COMMODITY MARKET: COPPER, ZINC FUTURES GAIN ON SPOT DEMAND

Commodity prices traded positively on Thursday as most of the segment traded up. On MCX, Copper, Zinc, Aluminium, Cotton, Crude oil, Lead, Nickel, Gold, Natural Gas were trading positively while Silver, CPO, Mentha oil were trading negatively.

Commodities Buzz:

Gold recovered on Thursday thanks to drop in the bond yield. But rising inflation in the US provided some support. On the MCX, gold future for April delivery was trading at Rs. 46347 per 10 gm, up 0.24 %. Silver Mar future was down by 0.49 % at Rs. 68889 per kg. MCXBULLDEX Feb delivery was 0.06 % up at Rs. 14814 unit.

Crude oil prices continued to trade positively. Crude oil Feb delivery was trading up by 0.54% to RS. 4438 per barrel in the morning trade. Crude oil prices railed to 13 month high levels on fuel demand recovery hopes over vaccine rollouts and positive economic data from the US. Natural Gas Feb future was trading up by 0.21% to Rs. 236.20 per mmBtu.

Base metals complex traded higher with most of the metals witnessed gap up opening as China returns from holidays. Copper prices surged to fresh eight years highs on supply deficit fears and higher demand with strong economic recovery. The rally in equity indices and vaccine rollouts may keep investment sentiments high in base metals.MCXMELTDEX Feb delivery down 1.10 % up at Rs. 14542 unit. Copper future was trading up by 1.71% at Rs. 655.40 per kg .Zinc Feb delivery up by 1.49% and Aluminium Feb delivery up by nearly 1%.

Agri commodities were trading mixed. CPO and Mentha oil were trading negatively while Cotton was trading positively. Cotton Feb was up by 0.70% to Rs. 21600 per bales.