Bullion, energy and base metals trade on a completely different logic from agri commodities. Instead of monsoon and mandi arrivals, the variables that matter are the US Dollar Index, real interest rates, OPEC+ production quotas, and Chinese industrial demand. Finomint’s commodity research covers gold, silver, crude oil, natural gas, and base metals like copper, zinc and aluminium — combining fundamental macro drivers with MCX-specific technical analysis.
The four numbers behind every report
Every commodity report opens with four macro readings: the Dollar Index (DXY), where a weakening dollar typically supports bullion prices; the USD/INR exchange rate, since rupee depreciation directly raises the landed cost of imported commodities; the US 10-year Treasury yield, where rising real yields tend to pressure non-yielding assets like gold; and the VIX, a proxy for risk appetite that often correlates with industrial metal demand. None of these are commodity-specific, but all four shape the direction of gold, crude and copper simultaneously.
Bullion: gold and silver
Precious metals research combines global macro — real interest rates, the dollar index, and central bank gold buying — with MCX-specific technical levels. Reports typically include the MCX-versus-COMEX spread (an arbitrage signal for the domestic-international price gap), pivot-based support and resistance levels, and hedge ratio notes aimed specifically at importers and jewellers who need to manage physical exposure, not just traders reading a chart.
Energy: crude oil and natural gas
Energy research is driven by supply-side variables — OPEC+ production decisions, US shale output, and geopolitical risk premiums — layered against demand-side data from global PMIs and weekly inventory reports from the EIA and API. A crude oil report typically interprets what a weekly inventory build or draw means for the near-term price path, alongside MCX crude levels benchmarked against international WTI or Brent parity.
Base metals: copper, zinc, aluminium and lead
Industrial metals research is anchored heavily in China, the world’s largest consumer of base metals. Reports track LME (London Metal Exchange) inventory levels and the cash-to-3-month spread, Chinese PMI and property-sector data, infrastructure spending trends, and any global supply disruption — mine closures or smelter outages — that could tighten supply. MCX technical levels are then read alongside LME parity and the rupee’s effect on the domestic price.
Directional bias, not a trade call
Finomint’s commodity reports state a directional bias — bullish, bearish or neutral — with published support and resistance levels and a momentum reading. A bullish gold call, for example, might cite a weakening DXY and sustained central bank buying with momentum in bullish territory; a bearish crude call might point to softening demand data, rising US inventories, and a technical breakdown risk below a key support level. What’s published is the read on the market, not a buy or sell instruction — the decision to trade, and how, stays with the investor.
Why this matters even if you don’t trade commodities directly
Commodity price trends carry directly into equity research on oil marketing companies, metal and mining stocks, gold-loan NBFCs, fertiliser companies, and FMCG firms managing input costs. A rising crude price, for instance, is a tailwind for upstream energy names and a headwind for paint and tyre companies that use crude derivatives as raw material — reading the commodity report alongside the equity rating on these sectors closes the loop.
Read the full report
A full commodity report — technical levels, macro context, supply-demand data and directional bias across gold, silver, crude and base metals — is published weekly, with intra-week updates around OPEC+ meetings, Fed decisions, and major geopolitical developments. The first report is free to read.