Investors need to watch domestic demand for steel, backed by infrastructure spending and fiscal stimuli from Chinese authorities
Gold prices may move towards Rs 52700 levels while it has support at Rs 51600. Silver has support at Rs 58000 and resistance at Rs 59800, said Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.
According to Geojit , India received 9.3 mm rainfall yesterday, 18% above the normal weighted average of 7.9 mm, according to data released by the India Meteorological Department. Since Jun 1, India has received 190.2 mm rainfall, 3% below the normal level of 196.9 mm for the period.
BSE Metal Index sheds 2% dragged by Tata Steel, Hindalco & JSW Steel. What's causing the sell-off? What should investors do? Join Karunya Rao in conversation with Manisha Gupta LIVE in today's commodities chat.
Pritam Patnaik, head - commodities, HNI and NRI acquisitions, Axis Securities, expects gold prices to remain under pressure for some time now. If $1800 per ounce is again breached, a move towards $1780-1760 cannot be ruled out. Bulls will only return if $1845 levels are taken out on the upside.
Spot gold was up 0.1% at $1,811.99 per ounce, by 0319 GMT. U.S. gold futures rose 0.6% to $1,812.10. Bullion prices hit a five-month low of $1,783.50 on Friday, but recovered to end the session early steady.
According to Geojit , The southwest monsoon has covered the entire country today, six days ahead of its normal date of Jul 8, the India Meteorological Department said.
India has raised its basic import duty on gold to 12.5% from 7.5%. Watch Karunya Rao and Manisha Gupta decode the reason behind the hike and its impact on consumers.
West Texas Intermediate traded below $106 a barrel after tumbling on Thursday as commodities were pummeled. The US benchmark has shed more than 1% this week despite signs that the physical crude market remains tight.
Gold and silver prices will remain under pressure in today’s session. The yellow metal has support at $1796-1785, while resistance is at $1818-1828, said Rahul Kalantri, VP Commodities at Mehta Equities.
According to Geojit , Prices of eggs have skyrocketed to six-month highs in key consuming cities across India due to a spike in cost of rearing broilers, even as demand remains firm.
The London Metal Exchange Index tumbled 25% since the end of March, although the decline has been magnified due to prices spiking that month following Russia’s invasion of Ukraine.
SEBI allows FPIs in Indian commodity derivatives. Will this improve liquidity? Karunya Rao and Manisha Gupta answer this as well as discuss the factors that led to the SEBI move.
Prices of precious metals may remain down today and selling pressure is expected if price rises towards resistance levels, said Nirpendra Yadav, senior commodity research analyst at Swastika Investmart.
According to Geojit , The Cabinet Committee on Economic Affairs today approved computerisation of primary agricultural credit societies with an outlay of 25.16 bln rupees over a period of five years.
West Texas Intermediate futures traded near $110 a barrel after closing almost 2% lower on Wednesday. Escalating fears over an economic slowdown as central banks aggressively raise interest rates to combat surging inflation have dented oil this month. That’s overshadowed rapidly tightening energy markets.
Brent crude futures for August dropped 25 cents, or 0.2%, to $116.01 a barrel in light trading as the August contract is set to expire on Thursday. The more-active September contract was at $112.18, down 27 cents, or 0.2%.
The regulator has said the existing Eligible Foreign Entity route, which required actual exposure to Indian physical commodities, has been discontinued. Any foreign investor desirous of participating in Indian ETCDs, with or without actual exposure to Indian physical commodities, can do so through the FPI route.
Rupee hits record low at 78.96 per Dollar as high crude prices escalate inflation concerns. Is further RBI intervention expected? Join Karunya Rao in conversation with Manisha Gupta to know more
Tapan Patel, Senior Analyst (Commodities) at HDFC Securities, expects gold prices to trade sideways to down for the day with COMEX spot gold support at $1810 and resistance at $1840 per ounce. MCX Gold August support lies at Rs 50500 and resistance at Rs 51000 per 10 grams, he said.
Spot gold was up 0.1% at $1,821.57 per ounce by 0254 GMT. U.S. gold futures firmed 0.1% at $1,823.10.
According to Geojit , The Soybean Processors Association of India has asked the government to gradually lift the exemption on customs duty on edible oils to address the drop in soybean prices in domestic markets.
U.S. West Texas Intermediate (WTI) crude futures slid 44 cents, or 0.4%, to $111.32 a barrel at 0150 GMT, giving up earlier gains.
"Precious metals prices may remain range-bound whereas the upper range may witness selling pressure. Gold has resistance at Rs 51100 and support at Rs 50400. Silver has resistance at Rs 61000 and support at Rs 59500," said Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.
Rural markets are likely to recover on the back of normal monsoon and higher MSP