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COMMODITY MARKET: CRUDE OIL TRADES POSITIVELY; NATURAL GAS DOWN ABOVE 3%

Commodity prices traded on an upbeat note on Monday continuing the positive trade from the previous session. Base metals continued to soar on strong demand outlook. Bullion recovered somehow after weekly losses. On MCX, Zinc, Gold, Lead, Copper, CPO, Crude oil, Silver, Cotton, Mentha oil, Aluminium futures were trading positively while Natural Gas, Nickel futures were trading negatively.

Commodities Buzz:

Gold futures plunged last week as the precious metal touch an eight month low. Both Gold and Silver prices gained on Monday following the trend in international market, thanks to a decline in dollar but the gains were capped by rise in bond yield. On the MCX, gold future for April delivery was trading at Rs. 46575 per 10 gm, up 0.82 %. Silver Mar future was up by 0.59 % at Rs. 69416 per kg. As compared to August highs of ₹56,200, gold traded down more than ₹10,000 from peak levels. MCXBULLDEX Feb delivery was 0.68 % up at Rs. 14885 unit.

Crude oil prices continued to trade positively through out the morning session. Crude oil Mar delivery was trading up by 0.60 % to Rs. 4330 per barrel. Oil prices rose on Monday as the slow return of U.S. crude output that was cut by frigid conditions raised concerns about supply just as demand is coming back from the depths of the coronavirus pandemic. Natural Gas Feb future was trading down by 3.29% to Rs. 214.70 per mmBtu as forecasts showed weather turning less cold.

Base metals complex witnessed strong buying with most of the metals opened higher with higher demand outlook and supply deficit fears. The premium for cash copper over three-month metal is rising showing tight supply in spot market. MCXMELTDEX Feb delivery up 0.65 % up at Rs. 15088 unit. Copper future was trading up by 0.72% at Rs. 689.10 per kg and Zinc Feb delivery up by 1.56% and Lead Feb delivery up by 0.82%.

Agri commodities were trading positively. CPO, Cotton and Mentha were trading up 0.70%, 0.46% and 0.20% respectively.



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