#commodity outlook

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https://img.etimg.com/thumb/msid-124755660,width-1200,height-630,imgsize-108266,overlay-etmarkets/articleshow.jpg Two markets, two realities. While global gold prices plunge for a third straight day toward $4,000 an ounce, MCX futures are marching 2% higher, exposing a jarring disconnect that has investors scrambling to decode the divergence. Spot gold dropped about 0.5% on Thursday, extending a…

Next week we expect gold to test resistance of 48100 while support of 46800-46700 is emerging as a good base for the short term By Bhavik Patel The Fed may have wrongly anticipated inflation to be transitory. Inflation is not transitory and that will be the most important thing in determining the direction of the economy and the markets. We are looking at global tightening and it is going to have…

Market News Crude oil demand is expected to increase with more economies opening up. WTI is trading around $65 and we expect $70 to touch soon.

With demand rapidly increasing in the US and Europe amid accelerated vaccinations, lifting of lockdowns, and surge in freight and industrial activity, it is a matter of time before we see Crude testing $80. Crude oil prices are above their daily 5, 8, 13, and 21 day moving average envelope, which is in bullish sequential order.

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Momentum is slowly shifting to a more bullish stance. US Crude Retail trader data shows 42.54% of traders are net-long with the ratio of traders short to long at 1.35 to 1. So there is more net short and since we believe in contrarian view, we expect prices to trend higher.

Commodity outlook: Crude oil spikes; here is how others may fare

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NEW DELHI: Crude oil emerged out of shadows and followed the global trend surging in Friday trade on short covering. Bullion and nickel also gained even as the number of covid patients grew rapidly.

Goldwas up 0.28 per cent to Rs 46588 while nickel added 0.30 per cent to Rs 931. Crude oil, second most traded counter on MCX, jumped over 5 per cent to Rs 1359. This comes on top of over 30…

World Bank slashes outlook for oil, metals as coronavirus crushes demand

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WASHINGTON: The World Bank slashed its outlook for oil and metals prices on Thursday due to the economic fallout of the coronavirus pandemic and said the commodity market shock could hit developing countries hardest.

Crude oilprices are expected to average $35 a barrel this year, down 43 per cent from the average in 2019, the World Bank said, marking a sharp downward revision from its…

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NEW DELHI: Crude oil futures plunged in the domestic market while gold and copper gained in Wednesday’s trade amid rising worries over the health of the world economy.

Gold gained 0.76 per cent to Rs 45,670 while copper added 0.80 percent to Rs 386. Nickel and silver fell about 2 per cent each to Rs 919 and Rs 40,905.

Here is how SMC Global expects commodities to fare today:

Bullion:Bul…