Commodities Market Today | Crude Up 1%, Stages Partial Recovery

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Synopsis:

The commodities market today reacts to US economic data and private payroll data for May. The 10-year yield fell to 4.283%, the dollar index climbed to 104.28. Brent August contract up 1.15% at $78.41/barrel, spot gold rises 1.1% to $2,353.90/ounce.

Top News and Events

  • U.S. Dollar Rises on Services Sector Rebound: The U.S. dollar index increased by 0.2% to 104.28 after May data showed a rebound in the services sector, recovering from its lowest point of 103.99 since April 9.
  • Treasury Yields Slip Due to Economic Concerns: The 10-year Treasury yield fell by nearly 6 basis points to 4.283% as investors evaluated the state of the economy based on key data releases.
  • Crude Oil Futures Recover After OPEC+ Decision: Crude oil futures rose over 1% with the West Texas Intermediate July contract up 1.12% to $74.07 a barrel and Brent August contract up 1.15% to $78.41, recovering from a nearly 4% weekly decline caused by OPEC+'s production increase decision.
  • Gold Prices Gain on Weak Payroll Data: Gold prices increased by 1.1% to $2,353.90 per ounce as lower-than-expected US private payroll data fueled expectations of a Federal Reserve interest rate cut later this year.

Prices of Popular Commodities

The day’s rate of Gold, Silver, Natural Gas, Crude Oil (Brent), Crude Oil (WTI)

Name

LTP

Change

Change%

GOLD

₹71,696.00

-273.00

-0.38

SILVER

₹88,286.00

-713.00

-0.80

COPPER

₹861.50

-11.20

-1.28

CRUDE OIL

₹6,117.00

-48.00

-0.78

NATURAL GAS

₹215.90

-13.00

-5.68

Note: Stats/Prices updated as of June 6, 2024, at 9:22 AM.

Source: Moneycontrol

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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