Crude oil continues to boil. Brent prices today climbed above $75, which is a 26-month high. Crude has seen a rise of about 50% this year. Crude oil’s enthusiasm is high due to demand recovery and OPEC’s discipline. Now people have started talking about $100. In such a situation, what is the outlook on crude and what will be its effect on domestic fuel prices, we will focus on this.
Here again pressure is being seen on the prices of gold and silver. Prices are again under pressure due to the rise in the dollar.
boil in crude
The price of Brent has come out above $75. Brent is at the highest level since April 2019. WTI crude has reached the highest level since October 2018. WTI Crude up 50% this year Hash Improved demand outlook has boosted crude. Negotiations on a nuclear deal with Iran have been fruitless. Gasoline in the US is eyeing a 3-year high. BoA ML said that Brent could go up to $100 in 2022.
recovery in metals
Base metals are getting support due to weakness in dollar. Copper has recovered after falling 9 per cent last week. Copper net long position on LME has been cut. Comex Copper’s net long position has declined to 50 per cent. According to Commerzbank, the range for copper may remain in the range of $ 8000-8500 in Q3 21.
weakness in sleep
Gold has slipped below 47,000 on MCX. The pressure is being seen as the dollar strengthens again. The market is eyeing the Fed Chairman’s Testimony.
slowdown in silver
Silver has slipped below the 68,000 level on MCX. Silver prices are near the 9-week low. Silver has got support due to weakness in dollar.
Investment Advice by Kishore Narne of MOFSL
GOLD: BUY MCX AUG AT 46900 SL 46700 TGT 47250
SILVER: BUY MCX JULY AT 67200 SL 66700 TGT 68100
CRUDE OIL: BUY MCX JULY AT 5400 SL 5350 TGT 5510
cOPPER: BUY MCX JUNE AT 697 SL 693 TGT 704
Investment advice by Anuj Gupta of IIFL Securities
SELL MCX COPPER JUNE AT 702 SL 707 TARGET 693
BUY MCX CRUDE OIL JUNE AT 5380 SL 5320 TARGET – 5480
BUY NCDEX GUAR SEED JULY AT 4020 SL 3920 TARGET 4250
BUY NCDEX CHANA JULY AT 5100 SL 5000 TARGET – 5250
BUY NCDEX TURMERIC JULY AT 7500 SL 7380 TARGET 7650
SELL MCX GOLD AUG AT 47200 SL 47450 TARGET – 46800
SELL MCX SILVER JULY AT 67800 SL 68300 TARGET – 67000
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