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Domestic commodity market was trading positive on Monday as energy, bullion and base metals prices traded higher range. Commodities like Nickel, Natural Gas, Silver, MCXMELTDEX, Copper, MCXBULLDEX, Lead, Gold, Cotton, GOLDM, Zinc, Crude oil, GOLDGIUNEA, CPO, GOLDPETAL, and Aluminium were trading positively. On other hand, Mentha oil stood as only loser of the trading session.

Commodities Buzz:

MCXMELTDEX Jan delivery was trading 2.16% higher at Rs. 13630 unit. The demand recovery hopes from vaccine rollouts and steady factory activities from China has pushed prices up on Monday. Most of the metals traded higher with Nickel, Zinc and Copper leading the gains. Base metals prices were trading higher in line with strong equity indices with dollar decline. Among Base Metals commodities, Nickel stood as top gainer and gained by 4.46% at RS. 1267.70 per kg. Copper, Lead gained above 2% each. Zinc and Aluminum were also trading higher and gained above 1% each.

Gold and silver futures prices in the domestic market traded with gains as covid-19 cases continued to surge forcing many countries to mull tougher restrictions. Gold rose by 1.84% to Rs 51168 per 10 gram and Silver also gained Rs 2088 to Rs 70211 per kg, from Rs 68123 per kg in the previous trade.MCXBULLDEX Jan future was also trading marginally higher 2.03% at 16005 per unit.

Crude oil futures soared to Rs 3584 per barrel as participants increased their long position as seen by the open interest. Crude oil price rose tracking weakness in the dollar and OPEC+ meeting on output increase today.

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