Views on Commodities, Currencies and Bonds at a glance
Ahmedabad, 19 April
ENERGY: The range for NYMEX WTI May futures is $79.15 to $82.35, while that for MCX April crude futures is 6,505 to 6,775
International crude oil futures settled little change on Tuesday’s session as strong China data offsets US rate worries. Prices also found support after data showed oil inventories fell more than expected. U.S. NYMEX and MCX gas futures surged higher on Tuesday amid forecasts for more cold weather and a fall in daily output of gas. Refinitiv said output was on track to drop about 1.7 bcfd to 98.9 bcfd on Tuesday.
The range for NYMEX WTI May futures is $79.15 to $82.35, while that for MCX April crude futures is 6,505 to 6,775.
U.S natural gas prices have started flat to marginally weaker this early Wednesday morning in Asian trade as markets await fresh triggers.
The range for NYMEX April futures is $2.170 to $2.485, while that for MCX April contract is 180 to 203.
BULLION: Domestically, the range for MCX gold June is 60,185 to 60,720 while that for MCX silver May is 74,685 to 75,710
International and domestic gold and silver rebounded from lows of the session and ended higher as the dollar and the benchmark 10-year U.S. Treasury Yields fell on Tuesday. The was weaker in this Tuesday after upbeat data from China lifted the Chinese currency. According to a CME FedWatch tool, markets are still pricing in a rate cut in December, which could change after the May meeting and incoming data over the next few months.
The range for COMEX gold June futures is $2,005 to $2,035, while that for COMEX silver May futures is $25.050 to $25.450.
Domestically, the range for MCX gold June is 60,185 to 60,720 while that for MCX silver May is 74,685 to 75,710.
BASE METALS: The range for COMEX copper May futures is $4.065 to $4.110, while that for MCX copper April is 778 to 785
COMEX and MCX Copper futures rebounded on Tuesday’s session supported by a weaker dollar.
The range for COMEX copper May futures is $4.065 to $4.110, while that for MCX copper April is 778 to 785.
CURRENCIES: Supports for the USDINR spot pair are at 81.9500 and 81.8800, resistances are at 82.1500 and 82.2500
The Indian Rupee weakened marginally against the dollar on Tuesday on increasing bets of a Federal Reserve rate hike following more robust U.S. data. The Rupee settled at 82.0400 per dollar, compared with 81.9725 in the previous session.
So, the Rupee could open at around 82.0500 to 82.0700 compared with 82.0400 in the previous session. Supports for the USDINR spot pair are at 81.9500 and 81.8800, resistances are at 82.1500 and 82.2500.
Supports for the Dollar Index are at 101.55 and 101.35, resistances are at 102.05 and 102.35.
BONDS: The benchmark 10-year yield could move in a range of 7.200% to 7.260%
Indian bond yields ended lower on Tuesday on value buying from investors. The 10-year benchmark 7.26% 2032 bond yield ended at 7.221%, after closing at 7.247% on Monday. U.S. 10-year and 30-year bond yields fell on Tuesday as investors evaluated whether the Federal Reserve is likely to stop hiking interest rates after an expected increase in May. The 10-year benchmark ended at 3.572%, after testing a high of 3.608% down from previous close at 3.591% on Monday.
The benchmark 10-year yield could move in a range of 7.200% to 7.260%.
The U.S. Treasury Yields started flat this early Wednesday morning in Asian trading as investors await fresh triggers.
The benchmark 10-year yield could move in a range of 3.545% to 3.600%.
(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.)
