Opens on positive Note Gold -27940-27960 Silver -37015-37050 

Energy - Opens on mixed Note Crude Oil -2950-2940 Natural Gas -194-194.30 

Base Metals - Opens on positive Note Copper -384.-384.50 Nickel -595-596 Lead -149-149.20 Zinc - 182.50-183 Aluminium -121.50-121.80

COMMODITY FUNDAMENTAL NEWS

Precious metals are likely to open higher as the dollar weakened and yields fell after a set of relatively dovish comments from Janet Yellen during her semiannual testimony. Janet Yellen indicated that the Fed is closely watching inflation and added that rates may not need to be lifted a lot more to get back to a neutral stance. She signalled that the Fed’s plans to start unwinding the balance sheet were on target. Overall, her comments indicate that the Fed will not be aggressive in hiking rates from here on and getting inflation close to target is the next big priority for the Fed. Earlier, comments from a couple of Fed members also indicated that while balance sheet trimming might happen soon, another rate hike may take time. From a trading perspective, we are likely to see further gains in the precious metals complex in the near term and inflation data this week becomes extremely crucial for gold and silver’s direction.  

Base metals traded frim for yet another session, buoyed by weaker U.S. dollar which is trading at 2 week low. China imported 2.23 million tonnes of copper in first half of this year, down 18.4% compared to same period last year. Zinc prices climbed to their highest in more than three months on Wednesday as market worried about falling stocks in exchange warehouses, shortages and expectations of stronger demand from China.