Copper - April 8, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
LME Copper and other metal prices rose on Thursday tracking the weakness of the U.S Dollar.
Domestic Copper and the rest of the metal prices on MCX ended with solid gains on Thursday, tracking overseas prices.
The dollar was pressured by unexpectedly strong economic data in Europe, downbeat U.S. jobs figures and a determinedly accommodative Federal Reserve that prompted investors to unwind some bets on the greenback.
LME Copper prices and the rest of the base metal complex have started flat to weak this Friday morning in Asian trade.
Rupee - April 8, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee depreciated marginally against the U.S dollar in thin-volume trade.
The Rupee ended at 74.59 against 74.55 in the previous session.
The Indian currency had risen to 74.20 earlier in the session on the back of an upbeat risk appetite and exporters dollar sales.
However, the currency gave up gains as most investors believed that the central bank s bond buying plan could be bearish for the currency due to inflationary concerns.
The one-year forward premium was at 3.43 rupees, against 3.53 rupees in the previous session.
Crude Oil - April 8, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices ended flat on Thursday as a falling dollar offset earlier declines caused by an increase in U.S. gasoline stockpiles and subdued demand.
Domestic crude prices ended flat on Thursday, tracking overseas prices.
The U.S. dollar fell to a two-week low against a basket of currencies, tracking Treasury yields lower, after data showed a surprise rise in U.S. weekly jobless claims.
Iran and the United States held talks with other powers on reviving a nuclear deal reviving tentative hopes Tehran might see some sanctions lifted and add to global supplies. A potential for 2 million bpd in additional oil supply could flow into the markets if a deal is struck.
Gold - April 8, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold and silver prices rose on Thursday tracking the weakness of the U.S Dollar and softening yields.
Domestic gold and silver ended with gains on Thursday tracking the overseas prices and the continuation of the weakness of the Indian Rupee.
The U.S. Dollar fell to a two-week low against a basket of currencies, tracking Treasury yields lower, after data showed a surprise rise in U.S. weekly jobless claims.
Initial claims for state unemployment benefits increased 16,000 to 744,000 for the week ended April 3 compared to 728,000 in the prior week.
Crude Oil - April 9, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices were trading marginally lower this early Friday afternoon in Asia amid rising supplies from producers and weak demand.
The U.S Dollar rebounded marginally this early Friday afternoon in Asia and kept upside capped.
Technically, WTI Crude Oil is trading on a negative note below $59.50 which will further take price downside up to $59.00-$58.40 levels. Resistance is at $59.80-$60.40 levels.
Domestic crude oil prices are trading with small gains this early Friday afternoon, tracking weaker Rupee.
Technically, MCX Crude Oil April could see a downside move 4400-4320 levels. Resistance is at 4470-4500 levels.