Choice Commodity Research

RBI Update The Reserve Bank of India’s Monetary Policy Committee unanimously kept the policy repo rate unchanged at 5.25% on February 6, following a 25-basis-point rate cut implemented in December. -Choice Broking

Silver Update Silver plunged over 2.80% to around Rs 2,36,912 erasing a brief rebound as volatility and deleveraging hit precious metals. Weak US labor data, margin-driven selling, policy uncertainty, and easing geopolitical risks outweighed rate-cut expectations. -Choice Broking

Copper Update Copper prices trading lower as Chinese demand slowed, rising inventories, shipments were redirected from Africa to China to take advantage of temporary price gaps between Shanghai and London, and forecasts of higher refined output in 2026 further weighed on sentiment. -Choice Broking

Crude Oil Update WTI crude slid below $63 a barrel, heading for its first weekly drop in six weeks, as Iran–US talks eased supply fears. Saudi price cuts signaled oversupply, while Russia–Ukraine tensions and demand outlooks stayed in focus. -Choice Broking

Dollar Update The dollar index hovered below 98 near a two-week high, boosted by market selloffs and confidence in Fed independence after Warsh’s nomination. Softer US jobs data supported June rate-cut bets, also the dollar rose against the euro, sterling, and especially the yen. -Choice Broking

Global Update * The dollar remains near a 2-week high due to a selloff in stocks, commodities, and cryptocurrencies, increasing demand for the currency. * Market expectations include two rate cuts in the U.S. this year, with the first likely in June and the second in September. * US Initial Jobless Claims for the week ending January 31 rose to 231K, significantly above the expected 212K. * The ECB is expected to keep rates unchanged, while the BoE is set to cut rates twice in 2026. * The Reserve Bank of India's Monetary Policy Committee is anticipated to maintain interest rates at 5.25% amid supportive economic indicators. * The yen faces pressure with expectations of increased spending and potential tax cuts from Prime Minister Sanae Takaichi, leading to concerns about Japan's fiscal outlook. * Markets are also watching the Russia-Ukraine conflict, particularly following new strikes on Ukraine’s energy infrastructure, and upcoming Iran-U.S. talks. -Choice Broking

US Natural Gas Storage Actual : -360B Forecast : -379B Prev.: -242B Impact: Negative for NG

*ECB Policy Rate Update* At its first 2026 meeting, the ECB kept interest rates unchanged, holding the main refinancing rate at 2.15%, while reaffirming expectations that inflation will stabilize around the 2% medium-term target. Choice Broking

US JOLTS Job Openings Actual : 6.54M Forecast: 7.25M Prev.: 7.15M Impact : Positive for Bullion

Sumeet Bagadia’s Desk : Target Achieved @ 243754...Sell in Commodity SILVERMIC|27FEB26 @ 257000 SL 263545 TGT 243910.00

Sumeet Bagadia’s Desk : Target Achieved @ 223.6...Buy in Commodity CRUDEOIL|17FEB26 PE 5700.00 @ 183.3 SL 163.3 TGT 223.30

Sumeet Bagadia’s Desk : Target Achieved @ 5735...Sell in Commodity CRUDEOIL|19FEB26 @ 5792 SL 5820 TGT 5736.00

US Unemployment Claims Actual : 231K Forecast: 212K Prev.: 209K Impact : Positive for Bullion

Sumeet Bagadia’s Desk : Exit @ 319.2...Sell in Commodity ZINC|27FEB26 @ 319.7 SL 320.5 TGT 318.10

Sumeet Bagadia’s Desk:Sell ZINC|27FEB26 in Commodity @ 319.7 SL 320.5 TGT 318.10

Sumeet Bagadia’s Desk : Book Part Profit @ 5770...Sell in Commodity CRUDEOIL|19FEB26 @ 5792 SL 5820 TGT 5736.00

Sumeet Bagadia’s Desk : Book Part Profit @ 199...Buy in Commodity CRUDEOIL|17FEB26 PE 5700.00 @ 183.3 SL 163.3 TGT 223.30

Sumeet Bagadia’s Desk:Sell CRUDEOIL|19FEB26 in Commodity @ 5792 SL 5820 TGT 5736.00