COMMODITY
MARKET OUTLOOK
Asian markets are trading higher owing to after
fading hopes for a reduced Deutsche Bank fine, surge in crude oil prices and rising
expectations of a US interest rate hike after the robust release of economic data sets from the US In spite of the robust release of manufacturing and non manufacturing
data from the nation, US Dollar Index traded lower by 0.01 percent in
yesterday’s trading session. Recent comments by the Federal Reserve Bank of
Cleveland President Loretta Mester, has strengthened the case for a Dec’16 rate
hike which prompted the traders to place betsin other currencies apart from DX.
Loretta Master mentioned that gradual rate hike doesn't mean moving rates up in
every monetary policy meeting. Even Chicago Fed President Charles Evans said
that one rate increase by year end is likely
if data continues to improve. US Dollar Index made an intraday low of 95.94 and
closed at 96.11 levels on Wednesday. The Indian Rupee appreciated by 0.05
percent yesterday as markets are still discounting the outcome of the RBI
monetary policy meeting where the RBI reduced its benchmark repo rate by 25
basis points to 6.25 percent from 6.50 percent.
On Wednesday, spot gold prices declined
marginally by 0.13 percent to close at $1266.2 per ounce as the dollar pared
gains on Wednesday, after bullion inched down to the lowest in more than three months
following the previous day's sharp selloff and a Technical break well below the
key $1,300 announce level.
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| COMMODITY PROVIDER COMPANY IN INDIA |
Commodity
Market update:-
GOLD
PP-29897
R1- 30009 S1-29759
R2- 30147 S2-29647
SILVER
PP-42646
R1-43169 S1-42091
R2-43722 S2-41566
CRUDE OIL
PP-3307
R1- 3344 S1-3284
R2- 3367 S2-3247
NATURAL GAS
PP-194.3
R1- 196.6 S1-192.8
R2- 198.1 S2-190.5
COPPER
PP-322.0
R1- 323.4 S1-320.6
R2- 324.8 S2-319.2
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