Crude oil prices continue to rise. Brent prices are nearing $75. Crude has continued to rise due to recovery in demand. WTI crude is at its highest level since October 2018. On the other hand, metals are under pressure due to the news of stock sale from the State Reserve of China.
On the other hand, the government has given great relief to the jewelers in the matter of hallmarking. According to the new guidelines, there will be no penalty for selling jewelery without hallmarking till August. Along with this, the government has also expanded the scope of hallmarking to include 20, 23, 24 carat jewelry. Apart from this, jewelers with annual turnover up to 40 lakhs are exempted from hallmarking.
boil in crude
WTI crude is at its highest level since October 2018. Brent prices are at their highest level since April 2019. API has said that US crude inventories have decreased by 8.5 million barrels. Nuclear deal is not expected before the election in Iran. Travel restrictions are being eased in the US and Europe. At the same time, OPEC + will gradually increase the supply. Vitol says that in 2021 crude will be in the range of $ 70-80, while Trafigura has said that due to reduction in reserves, crude can go up to $ 100.
GOLDMANS SACHS ON OIL
Brokerage firm Goldmans SACHS says that further rise in crude oil is possible. The price of Brent can go up to $ 80. Goldmans SACHS has said that due to increase in demand in the US, the rise in crude has increased. Not much progress in talks with Iran. Brent price is at May 2019 high. The demand is also supported by vaccination. The price difference between WTI and Brent has narrowed.
pressure on metals
Copper is trading at a 7 week low. Metals have weakened due to China’s toughness. China will sell copper, aluminum, zinc from the State Reserve. Metals are under pressure due to strengthening dollar. The market will keep an eye on the US-Fed meeting.
gold in short range
The price has reached a 1-month low on Comex. Gold has slipped due to the strengthening of the dollar. The market will be eyeing the US Fed meeting. Keeping an eye on the signs regarding the US Fed’s relief package. Hedging against inflation has come down. There has been a decline in the buying of gold ETFs.
recovery in silver
Silver is trading near 71500 on MCX. The market is eyeing the US Fed meeting.
Investment advice by Sunil Katke of Axis Securities
Sell CPO July at 1021 SL 1026 Target 1010
Sell Gold Aug at 48550 SL 48750 Target 48100
Sell Silver july at 71650 SL 72000 Target 70800
Buy Crudeoil at 5310 SL 5270 Trget 5360
Sell Copper june 718 SL 721 Target 708
Investment Advice by Jay Prakash Gupta of Moneylicious Capital
Buy Gold 48500 SL 48200 Tgt 49300
Sell Copper 716 SL 723 Tgt 702
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