COMMODITY
MARKET OUTLOOK
Precious metals
Gold prices
may however find support owing to nervousness ahead of the French election
which have become a four-way fight. Opinion polls show far-right leader Marine
Le Pen and centrist Emmanuel Macron will qualify for the second round on May 7.
Over the past few days, geopolitical concerns have also increased after the US
warning to North Korea. Consequently, rate hike probabilities have dropped in
all remaining FOMC meetings this year. Pricewise, we believe that precious
metals may continue to remain choppy even as the trend remains bullish.
Base metal
Metals traded mixed, on some
profit booking of the previous day fall. Copper is trading at its lowest for
the year after China's refined production surged in March, underlining ample
stocks in China.
Energy
Oil is
expected to remain weak after a sharp selloff yesterday which resulted in WTI
falling close to $50 at one point. The EIA inventory data from US was not
supportive as it showed smaller than expected drop of 1 million barrels in
stockpiles last week. Surprisingly, gasoline stocks increased by 1.5 million
barrels and US oil production inched up for a ninth straight week which led to
the intensity in the price decline.
COMMODITY MARKET
LEVELS:-
GOLD
P. POINT- 29,307
S1 -29,300 R1-29,412
S2 -29,094 R2-29,520
SILVER
P. POINT-41884
S1 - 41718
R1-42064
S2 - 41534
R2-42230
COPPER
P. POINT-361.2
S1- 356 R1-365
S2- 352 R2-369
NATURAL GAS
P. POINT-206
S1 -204 R1-209
S2 -200 R2-211
CRUDE OIL
P. POINT-3319
S1 -3236
R1-3372
S2 -3186
R2-3462
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