COMMODITIES TRADE MIXED; EXPECT BASE METALS AND CRUDE OIL TO TRADE SIDEWAYS

Commodity prices traded mixed on Tuesday as the bullion prices continued upside extending the previous week’s rally while crude oil prices traded lower on demand growth concerns. Currently CPO, Gold, Cotton, Lead futures are trading positively while rest others are trading negatively. Base metals complex traded weak with most of the metals kept to lower trading range on China demand concerns and stronger dollar.

At MCX, Crude oil stood as top loser in early trade, down by 0.91% at Rs. 4702 per barrel. Oil prices fell on Tuesday, extending declines for a third day, as concerns about rising stockpiles in the United States added to the threat to demand posed by countries including Germany and France halting COVID-19 vaccinations.

Natural Gas Mar future opened a gap down and traded lower by 0.17% at Rs. 181.20 per mmBtu.

Zinc Mar future was trading down by 0.61% at Rs. 219.20 per kg, Nickel fell by 0.48% , Copper down by 0.37% and Aluminium declined by 0.29% in early trade. Lead Mar future was up by 0.06% at Rs. 158.60.