Morning Commodity Market Snapshot

GOLD

COMEX gold prices are seen trading with stability near the level of $4191, amid easing inflationary pressure as Crude oil prices have slipped below the mark of $80,amid the signs of progress in peace talk between US-Iran. Adding further positivity in the market, is Us issuing 60 days license o Iran to sell oil, that is further an development that is expected to increase oil supply in the market, thus putting pressure on oil prices and aiding Gold prices gain momentum. On the technical front, if gold prices manage to sustain above the mark of $4200, then it would reach $4260 in the short term.

SILVER

COMEX Silver prices are seen trading near its psychological level of $65, and is expected to further gain momentum amid progress in peace talk between US-Iran. Further activity through Strait of Hormuz is also seen increasing thus putting pressure on oil prices, and reducing the risk of inflation. Also other oil producing countries like Kuwait, and UAE are finding alternatives to export oil, meanwhile Iran has already shipped more than 30 million barrels of oil last week. Thus with fall in the risk of inflation, with agreement in place, which is yet to be signed, silver prices if sustains above the mark of $65, then it would further reach for the next upside destination of $71.

CRUDE

Brent Crude prices  continued to be under pressure and is currently trading near the mark of $77,, with signs of positive development in talks between US-Iran in Switzerland. Further Washington has issued 60 days licenses to Iran to export oil, which is expected to further increase oil supply in the market with countries like UAE and Kuwait also finding alternatives to export oil. Thus, if prices fall below the mark of $76, then Brent could further plunge towards the level of $74.

Copper

MCX copper prices closed at Rs1315.30 on Monday, maintaining itself above the support level of Rs1305. Further positive development in US-Iran talk also supported the upside in the prices. However, the strength in the copper prices will only be cemented if prices manages to pull itself above the embark of R1324 and sustain trading above the level, would provide cushion to copper prices to reach for next upside destination of Rs1349.

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