Commodity prices traded steady after trading mixed
Commodity prices traded steady on April 29, after trading mixed in the previous session. During the last session, bullion prices fell ahead of the US FOMC meet while crude oil prices traded higher on expectations of higher demand despite the ease in OPEC output cuts. Meanwhile, base metals traded under pressure except for Nickel on a firm dollar.
Spot gold prices at COMEX trading close to $1,785 per ounce. Meanwhile, spot silver prices increased by 0.5% and traded near $26.34 per ounce in the morning trade. Bullion prices increased on dovish Fed outlook with no hurry in curbing emergency support. The yellow metal prices rebounded on the greenback dip, followed by another stimulus from the Biden administration. U.S. President Joe Biden revealed a new $1.8 trillion stimulus that encouraged buying in gold on expanding the Fed balance sheet.
Remarkably, MCX Gold June resistance for the day stands at Rs 47,600 per 10 grams, while support stands at Rs 46,800 per 10 grams.
MCX Silver May support stands at Rs. 68,500 per KG, resistance at Rs. 71,500 per KG.
Crude oil increased by 0.27%, base metals prices traded mixed
Moreover, Crude oil prices traded firm. Benchmark crude oil price increased by 0.27% and traded at $64.03 per barrel in the morning trade. Crude oil prices traded up on expectation of higher demand which offset coronavirus worries and hikes in supply. Moreover, the higher demand from the U.S. and China will absorb supply hikes in the following months. The OPEC+ forecasted a demand growth to 6 million barrels per day for the year.
Moreover, base metals prices traded mixed as most metals kept to firm trading range over greenback slump. Copper prices extended gains at LME with green spending over the U.S. infrastructure increase. Base metals also grew after the U.S. President revealed a new stimulus package of $1.8 trillion on Wednesday. Additionally, Nickel prices rose on supply squeeze from China.
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