Commodities traded on an upbeat note on Monday taking cues from a strong global trend. Commodities continued Friday's momentum after they ended higher in the previous session as bullion prices witnessed strong recovery while base metals and crude oil continued gains on demand growth prospects.
After a cut in import duty in domestic market gold came down after the Union Budget. International gold also came down due to a rise in the dollar index and higher US yield. Today, Bullion market remained volatile but seen a good recovery. Currently, Gold April futures were up by 0.28% to Rs 47390 per 10 grams while the silver March futures rose by 0.41 to Rs 69017 per kg. MCXBULLDEX Feb delivery was 0.35 % up at Rs. 15040 unit. Bullion prices traded up from the support levels on disappointing US payroll data and stimulus hopes.
Crude oil prices traded over 1 %and continued upside move after rallying nearly 9% in the previous week. On MCX, Crude oil Feb delivery soars 1.52% at Rs. 4204 per barrel as participants increased their long positions as seen by the open interest. Hopes of fuel demand recovery on US stimulus expectations boosted crude oil prices. The lower supply with output cuts from OPEC plus and weekly draw downs in US inventories has also supported crude oil prices to trade higher.Natural gas futures dropped by 0.93% to Rs 213.90 per mmBtu.
Base metals complex traded higher with Copper and Nickel headed with marginal gains while Zinc and Lead prices were also trading up after opened gap down on Monday. Copper, Aluminium, Nickel, Lead and Zinc were trading up by 0.42%, 0.34%, 0.14%, 0.12% and 0.05% respectively.
Under Agri index, CPO and Mentha oil were trading in green while Cotton Feb delivery was trading in red, down 0.23% at Rs.21340 per bales.