COMMODITY MARKET: GOLD FUTURES TRADE UP AFTER SHARP DECLINE IN LAST TWO DAYS

Domestic commodity market was trading higher with most of the commodities on MCX traded positively. Lead and Zinc futures were performed well. Silver, Copper, Crude oil, Aluminium. Cotton, Gold, Nickel traded higher. On other hands, CPO, Natural Gas, Mentha oil traded lower.

Commodities Buzz:

Gold futures prices rose while silver also rebounded tracking the trend in the international market. Silver prices rocketed as retail investors, egged on by messages on Reddit, piled into the market in an attempt to push up prices. The retail investment frenzy in silver has left dealers from the US to Singapore scrambling for bars and coins to meet demand. Gold April futures were up by 0.07% to Rs 47860 per 10 grams while the silver March futures rose by 0.81% to Rs 68089 per kg. MCXBULLDEX Feb delivery was 0.30 % up at Rs. 15100 unit.

In global market, Oil hit an 11-month high on Wednesday, boosted by a draw in U.S. crude and gasoline stocks, which fuelled demand recovery hopes as OPEC+ has forecast that the market will be in deficit in 2021.On MCX, Crude oil Feb delivery soars 0.50% at Rs. 4025 per barrel as participants increased their long positions as seen by the open interest. Natural gas futures eased to Rs 207.80 per mmBtu as participants increased their short positions as seen by the open interest.

On Today, base metal prices continued to extend their gains. All the base metals commodities traded in positively. Lead and Zinc was trading 1 % higher. MCXMELTDEX traded up by 0.51% at 13415 per unit.

Under Agri index, CPO and Mentha oil were trading negatively while Cotton Feb delivery was trading up 0.09% at Rs.21100.00 per bales.