Weekly Commodity Podcast With Ravindra Rao | 20th March 2023

Highlights of this week's Commodity Podcast: 1. Investor sentiment remained fragile as banking crisis spread from the U.S. to Europe, sparking fears of a contagion in the global financial markets 2. U.S. Treasury yields extended their slide, and oil prices fell to 15-month lows. The shift in short-term interest rates this week was unlike anything seen for more than four decades 3. MCX Gold active futures contract breached the all-time highs and close above 59000/10 gms for the first time ever 4. Safe haven buying also supported the U.S. Dollar that recovered from below 104 level reaching as high as 105 5. Silver futures closed above $22.50 per ounce mark, close to levels last seen in February 2022 6. Oil prices slipped to lowest since December 2021 and closed the week with nearly 13% downside, its worst weekly performance since August 2022 7. LME Copper and Aluminium plunged to $8440/tonne and $2233/tonne respectively, both lowest since January 2023 8. The focus will now shift to the FOMC meeting this week 9. Flash PMI figures will also be closely watched for earliest signs of economic activity in major global nations in February