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Commodities Market Today | Crude Up 3% Ahead of OPEC+ Meet

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Synopsis:

The commodities market today responds to the upcoming OPEC+ meeting on Sunday. The 10-year yield rose to 4.542% while the dollar index ended flat at 104.60. US crude is up by 3%, while spot gold rose to $2,359.56/ounce.

Top News and Events

Dollar Index Steady Amid Rising Treasury Yields: The dollar index is flat as Treasury yields rise, settling at 104.60 after dipping to 104.33.

Treasury Yields Surge After Poor Auction: Treasury yields climb after a poor five-year note auction, with 10-year notes rising to 4.542% and 2-year Treasury dropping to 4.974%.

OPEC+ Plans Meeting to Review Production Policy: OPEC+ to review production policy in a virtual meeting, with some members holding 2.2M barrels per day off the market, US crude up 3% ahead of the key meeting.

Gold Prices Gain Amid Dollar Weakness: Gold prices rise on weaker dollar ahead of US inflation data, spot gold up 0.38% at $2,359.56/ounce, US futures settle 0.9% higher at $2,356.5 per ounce.

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

₹71,973.00

+47.00

+0.07

SILVER

₹92,886.00

+2233.00

+2.46

COPPER

₹897.75

+3.95

+0.44

CRUDE OIL

₹6,639.00

+179.00

+2.77

NATURAL GAS

₹215.40

+5.90

+2.82

Additional Read:  Share Market Today 

Note: Stats/Prices updated as of May 29, 2024, at 9:18 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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What are the potential risks associated with commodities trading?

Answer Field

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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.

What exactly are commodities?

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