COMMODITY MARKET: GOLD AND SILVER TARDE MARGINALLY HIGHER, NATURAL GAS UP BY 6.10%

Domestic Commodity prices traded higher with most of the commodities witnessed heavy buying except Mentha oil. Crude oil, Base metals and Bullion prices traded positively throughout the session. On MCX, Natural Gas future stood as top gainers while Mentha oil was the top loser in the end of morning session.

Commodities Buzz:

Bullion prices have shown a bullish sign. Gold and silver futures prices gained on Friday tracking the trend in the international market and investors buying at lower levels ahead of RBI policy meet outcome scheduled later in the day. Gold April futures were up by 0.92% to Rs 47075 per 10 grams while the silver March futures rose by 1.79% to Rs 68011 per kg. MCXBULLDEX Feb delivery was 1.13 % up at Rs. 14928 unit. Gold inched up today gaining support from ETF buying, US stimulus expectations and loose monetary policy stance of central banks. The precious metal was set for its biggest weekly drop since November-end pressured by a firmer dollar.

Crude oil prices rose by Rs 23 to Rs 4,133 per barrel on Friday as participants widened their positions on firm spot demand.On MCX, Crude oil Feb delivery soars 0.92% at Rs. 4148 per barrel as participants increased their long positions as seen by the open interest. Natural gas futures gained by 6.10% to Rs 220.90 per mmBtu. Natural gas extended gain after a gap up open in the afternoon session, tracking positive global cues.

Base metals complex traded higher as Nickel, Zinc and Copper prices were trading with over half a percent gains on Friday backed by positive economic data from the US. Zinc price was supported by fears of tightening supply of iron ore in China. The slower pace of economic recovery and Chinese Lunar day holidays may limit the upside in base metals till mid-February.

Under Agri index, CPO and Cotton were trading in green while Mentha oil Feb delivery was trading in red down 0.17% at Rs.963.00 per kg.