Weekly Commodity Podcast with Ravindra Rao | 13th Nov 2023

Commodity Market Analysis and Outlook - 13th November - 17th November, 2023• Throughout the previous week, the Federal Reserve's communications played a pivotal role in shaping market sentiment.• Fed Chair Jerome Powell’s recent warning of potential further rate hikes brought an end to the market's optimistic tone that began the week on a high note.• On the data front, US consumers’ long-term inflation expectations increased to 4.4%, highest since 2011, compared to last month’s 4.2%.• The US Dollar that had dipped to a six-week low of 104.84 at the initial part of the week, rebounded close to 106 as doubts emerged regarding the speed of interest rate cuts.• COMEX Gold faced its second consecutive weekly decline, influenced by easing geopolitical tensions and signals from Fed officials pointing to a prolonged period of higher interest rates. Silver also closed the week with over a 4% downside.• WTI Crude experienced its third consecutive weekly drop, reaching a four-month low of $74.91/bbl.• LME base metals fluctuated between gains and losses, influenced by a weakening dollar and early-week optimism about additional stimulus.• The current week holds significant importance, with a focus on US Consumer Price Index (CPI) data, retail sales, and various Chinese economic indicators. Any signs of an uptick in US inflation or consumer spending could reinforce the belief that the Fed will maintain higher interest rates for an extended period, potentially impacting bullion and other risk assets.Find out in our commodity outlook and trading strategy for Gold, Silver, Crude Oil, and base metals.