FPOs have purchased around 500 MT this week. FPOs have purchased 350 MT in mustard this week.
Weakness is being seen in gold and silver. Gold is seen below 50 thousand 500 on MCX. At the same time, silver has slipped below 63 thousand. The news of the Corona vaccine and the relief package in the US is putting pressure on it.
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On the other hand, crude oil continues to be strong. Brent is looking upwards of $ 44. MCX crude is also seeing a rise of more than 1.5 percent. The news of the Corona vaccine and OPEC’s hopes of continuing the supply cut have been supported. Looking at the metals, all base metals except nickel are being traded strongly. Zinc is about 1.5 percent stronger. At the same time, copper is showing a rise of more than 0.5.
Talking of Agri, turmeric is showing weakness due to reduced demand and high carry forward stock. Turmeric has shown weakness for the second consecutive day on NCDEX. There is also a decline in cumin and coriander. Chana is showing pressure in the spot market in anticipation of sluggish demand and good sowing. On NCDEX, its price has broken more than 0.5 percent.
NCDEX is now giving them hedging opportunities in Rabi crops especially gram and mustard so that farmers get a good price for the crop. If you want, Farmer Producer Organizations can buy the put option of mustard and gram. Sowing of both crops is going on right now and even if the price falls when the crop is good, the farmers will still get a good price for the crop. The farmers will also get subsidy on the premium. Let us tell you that FPOs have purchased about 500 MT this week. FPOs have purchased 350 MT in mustard this week.
