Commodities Market Today 23 April

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Synopsis:

Today's commodities market showcases contrasting moves as oil prices drop to $87.00 per barrel due to increase in US stockpiles and gold prices decline by 2.8% to $2,346.4 as tensions between Israel and Iran ease. Further, the currency updates include a slight rise in the Dollar Index by 0.03% and minor decline in the Euro currency by 0.01%

Top News and Events

  • Oil Prices Dip on Increased US Stockpiles: crude oil prices fell because there's more oil in U.S. reserves. Brent crude went down to $87.00 per barrel, a decrease of 0.33%, and U.S. West Texas Intermediate dropped to $82.85, down 0.35%. Prices went up a bit in the morning because people think oil supplies might tighten, even though tensions between Iran and Israel are calming down.

  • Dollar Edges Up, Euro Dips: The dollar index rose slightly by 0.03% to reach 106.13. Meanwhile, the euro, after initially climbing, slipped by 0.01% to $1.0653.

  • Gold Prices Decline Due to Reduced Middle East Tensions: On Monday, U.S. gold futures dropped by 2.8% to $2,346.4, and gold prices fell by more than 2% to a one-week low. Investors turned to riskier assets like stocks as concerns about conflict in the Middle East decreased, causing a decline in the demand for safe-haven gold.

Additional Read: Gold Rate Today

Prices of Popular Commodities

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

Name

LTP

Change

Change%

GOLD

₹72,723.00

-539.00

-0.74

CRUDEOIL

₹6,831.00

-113.00

-1.63

SILVER

₹81,594.00

-1213.00

-1.46

NATURAL GAS

₹149.40

+3.10

+2.12

COPPER

₹853.00

+8.50

+1.01

Note: Stats/Prices updated as on April 23, 2024 at 9:34 AM

Additional ReadCommodities Market Today

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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Frequently Asked Questions

What exactly are commodities?

Answer Field

Commodities are raw materials or primary agricultural products traded on dedicated exchanges. They can be categorised as hard commodities (e.g., gold, oil) or soft commodities (e.g., coffee, cotton).

How does commodities trading differ from stock trading?

Answer Field

While stock trading involves buying and selling shares of publicly traded companies, commodities trading deals with the exchange of physical goods or raw materials. Additionally, commodities are often subject to supply and demand dynamics rather than company performance.

Can I trade commodities without owning the physical assets?

Answer Field

Yes, through derivatives such as futures contracts and options, traders can speculate on commodity price movements without owning the physical assets, enabling participation in commodities markets with lower capital requirements.

What is leverage in commodities trading, and how does it work?

Answer Field

Leverage allows traders to control a larger position with a smaller amount of capital, amplifying both potential profits and losses. While leverage can magnify returns, it also increases risk, so it's crucial to use it judiciously.

What are some common trading strategies in commodities markets?

Answer Field

Popular strategies include trend following, range trading, spread trading, and fundamental analysis-based approaches. Each strategy has its own set of rules and techniques suited to different market conditions.

How can I manage risk when trading commodities?

Answer Field

Implement risk management techniques such as setting stop-loss orders, diversifying your portfolio, avoiding over-leveraging, and staying informed about market developments and news that may impact commodity prices.

What are the potential risks associated with commodities trading?

Answer Field

Risks include price volatility, leverage risk, liquidity risk, regulatory risk, geopolitical risk, and risks specific to individual commodities such as weather-related risks for agricultural commodities or geopolitical tensions for energy commodities.

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