COMMODITY MARKET: YELLOW METALS TRADE LOWER; BASE METALS TRADE WITH GAINS

Domestic commodity market was trading negatively on Wednesday after extended gains for the two days of the week. Energy and Bullion commodities have shown negative sign. At the same time Base Metals Commodities were trading with gains on MCX. Zinc stood top gainer while Natural Gas was the top loser in evening trading session.

Commodities Buzz:

MCXMELTDEX Jan delivery was trading 0.87% higher at Rs. 13966 unit. Base metals was keeping the upper trading range on Wednesday with Copper and Zinc prices traded with gains. Base metals witnessed strong buying this week supported by dollar decline on demand growth optimism with positive factory output data from China and US. Copper prices got additional support from supply disruption fears from Peru over protest. Among Base Metals commodities, Zinc was trading higher, gained by 1.15% at Rs. 223.45 per kg. Copper rose above 1% and Aluminium future rose nearly 1%. Nickel and Lead were also trading marginally up.

Gold Feb delivery moved down after touched day’s high of Rs. 51875 per gms and silver was also following the trend. Currently, Gold Feb is trading 0.49% lower at Rs. 51465 per 10 gm while Silver Mar is trading 0.21% down to Rs 70707 per kg.MCXBULLDEX Jan future was also trading marginally lower 0.38% at 16120 per unit. Gold and silver futures prices in the domestic market traded with cuts on Wednesday amid uncertainty around elections in Georgia, which will decide how easy it will be for US President elect Joseph Biden to take decisions during his presidency.

Energy Commodities were trading on negative note as Natural Gas and Crude oil traded lower. Natural gas Jan future dropped nearly 3% and Crude oil Jan future has shown negative sign after a volatile trade.