Commodity Market Updates with Kunal Shah - Head of Research (Commodity)

Finance / Commodity Themes

• A weekly commodity outlook webinar was hosted by Kunal Shah (Head of Commodity Research at Nirmal Bang), delivered on Monday, Wednesday, and Friday.
• The discussion focused on:
  • Gold
  • Silver
  • Crude oil (referred to as “crude”)
  • Industrial metals: Copper, Aluminum, Zinc
• The overall emphasis was on “buying on dips”, with attention to both near-term and long-term outlooks.

Tickers / Assets / Instruments Mentioned

• Gold
• Silver
• Crude oil (“crude”)
• Copper
• Aluminum
• Zinc
• Macro data referenced:
  • US inflation data
  • Non-Farm Payrolls (NFP)

Key Numbers, Levels, Timelines (as Stated)

Gold

• “Target was $400 to $4450” (exact intent unclear due to subtitle/subtitle errors).
• “There was a rally of 10 taka in gold.” (currency/wording likely subtitle error; implies a ~10 “taka” move).
• “A 40 to $50 gold decrease” (downside window mentioned as a possible buying opportunity).
• Buying trigger / level:
  • “If gold falls to $56, you can initiate buying.”

Silver

• “Increased by around 14%.”
• Expected downside mentioned as:
  • “50 to 60 cents per $1 silver decreases” (wording unclear; appears to describe magnitude/ratio of retreat).

Crude Oil

• “There may be some pressure in the short term but there is no long term recession.”
• “$34 crude oil prices could fall” (unclear phrasing; suggests crude is around/at ~$34 and could decline further).

Metals (Overall / Specific)

• Copper technical zone cited: “1350–1360” (referred to as the level to take/cite again).
• Overall characterization of metals: “bullish.”

Explicit Recommendations / Strategy Framework

“Buy on dips” approach

• The framework explicitly promoted buying on dips rather than chasing prices.

Gold (dip entry)

• “Wait for the fall”
• “Initiate buying if gold falls to $56.”
• Dips are framed as a reflection of a commodity boom, implying pullbacks may be used for accumulation.

Macro-to-commodity linkage (high level)

• After non-farm payrolls, near-term gold targets were expected to be met.
• US inflation data (released on Wednesday) was viewed as unlikely to rise “much,” which was considered supportive for gold.

Risk Notes / Cautions / Conditions

• Gold: Inflation supportive near-term, but guidance emphasized waiting for a pullback to enter.
• Crude oil: Short-term pressure acknowledged, but guidance suggests no long recessionary regime.

Disclosures / Disclaimers

• No explicit “not financial advice” disclaimer was present in the provided subtitles/text.

Presenters / Sources

• Kunal Shah — Head of Commodity Research, Nirmal Bang.