Choice Commodity Research

Rupee Update The Indian rupee fell to a record 92 per dollar as surging oil prices and a strong greenback pressured the currency. Rising energy prices amid US-Israel strikes on Iran. The RI RBI stepped into both spot and forward markets to curb volatility. -Choice Broking

Dollar Update The dollar index trading near 98 amid prolonged Middle East conflict fears, boosting energy prices and inflation concerns. Fed rate cut hopes shifted to September. Safe-haven demand increased as fighting intensified, with Donald Trump warning about uncertain Iranian leadership outcomes. -Choice Broking

Global Update Donald Trump directed USDFC to offer insurance and guarantees for maritime trade, particularly energy shipments moving through the Gulf region. Impact: Negative for energy. -Choice Broking

Global Update * The dollar index increased to approximately 99.3, becoming the top choice among safe-haven currencies amid the ongoing US-Israeli conflict with Iran, now in its fifth day. * Israel targeted a building where clerics were meeting to elect a new Supreme Leader. * President Trump expressed worries that new Iranian leadership could be as problematic as the previous regime and offered naval protection for oil tankers in the Strait of Hormuz. * Iran retaliated by attacking oil refineries and production sites, while Iraq began stopping operations at some of its major oil fields, risking a significant output decrease. * Qatar has stopped its LNG production. * The likelihood of a 25-bps interest rate cut in June has decreased to 30.7%, down from 49.6% the previous week. * China's NBS Composite PMI Output Index fell to 49.5 in February 2026, indicating a slowdown in production and operations among Chinese enterprises, despite manufacturing growth being at a five-year high. * The Japanese yen remained weakened at about 157.6 per dollar due to inflation concerns related to elevated energy prices from the Middle Eastern conflict. -Choice Broking

Sumeet Bagadia’s Desk : Stopped Out @ 160800...Buy in Commodity GOLDTEN|31MAR26 @ 164508 SL 160800 TGT 171924.00

Copper Update Copper futures eased as Iran war tensions boosted the US dollar and threatened global manufacturing demand. Rising energy costs and Strait of Hormuz risks pressured sentiment, though tight supply, speculative buying, and expected Chinese stimulus limited declines. -Choice Broking

Commodity Insight: Natural Gas Update- Stopped Out-Natural Gas- Mar

Sumeet Bagadia’s Desk : Stopped Out @ 295...Sell in Commodity NATURALGAS|26MAR26 @ 267.5 SL 295 TGT 215

Sumeet Bagadia’s Desk : Target Achieved @ 559...Buy in Commodity CRUDEOIL|17MAR26 CE 7100.00 @ 493 SL 460 TGT 559.00

Sumeet Bagadia’s Desk : Book Part Profit @ 519.8...Buy in Commodity CRUDEOIL|17MAR26 CE 7100.00 @ 493 SL 460 TGT 559.00

Sumeet Bagadia’s Desk:Buy CRUDEOIL|17MAR26 CE 7100.00 in Commodity @ 493 SL 460 TGT 559.00

Aluminium Update Prolonged U.S.-Iran conflict threatens Middle East aluminium exports, exposing Europe and the U.S., which rely heavily on regional supply. With 9% of global capacity at risk, disruptions could lift London Metal Exchange prices and raise energy-driven smelting costs. Impact: Positive for Aluminium -Choice Broking

Crude Oil Update Oil prices climbed as the Iran conflict disrupted fuel shipments and heightened supply fears. Drone incidents hit key Gulf facilities, slowing shipping through the Strait of Hormuz, while insurers reconsidered war-risk coverage despite Iran denying closure plans. -Choice Broking

Dollar Update The dollar index rose to 98.5 amid safe-haven demand as the US and Israel intensified strikes on Iran. Higher energy prices stoked inflation fears, delaying Fed rate-cut bets to September, while pressuring currencies in Europe and Japan. -Choice Broking

Bullion Update Bullion prices slipped as a stronger US dollar and rising Treasury yields dampened rate-cut hopes. Elevated oil prices and surging ISM input costs fueled inflation fears, while escalating US-Iran tensions and Strait of Hormuz risks added uncertainty. -Choice Broking

Sumeet Bagadia’s Desk:Buy GOLDTEN|31MAR26 in Commodity @ 164508 SL 160800 TGT 171924.00

*Crude Oil hit UC by +9% at 7081*

MCX GOLD opened gap Down by -3% Silver hit LC by -4% Crude surged by +6% NG By +6%