Sandeep Sinha

Global copper demand outlook for 2026 is cut from 2.1% as Middle East conflicts and trade disruptions spark economic uncertainty.

The value of gold in foreign exchange reserves slumped to $113.52 billion in March from $131.63 billion in February, the steepest monthly fall on record.

The sharp decline in incoming gold was driven by heavy front-loaded imports in January and February, weak retail demand, and liquidity constraints.

The crude and petroleum product import bill fell 36% YoY in March to $12.18 billion, down from $19 billion a year earlier.

The agency pegged the total gas in underground storage at 1.97 trillion cubic feet as of April 10, 6.8% higher than 1.84 trillion cubic feet a year ago.

The global market for silver will be in a shortfall for the sixth successive year in 2026, with the deficit widening to 1,440.1 tonnes (46.3 million ounces) from 1,250.36 tonnes (40.2 million ounces) last year, up 15.2%, according to the US-based Institute.

Copper extended gains supported by both macro conditions and positioning. The latest Commitments of Traders data showed an increase in speculative net longs after three weeks of stabilisation.

Silver has resistance around $77 an ounce, if prices sustain above this level, it can touch levels of $82 and $87, Chainani said.

US action in the Strait of Hormuz, tighter physical supply and rising speculative longs are set to keep crude prices supported this week.