Gold and silver are looking up for the second consecutive day. Gold has crossed 51 thousand on MCX.
Gold and silver are looking up for the second consecutive day. Gold has crossed 51 thousand on MCX. Silver is also seen beyond 63500. They are getting support from the weakness in the dollar and the hope of a relief package in the US.
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Strong demand from China and expectation of a relief package in the US is showing impetus in base metals. LME copper has reached a height of 28 months. At the same time, LME Nickel is seen at 11 months high.
Natural gas is showing strong boom. Its prices on MCX are seen at 22 months high. But concerns over demand led to the fall in crude oil. Brent is down about 1.5 percent. MCX crude is also showing weakness.
Agri commodity
After several days of fast, there is a slowdown in soybean and mustard. But there is light buying in palm oil. At the same time, gram is broken about 2 percent. Spices are being traded in scope.
For the past few days, Guar has been witnessing a rapid boom. Today, it is trading at around 3 per cent on NCDEX. There has been a jump in demand due to weak crop and spot demand. According to experts, the reason for the rise in guar could be betting besides weak crop. In the last one week, there has been an increase of about 8% in guar gum and about 6% in guar seed. Its demand from the oil-gas sector is still low. On demand from the oil sector, prices will increase further.
Investment advice of Biren Lawyer of Paradigm Commodity
BUY CHANA DEC 5200 TGT 5500 SL 5100
BUY COCUD DEC 1800 TGT 2100 SL 165O
BUY GUAR GUM DEC 6220 TGT 6800, SL 5900
SELL GUAR SEED DEC 4350 TGT 4130 SL 4470
Investment advice by Tapan Patel of HDFC Securities
BUY GOLD DEC 51060, TGT 51400, SL 50900
BUY COPPER OCT 535, TGT 540, SL 532
