASE METALS
COMEX and MCX Copper prices ended weaker on Tuesday, worried about the hard impact of a U.S. banking crisis and a slow recovery of demand in top metals consumer China.
Looking ahead, COMEX Copper started marginally stronger this Wednesday morning in Asian trading supported by upbeat data from China.
The range for MCX copper March range is 748 to 766.
CURRENCIES
The Indian Rupee depreciated against the Dollar on Tuesday as the collapse of Silicon Valley Bank raised concerns about a broader financial and economic crisis. The Rupee settled at 82.4900 per dollar weaker by 0.49%, after settling at 82.1225 on Monday.
So, the Rupee could open at around 82.2000 to 82.2200 compared with 82.4900 in the previous session.
Supports for the USDINR spot pair are at 82.1500 and 82.0500, resistances are at 82.5800 and 82.6700.
BONDS
Indian bond yields rose on Tuesday as local retail inflation stayed above the central bank’s target, reinforcing bets of another hike in policy rates next month. The 10-year benchmark 7.26% 2032 bond yield ended at 7.378%, after closing at 7.365% on Monday.
(Sriram Iyer, Senior Research Analyst at 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.)
