Weekly Commodity Podcast With Ravindra Rao | 19th June 2023

Highlights of this week's Commodity Podcast:1. An eventful week with interesting developments relating to Fed hikes ended, weakening the dollar and supporting commodities2. Optimism regarding more stimulus measures from China also supported economically sensitive commodities3. The U.S. dollar slipped to one month low of 102 on the back of weak economic data from U.S. and hawkish ECB policy outcome4. Gold weakened post the FOMC meeting, as the Federal Reserve delivered a “hawkish skip", but it closed the week with modest declines. Spot Gold is expected to trade in a consolidated range of $1985-$19305. Spot silver might take resistance at $24.40. A break above might trigger a fresh rally in white metal6. Crude oil prices closed with 2% upside for the week while base metals rallied to more than one month highs6. WTI NYMEX Crude oil might continue to trade between $67-$747. MCX Copper might face resistance near 738 ( 200 Period MA) whereas Zinc might be supported by a bullish engulf candlestick formation on the weekly chart8. Market participants will be tracking Fed Chair Powell's testimony, U.S. Housing data and Flash Manufacturing PMIs