COMMODITY MARKET: AGRI COMMODITIES UP ON SPOT DEMAND

On MCX, agri and base metals counters were trading positively while precious metals trading lower and energy index traded mixed. In commodity’s basket, CPO Dec future stood as top gainer, gained by 1.20% at Rs.905.20 per 10 kg. Followed by Cotton, Crude oil, Nickel, Aluminium, Copper were trading positively.

Gold and silver struggled in Indian markets today as US lawmakers were unable to reach a breakthrough in stimulus talks. February gold futures on MCX were down 0.42% to Rs.49055 per 10 gram while silver futures fell 0.37% to Rs.63264 per kg. Gold fell on Thursday, hovering close to a one-week low hit in the last session, with its appeal dented by overall optimism for a vaccine-led economic rebound.

Crude oil prices traded bullish in evening session on Thursday rose by 0.36 to Rs 3389 per barrel as participants widened their positions on firm spot demand. Natural Gas was trading lower by 1.10% to Rs. 180.00 per mmBtu due to lower demand.

Base metals have shown positive sign where Nickel, Copper, Aluminium were trading higher. Base metals on the SHFE rose for the most part on Thursday, holding onto overnight gains, while their counterparts on the LME cruised lower mostly.

Agri Commodities like CPO and Cotton futures have shown a bullish line due to rising demand.