Choice Commodity Research

Dollar Update The dollar index rose to 97 amid Middle East tensions after US–Israel strikes on Iran and Strait of Hormuz disruption. Strong US producer prices signaled tariff pass-through, complicating Fed cuts, though markets still expect two rate reductions. -Choice Broking

Crude Oil hit UC of 6% @ 6457, Gold and Silver up by ~3%

*Global Update* • The US Dollar gained support due to military actions involving the US, Israel, and Iran. • Ongoing aerial strikes in the Middle East include Iranian missiles targeting Tel Aviv and other Persian Gulf countries, with Israel retaliating against Iran. • The Strait of Hormuz is under scrutiny as it handles nearly 20% of global oil supply, crucial for worldwide oil flows. • Disruption in LNG shipments through the Strait has raised supply concerns for major Asian buyers. • January core producer prices rose by 0.8%, marking the largest monthly increase since mid-2025, positively impacting the Dollar. • Jobless claims data indicated both initial and continuing claims fell below expectations, suggesting a stable US labor market. • India’s fiscal deficit decreased to INR 9.81 trillion from INR 11.70 trillion year-over-year, achieving 63.0% of the annual target. • India's real GDP grew by 7.8% in the December quarter of 2025, slightly down from a six-quarter high of 8.4%, exceeding market expectations of 7.2%. • Chile's industrial production dropped by 1.6% year-on-year in January 2026, following a previous fall of 1.8% in December. -Choice Broking

Key Highlights on War Iran’s Islamic Revolutionary Guard Corps (IRGC) Navy said over VHF radio that no vessels may cross the Strait of Hormuz, according to a report by Reuters. According to an official with the European Union’s naval mission, the key shipping route is closed. However, Iran has not confirmed issuing any such order. At least one tanker observed making a U-turn near the Bab el Mandeb strait amid Houthi threats Iranian state media has confirmed the death of Ayatollah Ali Khamenei after a massive US-Israeli attack on the country that US President Donald Trump said would continue with heavy bombing throughout the week. Dubai's international airport, its landmark Burj Al Arab hotel and man-made Palm Jumeirah Island all suffered damage as Iran's retaliatory strikes on neighboring Gulf states in response to U.S. and Israeli strikes on the Islamic Republic widened. -Choice Broking

Sumeet Bagadia’s Desk : Target Achieved @ 5742.5...Buy in Commodity GOLDM|26MAR26 CE 161000.00 @ 4530 SL 4389 TGT 4812.00

Sumeet Bagadia’s Desk : Update on Book Part Profit : Exit at cost in NATURALGAS|24MAR26 CE 270.00

*US Core PPI m/m* Actual : 0.2% Forecast : 0.3% Prev.: 0.7% Impact :Positive for Bullion *US PPI m/m* Actual : 0.8% Forecast : 0.3% Prev.: 0.5% Impact : Negative for Bullion

Sumeet Bagadia’s Desk : Stopped Out @ 327.4...Buy in Commodity ZINC|31MAR26 @ 328.2 SL 327.4 TGT 329.80

Sumeet Bagadia’s Desk : Book Part Profit @ 327.35...Buy in Commodity ZINC|31MAR26 @ 328.2 SL 327.4 TGT 329.80

Sumeet Bagadia’s Desk : Exit @ 279068...Buy in Commodity SILVERMIC|30APR26 @ 278064 SL 274288 TGT 285616.00

Sumeet Bagadia’s Desk : Target Achieved @ 376...Buy in Commodity CRUDEOIL|17MAR26 CE 6100.00 @ 330.7 SL 309 TGT 374.10

Sumeet Bagadia’s Desk : Book Full Profit @ 189.45...Buy in Commodity LEAD|31MAR26 @ 189.45 SL 188.9 TGT 190.55

Sumeet Bagadia’s Desk : Book Part Profit @ 13.8...Buy in Commodity NATURALGAS|24MAR26 CE 270.00 @ 12.3 SL 10.3 TGT 16.30

Sumeet Bagadia’s Desk : Book Part Profit @ 4655...Buy in Commodity GOLDM|26MAR26 CE 161000.00 @ 4530 SL 4389 TGT 4812.00

Sumeet Bagadia’s Desk:Buy ZINC|31MAR26 in Commodity @ 328.2 SL 327.4 TGT 329.80

Sumeet Bagadia’s Desk : Book Part Profit @ 346...Buy in Commodity CRUDEOIL|17MAR26 CE 6100.00 @ 330.7 SL 309 TGT 374.10

Sumeet Bagadia’s Desk:Buy CRUDEOIL|17MAR26 CE 6100.00 in Commodity @ 330.7 SL 309 TGT 374.10