Commodities are likely to come under pressure across the board on Monday in the domestic markets, taking cues from weekend close in the global markets. But the strengthening dollar could see gold rise.
With the US jobs data being better than expected, the dollar has gained and could strengthen further. This, in turn, could put pressure on gold and metals in the global market since they are traded in gold.
But as regards gold, any weakening of the rupee could make imports costlier and therefore, the yellow metal may rise.
In New York, gold closed lower at $1,783.20 an ounce. On Saturday, gold of 99.5 per cent purity used for jewellery had closed at Rs 30,940 for 10 gm in Mumbai.
Crude oil could be range-bound with Brent closing lower at $112.04 a barrel.
Industrial maize (corn) is likely to rule lower with corn on the Chicago Board of Trade (CBOT) dropping to $7.48 a bushel. Wheat may also drop since prices in the global market dropped with the grain for December delivery on CBOT slipping to $8.75 a bushel.
Bears are likely to take control of the oil and oilseeds counter with soyabean having dropped to $15.51 on CBOT. Though palm oil has recovered after falling to a three-year low to 2,415 Malaysian ringgit, the high inventories will put pressure on the counter.
Sugar is likely to gain marginally after prices on the ICE US closed higher.
Keywords: domestic commodities market, global commodities market, strengthening dollar, rise in gold, better US jobs data, weakening of rupee, costlier imports, New York, Crude Oil, Industrial maize (corn), Chicago Board of Trade, Wheat, oil and oilseeds, Soyabean, Malaysia Palm Oil market, Sugar, commodities