Views on Commodities, Currencies and Bonds (17/3/23)
ENERGY
Looking ahead, international crude prices started with gains this early Friday morning in Asian trade after calmness returned to the markets after the recent turmoil.
The range for NYMEX WTI April futures is $66.25 to $70.00, while that for MCX March crude futures is 5,500 to 5,800.
The range for NYMEX April futures is $2.445 to $2.570, while that for MCX natural gas March contract is 205 to 214.
BULLION
Looking ahead, COMEX gold and silver has started higher this early Friday morning in Asian trade tracking a weak start to the dollar.
However, the focus now shifts to the Fed meeting next week. Today, Eurozone CPI data will be a key trigger.
The range for COMEX gold April futures is $1,910 to 1,935, while that for COMEX silver May futures is $21.450 to $22.070.
Domestically, the range for MCX gold April is 57,725 to 58,400, while that for MCX silver May is 65.885 to 67,500.
BASE METALS
The Yangshan copper import premiums rose to $47.50 per tonne from $35.00 in the previous session and after touching a low of $20 per tonne last week.
Looking ahead, COMEX Copper started marginally stronger this Friday morning in Asian trading tracking a subdued dollar and as risk appetite could improve further as calmness returned to the markets.
The key trigger will be the Fed meeting week.
The range for MCX copper March range is 747 to 758.
CURRENCIES
The Rupee settled at 82.7300 per dollar, against its previous close of 82.5950.
However, speculation of RBI’s intervention around the 82.80 level capped further weakness.
The local unit could also track gains in the NDF markets which strengthened to test a high of 82.5380 on Thursday evening.
So, the Rupee could open around 82.5000 to 82.5500 compared with 82.7300 in the previous session.
Supports for the USDINR spot pair are at 82.4500 and 82.3500, resistances are at 82.7500 and 82.8000.
BONDS
Indian government bond yields ended lower on Thursday tracking their U.S. peers.
The 10-year benchmark 7.26% 2032 bond yield ended at 7.352%, after closing at 7.363% on Wednesday.
The benchmark 10-year yield could move in a range of 7.335% to 7.370%.
(Mr. 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.)
