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COMMODITY MARKET: BULLION PRICES STEADY BASE METALS TRADING HIGHER

Commodity prices traded mixed on Wednesday. Base metals complex witnessed strong buying with copper rallying the most. Bullion prices continued the trade downside after trading positively. On MCX, Copper Zinc, Lead, CPO, Nickel, Aluminium, Crude oil, Mentha oil were trading with gains while Natural Gas, Cotton, Silver were trading lower and Gold was trading with flat after witnessing a positive trend.

Commodities Buzz:

Gold prices gained for a fourth straight session in early trade, propelled by a softer dollar, while hopes a U.S. stimulus package will be passed bolstered the metal’s appeal as an inflation hedge.Currently, Gold prices is trading flat. Gold April future was down by 0.01% to Rs 47942 per 10 grams while the silver March futures dropped by 0.42% to Rs 69406 per kg. MCXBULLDEX Feb delivery was 0.11 % up at Rs. 15190 unit.

Crude oil prices moved to new highs not seen over the last 13 months on Tuesday as on the back of supply cuts by major producers. The consumption demand has also been picking up which is supporting the oil. There is fresh optimism towards demand and price growth among the oil producers. After being severely hit during the lockdown because of the Coronavirus pandemic, the crude oil prices are now seeing significant recovery and the trend looks positive in the near to medium term. The increase in price of crude oil will further increase the fuel bill of the consumers. Crude oil Feb future delivery was up by 0.47% to Rs. 4277 per barrel. Natural Gas stood at biggest loser of the day and dropped by 1.56% at Rs. 201.90 per mmBtu. The Natural gas for February delivery touched an intraday high of Rs 206.10 and an intraday low of Rs 200.10 per mmBtu on MCX.

Base metals complex traded positive as most of the metals witnessed buying on Wednesday with copper gaining the most. Base metals prices gained on weaker dollar and stimulus hopes along with lower supply from china on Lunar day holidays. Copper Zinc, Lead, Nickel, Aluminium were trading up by 1.18%, 1.12%, 0.60%, 0.52%, 0.48% respectively. MCXMELTDEX Feb delivery was 0.82 % up at Rs. 14090 unit.

Under Agri commodities, CPO gained by 0.53% to Rs. 1016.50 per 10 kg. Mentha oil was trading up by 0.16% at Rs. 958.50 per kg. Cotton Feb future was trading lower by 0.42% at Rs. 21460 per bales.



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