Views on Commodities, Currencies and Bonds at a Glance: ક્રૂડમાં નરમાઇ, સોનામાં મજબૂતાઇ અને ઇન્ડિયન બોન્ડસની યિલ્ડમાં ઘટાડાની શક્યતા
અમદાવાદ, 27 એપ્રિલઃ ઇન્ટરનેશનલ ક્રૂડ માર્કેટમાં 3 ટકાની નરમાઇ, સામે વૈશ્વિક બજારમાં માગ ઘટી રહી છે. સોનામાં વૈશ્વિક સંસ્થાઓ અને બ્રોકરેજ હાઉસ મેરેથોન તેજીની આગાહી કરી રહ્યા છે. તો બેઝ મેટલ્સમાં માગની સાથે ભાવોમાં સુધારાની શક્યતા વ્યક્ત થઇ રહી છે. કરન્સી માર્કેટમાં ડોલર સામે રૂપિયામાં કામચલાઉ મજબૂતાઇની ધારણા વ્યક્ત થઇ રહી છે. તો બોન્ડ માર્કેટમાં ઇન્ડિયન માર્કેટમાં યિલ્ડ ઘટી રહી છે.
ENERGY
International crude oil futures tumbled over 3% on Wednesday as recession fears and renewed concerns about the banking sector outweighed US inventory draw. tightening financial conditions that could dampen global growth and energy demand, continued to weigh on prices. Data from EIA showed U.S. crude inventories fell last week by 5.1 million barrels to 460.9 million barrels helped to limit the price fall. Gasoline and distillate stocks also drew down, falling by 2.4 million barrels and almost 600,000 barrels, respectively. U.S. NYMEX gas May futures tumbled 8%, while the more active June futures fell almost 6% on Wednesday after Refinitiv reported a decline in the amount of gas flowing to U.S. LNG export plants in recent days. The price drop came despite forecasts for a little colder and heating demand next week than previously expected.
BULLION
International and domestic gold prices fell on Wednesday tracking a recovery in the benchmark bond yields and upbeat durable good order numbers. New orders for US manufactured durable goods rose by 3.2% from a month earlier in March 2023, suggesting the economy may not be slowing as expected and in turn provides impetus to the Fed to remain hawkish on rates. However, downside was capped as the U.S. Dollar struggled on Wednesday’s session.
BASE METALS
COMEX Copper futures and on LME recovered as the dollar struggled on Wednesday. Steps taken by China to support the economy also lent support. China’s cabinet on Tuesday issued a plan to stabilize its trade sector as subdued global demand threatens its exports outlook. However, on-warrant copper stocks in LME-registered warehouses continued to rise on Wednesday by 2,750 tonnes to 59,775 tonnes to reach their highest level since January 13 and capped upside.
CURRENCIES
The Indian Rupee appreciated against the U.S. Dollar on Wednesday to a 7-week high tracking gains in the Asian peers and upbeat domestic equity markets. The Rupee settled at 81.7650 per dollar after testing an intraday high of 81.6950. Tuesday’s close was 81.9125. The greenback also gave up its gains, while foreign banks and state-run banks were also on offer this Wednesday around 81.90 and aided the local unit. Some investors also speculated that absence of Reserve Bank of India’s may have allowed the Rupee to gain this Wednesday. In the overseas markets, the U.S. Dollar Index fell on Wednesday, after investors looked past headline durables data as growth in core orders continuesto slow. Core durable goods orders which excludes defence and aircraft, slid 0.4% in March, marking the fifth decline in seven months, reflecting weak demand. The Euro gained against the greenback after Germany raised its economic forecast for growth this year to 0.4% from a previously predicted 0.2% on Wednesday. The Sterling and the Yen gained on Wednesday. on the back of weak Dollar.
BONDS
Indian bond yields ended marginally lower on Wednesday, tracking a sharp fall in the U.S. Treasury yields as bets of a quicker policy turn by the Fed gained traction. The 10-year benchmark 7.26% 2033 bond yield ended at 7.112%, after closing at 7.129% on Tuesday. In the overseas markets, U.S. longer duration yields ended higher on Wednesday on concerns about the regional banking sector. However, 2-year and other shorter duration yields fell on Wednesday ahead of a possible vote on the U.S. debt ceiling.
(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.)
