Weekly Commodity Market OutlookMARKET WRAP GOLD
Last week MCX Gold broke its three week low extending losses into a five straight session as investors positioned themselves ahead of U.S. jobs data that could help gauge when the Federal Reserve will raise interest rates. The U.S. central bank has said the timing of a rate hike would be data dependent.
In Previous week MCX Gold were up by 0.84% and settled at INR 26074 while COMEX gold closed with 0.69% downside. In coming week we can expect bearish movment in Gold if sustain below the level of 26200 then it can test the level of 26000-25800.
MARKET WRAP SILVER
Last week MCX Silver tracked Gold prices for taking cues and witnessed five days straight downfall U.S. job data and central bank comment on interest rate hike that it would completely ecomonic driven and data dependent. Higher U.S. interest rates damages its appeal because it doesn’t pay interest or give returrrns like assets.
MCX Silver were down by 0.01% last week and settled at INR 34544 while COMEX Silver closed at USD 15.21 with 1.06% upside. For the coming week we can expect bearish movment in MCX Silver and can test the level of 34400-34000 if it sustain below 34750.
MARKET WRAP CRUDE OIL
Last week Crude Oil witnessed consolidated movement for the entire week but ended on negative note. China increases its shale gas development due to lower cost to drill shale gas well and continued investment in domestic production.
MCX Crude were down by 1.98% last week and settled at INR 2971 while NYMEX Crude closed at USD 45.64 with 0.66% upside. For the coming week we can expect bearish movment in MCX Crude and can test the level of 2860-2700 if it sustain below 3100.
MARKET WRAP COPPER
Copper witnessed volatile movement and ended on almost flat note but negative pressure was seen for the entire week after 2 week straight fall as optimism faded about stronger demand prospects in top consumer China.
MCX Copper prices slightly up with 0.04% last week and closed at INR 337.95 while COMEX Copper closed at USD 2.34 with 3.26% downside. Next week we can expect bullish movment in MCX Copper and it can test the level of 340-350 levels if it sustain above 332.