MCX Commodity Market Outlook

PRECIOUS METALS

 

MARKET ROUNDUP

Precious metals prices fell again on Friday as hawkish comments on U.S. interest rates from a top Federal Reserve official helped lift the U.S. dollar, and as buyers continued to cash in on this week's price rally.

 

IN FOCUS

SPDR Gold Trust GLD, the world's largest gold-backed exchangetraded fund, said its holdings stood at 939.94 down 10.68 tonnes, from previous business day.

 

Holdings of the largest silverbacked exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 11281.84 tonnes, remain unchanged from previous business day.

FUNDAMENTAL OUTLOOK

Precious metals are trading lower on COMEX today. We expect prices to trade lower for the day as hawkish comments from U.S. Federal Reserve officials late last week raised bets on a rate hike as early as September.

 

BASE METALS

MARKET ROUNDUP

Industrial metal price slipped in thin trade on Friday, weighed by a stronger dollar, weak oil prices and concern about Europe's economy after German exports tumbled, with zinc at its lowest in more than a week.

 

FUNDAMENTAL OUTLOOK

 

Industrial metals are trading lower on International bourses today. We expect prices to trade lower for the day, after risk aversion roiled wider markets, and investors turn increasingly bearish on the metal given prospects for rising supply.

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ENERGY

MARKET ROUNDUP

 

Crude oil prices fell 4 percent on Friday, paring most of the previous session's rise as traders noted that a tropical storm was behind this week's unexpected slump in U.S. crude inventories.

 

FUNDAMENTAL OUTLOOK

 

Crude oil is trading lower on NYMEX today. We expect prices to trade lower, after U.S. oil drillers added rigs to look for new production as producers adapt to cheaper crude, with speculators cutting positions betting on further price rises.