Weekly Commodity Podcast With Ravindra Rao | 10th April 2023

Highlights of this week's Commodity Podcast:1. It was another data loaded week that came to an end where precious metals and oil moved higher, whereas natural gas and base metals traded lower.2. The week witnessed a surprise production cut by OPEC + whereas US Labour market is starting to show weakness. U.S. non-farm payroll (NF) however came in line with expectation raising questions as to when the Fed's tightening cycle will end.3. The US dollar slipped below 102 levels last week as a cooling labor market buoyed hopes of Fed changing its monetary policy stance. 4. COMEX Gold prices saw another weekly gain of more than 2% and notched a fresh one-year high of $2,049.2 per troy ounce.5. Silver gained around 3.60% and has finally penetrated a 2-year falling channel.6. Risk appetite might be once again tested this week, as US CPI data, Retail sales, and FOMC minutes data will be released, which might provide further cues on Fed’s monetary policy path. 7. Crude oil extended its spectacular rally to highest levels since January and closed 6% higher, thanks to surprise output cut announcement by OPEC+.8. Base metals witnessed a weekly decline.9. The weak ahead should be interesting as FOMC meeting minutes, US inflation figures might set the tone.