Silver

Silver on MCX settled up 0.77% at 40909 as weakness in the U.S. dollar, following Wednesday’s Federal Reserve decision, provided a runway for gains. The Fed on Wednesday lifted benchmark interest rates by a quarter-point as widely expected. The central bank’s statement and forecasts for future rate increases was seen as less aggressive than had been anticipated. Still, some market strategists see near-term headwinds for precious metals, especially since the bullish sentiment spurred by Trump’s proposals to juice the U.S. economy through fiscal-stimulus measures haven’t entirely vanished.

Trading Ideas:

* Silver trading range for the day is 40570-41118.

* The Fed lifted benchmark interest rates by a quarter-point as widely expected.

Crude oil

Crude oil prices settled flat but speculators sharply cut long positions during last week's rout, on concerns that an OPEC production cut was failing to reduce a global supply overhang. The market failed to rebound after Saudi Arabia Minister Khalid al-Falih said the cuts by the OPEC and non-OPEC producers could be extended beyond June if oil stockpiles stayed above long-term averages. Saudi Arabia has cut output by more than its share under the November 2016 deal.

Trading Ideas: 

* Crude oil trading range for the day is 3162-3236. 

* Crude oil prices settled flat but speculators sharply cut long positions during last week's rout.

Natural gas

Natural gas on MCX settled up 0.68% at 193.3 as lingering cold weather continued to raise the prospect of greater demand. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. declined by 53 billion cubic feet in the week ended March 10, missing market expectations for a drop of 56 billion cubic feet. That compared with a withdrawal of 68 billion cubic feet in the preceding week, 1 billion a year earlier and a five-year average drop of 85 billion cubic feet. Total natural gas in storage currently stands at 2.242 trillion cubic feet, according to the U.S. Energy Information Administration, 9.5% lower than levels at this time a year ago but 17.6% above the five-year average for this time of year.

Trading Ideas: 

*  Natural gas trading range for the day is 187.2-196.8. 

* Natural gas prices gained as lingering cold weather continued to raise the prospect of greater demand.

* Total natural gas in storage currently stands at 2.242 trillion cubic feet, according to the U.S.

Copper

Copper on MCX settled up 0.77% at 390.75 and posted its biggest weekly gain since mid-February in response to a weak U.S. dollar and ongoing mine supply concerns. The dollar index is down around 1 percent in the week after the U.S. Federal Reserve signalled a slower pace of monetary tightening than expected. A weaker dollar boosts the buying power of non-U.S. investors. Striking workers at Chile's Escondida, the world's biggest copper mine, are blocking attempts by owner BHP Billiton to renew operations at a major port nearby as the stoppage enters its sixth week.

Trading Ideas:

* Copper trading range for the day is 384.1-394.3.

* Copper rose and posted its biggest weekly gain since mid-February in response to a weak U.S. dollar and ongoing mine supply concerns.

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