COMMODITY MARKET: SILVER RISE ABOVE 2%; CRUDE OIL PRICES UP ON SPOT DEMAND

Domestic Commodity markets traded positively as bullion and crude oil prices gained ahead of US FOMC meet and stimulus expectations. Agri and Base metals commodities also traded on positively. Silver gained above 2.71% while Nickel fell 0.55% and stood only loser in MCX.

Commodities Buzz:

Bullion prices have shown a sharp rally on Wednesday. Bullion prices extended gains awaiting key comments from US Fed while rising hopes for US stimulus pressured dollar index which boosted buying in precious metals. On MCX, BULLDEX traded 1.10% higher at 15491. Gold futures were up 0.72% at Rs 49800 per 10 grams. Silver futures added 2.71% to Rs 66611 per kg.
On the Multi Commodity Exchange, Crude oil prices on Wednesday rose by 0.54% to Rs 3509 per barrel as participants widened their positions on firm spot demand.
CPO, Cotton and Mentha oil were gained on today.
Base metals prices traded mixed in the morning trade on fear of weakening demand over stricter lockdown measures and stimulus hopes. Nickel prices were trading marginally down while Copper, Zinc and Lead prices were trading with gains. Base metals prices are still in strong bull run over demand growth recovery from China and optimism from vaccine rollouts.