COMMODITY MARKET: GOLD PRICE MOVE UP ON TODAY AFTER A FIGHTING OF BULL AND BEAR: NATURAL GAS RISE ABOVE 4%

Domestic commodity market was trading positive on Tuesday as all the commodities trading higher except Mentha oil. Energy and Bullion commodities have shown bullish sign. Commodities like Natural Gas was performed on today and CPO, crude oil, Copper were trading marginally up. On other hand, Mentha oil stood as only loser of the trading session.

Commodities Buzz:

MCXMELTDEX Jan delivery was trading 0.76% higher at Rs. 13721 unit. Base metals traded higher on Tuesday with most of the metals extended gains on demand recovery optimism with vaccine rollouts. The fall in dollar index boosted buying in Copper and Nickel prices. The stronger demand from China has supported base metals to extend gains in 2021 after surging 20% in 2020. Among Base Metals commodities, Copper was trading higher, gained by 1.31% at RS. 609.25 per kg. Nickel rose above 1%. Zinc, Aluminum and Lead were also trading marginally up.

Bullion commodities moved upward on Today as both Gold and silver extending their gains. Gold Feb deliver traded negatively in the morning session and turned positive after a while of trading. Currently, Gold Feb is trading 0.50% up at Rs. 51681 per 10 gm while Silver Mar is trading 0.95% up to Rs 70703 per kg.MCXBULLDEX Jan future was also trading marginally higher 0.57% at 16156 per unit.

Currently, Natural gas railed above 4% on today as participants increased their long position as seen by the open interest. Crude oil Jan future has shown bullish line after a negative trade in morning session.Globally, West Texas Intermediate crude oil gained 2.02 per cent to USD 49.50 per barrel.