COMMODITY MARKET: PRECIOUS METALS RISE FOR 3 DAYS IN A ROW

Domestic Commodity prices extended gains on Wednesday as all the indexes traded higher. Commodities Like, Silver, Natural Gas, Zinc, Mentha oil, MCXBULLDEX, Gold were outperformers of this day. On MCX, Silver gained nearly 3% while Gold rose above 1%.

Commodities Buzz:

Bullion prices continued upside on Thursday with spot gold was trading above RS.49694 per 10 gm while spot Silver was also trading higher at Rs. 66,414 per kg. On MCX, BULLDEX traded 1.25% higher at 15608. Gold Dec futures were up 1.00% at Rs 50092 per 10 grams. Silver futures added 2.57% to Rs 67603 per kg.
Crude oil futures edged higher to Rs 3535 per barrel after a gap up opening on a drawdown in US stockpiles and optimism of coronavirus relief package in the US.
Under Agri commodities, CPO, Cotton and Mentha oil traded higher as participant widened their position on today.
Base metals prices traded higher in the morning trade as Zinc prices led the gains followed by Lead, Nickel and Copper. The accommodative stance from US FOMC and near to zero rates pushed dollar index below 90 mark which supported base metals to trade higher. Base metals prices are in strong bull run over demand growth recovery from China and optimism from vaccine rollouts.