Commodity Market Analysis and Outlook 29th July 2nd August 2024

############################# Video Source: www.youtube.com/watch?v=d1urLFnxlb8

US Market: • Inflation Figures: Recent U.S. inflation figures provided relief to markets amid political uncertainty, a global tech sell-off, and concerns about the Chinese economic recovery. • Core PCE Index: Increased by 0.2% month-over-month and 2.6% year-over-year in June, slightly exceeding expectations. This has trimmed the possibility of a rate cut in July, but moderating inflation and a cooler labour market keep the markets nearly certain of a rate cut in September. • Gold and Silver: • COMEX Gold: Rebounded to $2,389 per ounce but closed 0.6% lower, marking a second consecutive weekly loss, as recovery in the dollar and preference for the yen as a safe-haven asset weighed on the yellow metal. • COMEX Silver: Fell over 4%, reflecting weakness in gold and base metals. Declines in domestic markets were steeper at 6.9% for gold and 8.9% for silver due to reduced import duty from 15% to 6%. • Base Metals: • Declines: Losses in base metals deepened as recent rate cuts by the People's Bank of China failed to boost demand confidence. • Crude Oil: • WTI Crude: Prices closed down 4.6%, marking the third consecutive weekly decline as weak demand from China and hopes for a ceasefire in Gaza outweighed the impact of declining US stock levels. • OPEC+ Meeting: The upcoming OPEC+ ministerial meeting on August 1 is expected to attract attention, but no changes in output policy are anticipated. • MCX Crude Oil (August) Technical Analysis: • Support Levels: Witnessed support near its 50% ‘Fibonacci Retracement Level’. • MACD Indicator: Provided a fresh positive crossover affirming positive momentum. • Resistance Levels: Next resistance is placed at Rs. 6730, with major resistance at Rs. 6880. • Natural Gas: • Nymex Henry Hub: Gas prices dropped by 4% last week due to a larger-than-expected increase in US gas stocks. Prices are expected to face further selling pressure due to a forecast of milder weather until July 31. • Central Bank Meetings: • FOMC Statement: May provide further guidance on future monetary policy. • Bank of England: Expected to reduce its official bank rate by 25 basis points. • Bank of Japan: May consider a rate hike. • Economic Outlook: • China and US Data: Official PMI figures from China and U.S. labor market indicators will be closely watched. • #CommodityMarket #MarketAnalysis #Podcast #Investing #trading • Kotak Securities is a preferred choice of millions of customers when it comes to investment decisions. With free access to credible research, competitive pricing, and high-speed trading platforms, it makes investing an effortless journey for both new investors and experienced traders. To open a FREE Demat and trading account with Kotak Securities, please click here: https://www.kotaksecurities.com/ • Disclaimer: https://bit.ly/KSLResearchDisclaimer • ----------------------------------------------------------------------------------------------- • To watch more videos on Stock Updates, • ▶️ Subscribe to Kotak Securities hit the 🔔 to watch our videos first. • 🌐 LEARN MORE ABOUT STOCKS: https://www.kotaksecurities.com/ • ------------------------------------------------------------------------------------------ • FOLLOW US FOR STOCK UPDATES ON: • Telegram - https://t.me/KotakSecurities • Twitter: / kotaksecurities • Instagram: / kotaksecurities • LinkedIn: / kotak-securities • Facebook: / kotaksecurities • ------------------------------------------------------------------------------------------ • Customer Service: 1800 209 9191 • We hope you enjoy your investment experience with us. If you have any other questions, please feel free to email our support team.

#############################

New on site