COMMODITY MARKET: GOLD RATE GAINS ON HOPES OF A MASSIVE STIMULUS, CRUDE OIL PRICE RISES

Domestic commodity market was trading mixed on Wednesday. Bullion and Crude oil prices were trading positively. At the same time, Agri commodities and metals were trading with negative note. On MCX, Crude oil stood as top gainer while Natural Gas was top loser in evening trading session.

Commodities Buzz:

Gold and silver futures prices in the domestic market gained on Wednesday following the trend in the international market, as hopes of a massive stimulus bolstered the prospects for precious metals. On MCX, Gold Feb futures rose 0.12% at ₹49042 per 10 gram. Silver Mar futures jumped 0.11% higher to ₹66107 per kg. MCXBULLDEX Jan delivery was trading 0.20 % higher at ₹ 15300 unit.

Crude oil Jan delivery prices rose by 1.00% to ₹3927 per barrel on Tuesday as participants widened their positions and touched an intraday high of ₹3937 and an intraday low of ₹3908 per barrel on the MCX. Natural Gas Jan delivery stood as the top loser, lose by 1.88% to ₹ 180.70 per mmBtu.

MCXMELTDEX Feb delivery was trading 0.04 % lower at 13744 unit. Among Base metals commodities, Aluminium and Zinc were trading marginally higher and Copper future trading on flat .At the same time Nickel and Lead were trading with negatively in evening trading session.

Under Agri index, CPO was trading up by 0.08% to ₹. 924.70 per 10 kg while Cotton and Mentha oil were trading negatively in evening session as lower demand in spot market. Cotton and Mentha oil Jan delivery futures lose by 0.19% and 0.85% respectively.