Choice Commodity Research

New ATH in Crude Oil, crossed 10k mark on MCX, made a high @ 10119

Rupee Update The Indian rupee fell towards 92 per dollar to a record low as surging oil prices and Middle East tensions increased pressure. Rising import costs, risk-off sentiment, and concerns over remittances and India’s external balance further weighed on the currency. -Choice Broking

Copper Update Copper futures fell as prolonged Middle East conflict fears and oil above $100 raised concerns over slower global growth and inflation. A stronger US dollar and rising China inflation further pressured copper, while uncertainty over Federal Reserve policy weighed on sentiment. -Choice Broking

Bullion Update Bullion prices slipped as a stronger US dollar and fading expectations of Federal Reserve rate cuts outweighed safe-haven demand from the escalating Middle East conflict. Surging oil prices above $100 per barrel and supply disruptions raised concerns over persistent inflation and potential stagflation risks. -Choice Broking

Natural gas Update US natural gas futures rose to around $3.4 per MMBtu, with MCX prices up about 8%, driven by fears that escalating Middle East tensions and possible LNG supply disruptions, particularly via the Strait of Hormuz, could tighten global gas supplies. -Choice Broking

Crude Oil Update WTI crude oil surged above $110 per barrel, marking its biggest jump since 2020, while MCX Crude oil prices also up by more than 10% as Middle East disruptions and Strait of Hormuz tensions cut regional output. Production declines in Iraq, Kuwait, and LNG cuts in Qatar tightened global energy supply. -Choice Broking

Dollar Update The dollar index strengthened to 99.35 as oil surged above $100 per barrel amid escalating Middle East tensions and fears of prolonged supply disruptions. Rising inflation expectations and safe-haven demand boosted the dollar, reinforcing bets that the Federal Reserve may delay interest rate cuts. -Choice Broking

Crude oil at 12% UC @ 9366, next hurdle @ 9574

Crude Oil at UC of 9% @ 9115

Silver & Copper down by -1%

Global Update * US crude oil prices surpassed $100 per barrel due to concerns about a prolonged Middle East conflict affecting global energy supplies. * President Donald Trump commented that the rise in short-term oil prices is a minor cost for neutralizing Iran's nuclear capabilities. * The US-Israeli conflict involving Iran shows no sign of resolution, with major oil producers reducing production and halting shipments through the Strait of Hormuz. * Iran stated it would not attack neighboring countries unless provoked amidst the war with the US-Israel. * The Federal Reserve may have to maintain interest rates despite weaker labor market signals, with non-farm payrolls dropping by 92,000 in February. * The Japanese yen's value fell below 158.5 per dollar due to rising oil prices, stressing Japan's vulnerability as it depends on the Middle East for 95% of its oil, primarily through the Strait of Hormuz. * The US dollar demand increased, reaching a 14-week high as investors sought safety, which adversely affected regional currencies. US 10-Year yield also reached a near 1-month high. * Iran appointed Mojtab Khamenei as Supreme Leader, indicating continued hardline governance. * China's inflation rate rose to 1.3% in February 2026, a significant increase from 0.2% in January, marking the highest rate since January 2023. * China's central bank gold reserves grew slightly to 74.22 million fine troy ounces by February's end from 74.19 million ounces in January. -Choice Broking

CH CPI y/y Actual: 1.3% Forecast: 0.9% Prev.: 0.2% CH PPI y/y Actual : -0.9% Forecast : -1.1% Prev.: -1.4%

*USOIL surged by 16.85% @$91.47 MCX Crude Oil @8409*

CRUDE OIL prices Surged by +11.5% with next hurdle may seen around 8300