COMMODITY MARKET: GOLD AND SILVER PRICES UP ON SPOT DEMAND

Commodity Prices were trading mixed on Wednesday. Most of commodities were recouped their morning losses. Bullion and Energy commodities were trading higher while agri and base metals traded mixed. In commodity’s basket, Silver Mar future stood as top gainer, gained by 1.36% at Rs.64056.00Per kg. Followed by Natural Gas, Gold, MCXBULLDEX, GOLDM, GOLDGUINEA, GOLDPETAL, Zinc, Aluminium, Copper, Mentha oil, Crude oil, MCXMELTDEX up 1.23%, 1.01%, 0.99%, 0.89%, 0.76%, 0.64%, 0.46%, 0.33%, 0.25%,0.19%, 0.12%, 0.06% respectively.

In MCX, Spot Silver has shown a stunning rally on Today, rallying from just above Rs. 59814 Per kg to Rs. 62126 Per kg, nearly 4%. Bullion prices witnessed strong recovery with fall in treasury yields despite the rally in equity indices. Precious Metals were traded weak in morning session as the US moved towards early vaccination to its people while companies raced towards getting approvals from authorities. On MCX, February gold futures was trading up 1.01% to Rs. 49058 per 10 gram while silver Mar futures advanced 1.36% to Rs.64056 per kg.Crude oil traded lower throughout the day, but it has shown a positive sign in evening session as participants widened their position in spot market. Natural Gas Dec future was trading up 1.23% at Rs.213.60 Per mmBtu.

Base metals traded mixed on Wednesday with most of the metals trading muted near the recent highs. Copper prices continued a bullish stance amid strong demand optimism over vaccine hopes. Higher prices have increased scrap supplies, capping upside for the day. Zinc prices witnessed minor recovery after losing more than 1 per cent in previous trading. In Agri commodities, Cotton Dec Future have shown a negative sign and traded down by 0.75% at Rs. 19910 Per Bales where as Mentha oil Dec was trading up by 0.06% at Rs.944.90 per kg.