COMMODITY MARKET: OIL RISES AS TIGHTER SUPPLY OFFSETS VIRUS CONCERN, NATURAL GAS UP 5.49%

Domestic commodity market was trading with positively on Tuesday as all the indices extended their gains. On MCX, Natural Gas has performed well, gained above 5%.Nickel, Zinc, copper and all other base metals commodities also traded on positive note.CPO Jan future was the only loser and trading 0.30% down at ₹980 per 10 kg.

Commodities Buzz:

Gold and silver prices in India continued their volatile ride of this year amid mixed global cues. On the Multi Commodity Exchange (MCX), February gold futures edged 0.27% lower to ₹ 49475 per 10 gram while Silver Mar futures declined 0.73% to ₹ 66033 per kg. Gold prices rebounded from the lows made on previous session despite stronger dollar as worries over rising coronavirus cases boosted buying in yellow metal. MCXBULLDEX Jan delivery was trading 0.44 % higher at Rs. 15396 unit.

Energy Commodities includes Crude oil and Natural Gas have shown bullish line on Today. Crude Oil for January rose 1.17% at ₹3892.00 per barrel and touched an intraday high of ₹3903 and an intraday low of ₹3832 per barrel on the MCX. Oil rose as tighter supply and expectations of a drop in US inventories offset concerns over climbing coronavirus cases globally. Natural Gas stood as top gainer, gained by 5.49% at ₹207.70 per mmBtu.

MCXMELTDEX Jan delivery was trading 1.30 % higher at Rs. 13743 unit. Base metals traded higher on Tuesday. With all metal Nickel gained above 2%. Zinc and Copper were trading with above 1 per cent gains on US stimulus expectations from Biden administration. The strong growth number from China side-lined pandemic worries which boosted buying in base metals. Lead and Aluminium Jan future was trading up by 0.67% and 0.43% respectively.

Agri index was trading mixed. Mentha oil and Cotton Jan future was trading on positively. On other hand, CPO Jan future was trading 0.30% down at ₹ 980.00 per10 kgs.