Weekly Commodity Podcast by Ravindra Rao | 9th Oct 2023

Highlights of this week's Commodity Podcast:• Elevated bond yields and the enduring strength of the U.S. dollar continued to exert downward pressure on commodities last week.• On the economic data front, the U.S. ISM Manufacturing PMI for September showed positive trends, while ISM Services growth remained robust. Nonfarm Payroll data pleasantly surprised by exceeding expectations.• These factors underscore the U.S. economy's resilience to interest rate hikes and reinforce the Federal Reserve's commitment to maintaining higher interest rates for an extended period.• Gold prices experienced a second consecutive weekly fall as 10-year bond yields surged past 4.8%. Silver too witnessed a decline, reaching its lowest point since March 2023.• Market attention is expected to shift towards the U.S. Consumer Price Index (CPI) data, and geopolitical risk in the middle east might lend support.• WTI Crude oil futures recently posted their most substantial weekly loss since March, experiencing an 8.77% decline over the past five trading sessions.• Over the weekend, a significant development occurred with an attack on Israel by Hamas. This event has shifted market attention toward the potential involvement of Iran in the attacks.• Should Iran's role be substantiated, it could introduce imminent downside risks to Iran's oil supply and exports, potentially leading to further supply constraints in the global oil market.• Weakness in base metals persisted, with some signs of recovery observed on the last trading day of the week. • The upcoming week will be closely watched for the U.S. inflation print for September. Traders will closely monitor the release of the FOMC minutes and speeches by various Federal Reserve officials to gain insights into the central bank's monetary policy.Find out in our commodity outlook and trading strategy for Gold, Silver, Crude Oil, and base metals.#commoditymarkets #commodities #commoditytrading #stockmarket #kotaksecurities #technicalanalysis #podcast