COMMODITY MARKET: SILVER RATE SURGES NEARLY 3%; NATURAL GAS SLIDE ABOVE 8% ON MONDAY

Domestic commodity market was trading positively as most of commodities were traded with positive note. Commodities like, Silver and Crude oil have outperformed while Natural Gas traded negatively.

Commodities Buzz:

Bullion prices traded higher on Monday tracking firm international prices. Gold Future was trading higher by 0.03 percent at Rs 50090 per 10 gram. March silver was trading 2.09 percent higher at Rs 68917 per kilogram and touched a high of Rs 69800 per kg on Today. Though gold has recovered from lows of below ₹48,000, it remains significantly lower than the August highs of ₹56,200.In international markets, gold prices jumped 1% on Monday as the metal's appeal as an inflation hedge was boosted by news that U.S. President Donald Trump had signed a long-awaited coronavirus relief aid bill.

Base metals prices traded higher on Monday with most of the metals witnessing strong buying over US aid package and spending. Lead, Copper and Zinc reported gains while Nickel prices were trading with marginal gains on weaker dollar. Base metals also recovered on positive global cues as UK and European Union are in final stage of the Brexit agreement which boosted regional currencies pressuring the dollar. MCXMELTDEX was trading 0.69% higher at Rs. 13782 unit.

On the Multi Commodity Exchange, Crude oil for January delivery traded higher by 1.21 per cent, at Rs 3597 as participants widened their positions on firm spot demand. Natural gas futures traded lower at Rs 171.20 per mmBtu as participants increased their short positions as seen by the open interest.