Gold

Gold on MCX settled up 1.21% at 28851 fueled by a drop in the U.S. dollar as traders eyed the presidential race in France and the U.K. prepared its exit from the European Union. Gold prices were also underpinned by uncertainty over President Donald Trump's policy direction. Prices also seen supported after a strong debate performance from French centrist presidential candidate Emmanuel Macron and as fading expectations for near-term U.S. interest rate hikes pushed the dollar lower. Macron cemented his position as the front-runner in the French presidential race in the first televised debate on Monday versus anti-European Union contender Marine Le Pen.

Trading Ideas: 

*Gold trading range for the day is 28219-29197. 

*Gold prices gained fueled by a drop in the U.S. dollar as traders eyed the presidential race in France and the U.K. prepared its exit from the European Union.

Silver

Silver on MCX settled up 1.01% at 41282 as fading expectations for near-term U.S. interest rate hikes pushed the dollar lower. The Fed raised interest rates on Wednesday last week, but stuck to its outlook for two more hikes this year, instead of three expected by the market. Prices recovered from overnight lows, as the metal benefited from a tumble in dollar for the fifth straight session, despite the U.S. current account deficit shirking by more than expected.

Trading Ideas: 

*Silver trading range for the day is 40491-41711. 

*Silver gained as fading expectations for near-term U.S. interest rate hikes pushed the dollar lower. 

*The Chicago Federal Reserve's president said the U.S. central bank would not rush to hike interest rates.

Crude oil

Crude oil on MCX settled down -1.55% at 3168 as the market discounted the latest talk by OPEC that it would extend output cuts beyond June. Rising crude stocks in the United States underscored an ongoing global fuel supply overhang despite an OPEC-led effort to cut output. U.S. crude oil inventories rose by 4.5 million barrels in the week to March 17 to 533.6 million, the American Petroleum Institute (API) said.

Trading Ideas: 

*Crude oil trading range for the day is 3114-3270. 

*Crude oil dropped as the market discounted the latest talk by OPEC that it would extend output cuts beyond June.

Natural gas

Natural gas on MCX settled up 1.67% at 200.80 inched up to a one-month high with traders anticipating a bullish update on U.S. stockpiles coming later this week. A recent burst of cold caused a surge of demand for the heating fuel at a time when many expected the end of winter would cause demand to wane. That likely caused a larger-than-usual drawdown on natural gas in storage last week, which has traders buying ahead of Thursday’s on regularly scheduled.

Trading Ideas: 

*Natural gas trading range for the day is 195.7-205.3. 

*Natural gas gained and continuous to hold 200 level mark as traders anticipating a bullish update on U.S. stockpiles coming later this week.

Copper

Copper on MCX settled down -1.61% at 379.15 dropped below 380 levels on hopes that supply disruptions in Chile and Indonesia could be drawing to a close. The three-month London Metal Exchange copper price fell 0.83% to $5,827 per metric ton the lowest price since March 13. Copper, meanwhile, pulled back as BHP Billiton Ltd., the majority-owner of the Escondida mine in Chile, and union workers are expected to hold talks which could lead to a settlement.

Trading Ideas:

*Copper trading range for the day is 373.8-387.6.

*Copper prices dropped below 380 levels on hopes that supply disruptions in Chile and Indonesia could be drawing to a close.

Zinc

Zinc on MCX settled down -1.21% at 183.90 as pressure seen after the China's economic growth is likely to slow to 6.5 percent this year and cool further to 6.3 percent in 2018, the OECD said, though exports are set to pick up as global demand strengthens. Also prices seen pressure after the update that Peru's Zinc production output increased by 11.3 percent in January from the same month a year earlier official data showed on Tuesday.

Trading Ideas:

*Zinc trading range for the day is 180.9-189.3.

*Zinc dropped as pressure seen after the China's economic growth is likely to slow to 6.5 percent this year.

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