Weekly Commodity Podcast With Ravindra Rao | 10th July 2023

Highlights of this week's Commodity Podcast:1. Dollar index traded as high as 103.57 in the initial part of last weak, while precious metals witnessed some sell off2. The rally was supported by strong US data that strengthened the case for Fed rate hikes3. Dollar, however, fell in the later part of the week with index ending the week in red by 0.64%4. COMEX Gold ended flat recovering from the earlier losses on Friday as weaker than expected U.S. jobs report triggered short covering5. Silver prices rose past $23 per ounce, extending their rebound from the three-month low of $22.2 touched on June 22nd6. Crude oil prices continued to rally and jumped to two weeks high of $72.4/bbl as supply cut announcement by major exporters Russia and Saudi were able to offset demand risk from higher interest rates7. LME base metals extended declines on renewed concerns regarding China’s property debt crisis8. In the week, the central stage will be taken by the U.S. Inflation print for June, followed by speeches from several Fed officials9. Any signs of elevated core inflation might continue to bolster the expectations for further rate hikes and lead to higher treasury yields