Global Market Round Up on Commodities by HDFC Securities March, 18 2026

Gold and Silver Price

Gold traded within a narrow range as investors weighed the Federal Reserve’s rate-cut outlook against inflation risks stemming from the war in the Middle East. Bullion hovered near $5,000 an ounce in early trading after closing little changed in the previous session. While the Fed is widely expected to leave interest rates unchanged at its policy meeting later Wednesday, investors will scrutinize the central bank’s assessment of rising energy prices and a softening labor market.

Crude Oil & Natural Gas Price

Oil prices slipped after Iraq reached an agreement to restart exports through Turkey, sidestepping the Strait of Hormuz, while the US ramped up efforts to reopen the vital shipping route. American forces used bunker-busting munitions to target Iranian anti-ship missile installations near the strait, and Tehran confirmed the death of Ali Larijani, a central figure in its wartime leadership. However, diverting Iraqi crude via Turkey is likely to ease supply pressures only modestly. The country’s production has fallen to around 1.4 million barrels per day — roughly one-third of the levels seen before the Hormuz disruption.

Copper and Base Metal Price

Base metals traded on a mixed note, with copper and zinc declining while aluminium and lead posted gains. Zinc recorded the sharpest drop, whereas lead advanced, supported in part by higher crude oil prices that could bolster electric vehicle demand. Aluminium, meanwhile, is struggling to draw buyers in China after prices climbed to a four-year high. Demand has remained weak, leading to a buildup in inventories. Stockpiles of primary aluminium have risen above 1.3 million tons — the highest level since 2020 — as Chinese fabricators scale back purchases to minimal, hand-to-mouth levels. Copper prices also slipped, with inventories monitored by the London Metal Exchange jumping to their highest point in over six years, reflecting continued pressure on physical demand amid elevated prices.

A rally in global stocks extended into a third day as investors looked past near-term geopolitical tensions and searched for signs of stability, even as the war in Iran continued to roil energy markets and stoke inflation concerns. The MSCI All Country World Index the broadest gauge of global equities rose 0.3%, marking its third consecutive gain and the longest winning streak in more than a month. Asian shares climbed 1.4%, led by memory-chip stocks such as Samsung Electronics Co., which are viewed as less exposed to the conflict in the Middle East.