📊 Commodity Market Update

Advisory Bazaar Info Services

🔹 Metal Market:

Overnight, global and Chinese markets showed a mixed trend in base metals. SHFE Tin rose 0.99%, LME Nickel gained 0.49%, and SHFE Copper increased 0.07%. LME Zinc recorded the largest decline of 1.68%, while Aluminum remained nearly unchanged.

🔹 Ferrous Metals:

Iron ore led gains with an increase of 1.7%. Rebar edged up 0.1%, while Stainless Steel declined 0.54% and Hot Rolled Coil slipped 0.09%. Coke registered a decline of 1.12%.

🔹 Precious Metals:

COMEX Gold rose 0.15%, while Silver fell 0.53%. In the domestic market, SHFE Gold strengthened by 1.23% and Silver gained 1.44%.

🔹 China Economic Update:

China’s Manufacturing PMI stood at 51.7 in June, remaining in expansion territory for the seventh consecutive month.

🔹 US Dollar & Federal Reserve:

The Dollar Index increased 0.24% to 101.41. Markets are pricing in the possibility of two interest rate hikes this year, likely in September and December. The Federal Reserve reiterated its commitment to controlling inflation but did not provide clear guidance on future rate decisions.

🔹 US Employment Data:

Private sector job growth in June came in at 98,000, below market expectations of 119,000. However, the labor market is still considered stable.

🔹 Key Data to Watch Today:

* US Non-Farm Payrolls (NFP)

* Unemployment Rate

* Jobless Claims

* Average Hourly Earnings Data

⚠️ Note: Market timings may change due to the US Independence Day holiday.

🔹 Crude Oil:

WTI Crude fell 2.03%, while Brent Crude declined 2.41%. Prices came under pressure due to easing Middle East tensions and reports of a potential US-Iran agreement. According to Goldman Sachs and Morgan Stanley, the global oil market may continue facing excess supply pressure next year.

📌 Market participants will be closely watching the US employment data today.