Strength in US dollar and decline in many of the commodity currencies and high yielding currencies continues to weigh on the precious metals.
Base metals continues to remain under pressure. After 2-4 percent of decline in the previous week, there are very sharp cuts especially continue in case of copper. It is trading at around two week lows. Aluminium prices are trading two-month lows.
Gold and silver prices have been choppy as well.
Crude witnessed 3 percent decline on Friday and it is down almost 1.5-2 percent for both the crude varieties.
The US crude is trading at a 2-month low, Brent is trading at one-month low as well and this is ahead of the OPEC meeting in Vienna on June 22. Indian crude prices have also opened 2 percent on the weaker side and we are down by nearly 11 percent from the highs that we saw in the month of May.
Kedia Commodity recommended selling crude and buying Natural Gas.