કોમોડિટી, કરન્સી, બુલિયન અને બોન્ડ માર્કેટ્સના આંતરપ્રવાહો એક નજરેઃ Views on Commodities, Currencies and Bonds
અમદાવાદ, 24 એપ્રિલઃ વૈશ્વિક ઇકોનોમિક સ્થિતિ તેમજ સતત વધી રહેલા જિયો પોલિટિકલ પ્રેશર વચ્ચે સોના-ચાંદીના ભાવો આસમાને આંબી રહ્યા છે. તો ધીરે ધીરે વ્યાજના દરો સ્થિર થવા સાથે નીચે તરફ જવાની શરૂઆત થઇ ચૂકી છે. માંગની મંદી વચ્ચે બેઝ મેટલ્સમાં પણ ટ્રેન્ડ ઘટાડા તરફી રહ્યો છે. તે સંજોગોમાં બ્રોકરેજ હાઉસ દ્વારા કરાયેલી ભલામણો ધ્યાનમાં લઇને ટ્રેડિંગ સ્ટ્રેટેજી ગોઠવવાની સલાહ મળી રહી છે.
ENERGY
International and domestic crude oil futures recovered on Friday supported by strong economic data in the euro zone and Britain. However, for the week, prices remained under pressure as interest rate and demand uncertainty weighed. In India, refiners’ crude oil processing stayed near record peaks in March, government data showed, reflecting seasonal demand. Refinery output gained 3% to 5.44 million barrels per day year-onyear for March vs. 5.46 million bpd in February. U.S. NYMEX and MCX gas futures ended weaker on Friday on forecasts for a little less cold weather and lower heating demand over the next two weeks than previously expected. The prices fall came despite data from Refinitiv showing average gas flows to U.S. LNG export plants rose to 14.1 billion cubic feet per day so far in April, up from a record 13.2 bcfd in March.
BULLION
International and domestic gold and silver fell on Friday and were down for the week as hawkish remarks by U.S. Federal Reserve officials through the week bolstered bets for at least one more interest rate hike. However, the dollar remained subdued and capped downside. Prices also remained under pressure after markets have also pushed back the timing of any potential rate cut to the end of the year.
BASE METALS
COMEX and MCX Copper futures fell on Friday’s session on expectations of more interest rate hikes and possible recession in the United States. Moreover, concerns over demand in the world’s top metals consumer, China weighed on copper prices. Reflecting weak imported demand, the Yangshan copper premium was at $23.00 a tonne, down $27.50 a day ago.
CURRENCIES
The Indian Rupee gained marginally against the dollar on Friday’s session in lackluster trade as investors awaited fresh cues. For the week though, the Rupee weakened marginally amid rising bets of a U.S. Federal Reserve rate hike boosted the dollar. The Rupee settled at 82.0900 per U.S. dollar compared with 82.1475 in the previous session. For the week, it depreciated by 0.30%, weakening for the first time since the week ended March 17. Most Asian currencies depreciated on Friday’s session and capped gains. In the overseas markets, the U.S. Dollar Index ended flat against major currencies on Friday. Downside was capped as upbeat data backed May rate hike from the Fed. The Japanese Yen gained on Friday after data showed that Japan’s core inflation remained well above the central bank’s target in March, supporting market expectations that the Bank of Japan could normalize monetary policy later this year. The Sterling ended weaker amid as manufacturing PMI declined. The Euro ended marginally in the green on Friday despite weak data as markets focused on the ECB meeting in the 1st week of May.
BONDS
Indian bond yields ended lower on Friday after stronger-thanexpected demand at the debt auction triggered short covering resulting in increased trading activity. The 10-year benchmark 7.26% 2032 bond yield ended at 7.185%, the lowest level since September 14, after closing at 7.220% in the previous session. U.S. Treasury yields rose on Friday after data showed that U.S. business activity accelerated in April and backed a 25-bps rate in May.
(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.)
