There is a strong uptick in turmeric due to fears of production shortage and strong demand. It has an upper circuit of 4 percent on NCDEX. Coriander and cumin are also seen in action. Pranesh Mallya of Angel Broking and Vandana Bharti of SMC Global have joined CNBC-Awaaz to talk on Agri Commodity.
Speed in turmeric
At this time, due to fear of turmeric crop, it has seen a boom. Its carryover stock is supported by a decrease. Due to this demand of turmeric remains strong.
Crude oil boom
Crude oil prices continue to rise. After 1 year, Brent again crossed $ 60. Support cuts and hopes of a relief package in the US have supported.
In today’s business, Brent’s price reached close to $ 60. Price cuts are supported by supply cuts. On the other hand, Saudi Arabia has cut production. At the same time, Russia, Iraq have also reduced supply while support in the US is expected from the relief package.
Gold and silver are traded in a very limited range. The dollar is strongly under pressure on prices, but the expectation of a relief package in the US is getting support at lower levels.
Gold in a small circle
Gold is trading above 47,200 on MCX. The dollar is strongly under pressure on prices. The US is supported by weak employment data. In the US, there has been support from increased talk on relief packages. There has been an improvement in spot demand for gold in China.
Slowness in silver
The silver price on MCX has reached close to Rs 68,500. The dollar is strongly under pressure on prices. In the US, there has been support from increased talk on relief packages.
There is mixed business in metals. Expectations of a stimulus package in the US have supported and a strong dollar has limited growth.
Investment advice by SMC Global’s Vandana Bharti
Sell cocud Feb AT 2270, tgt 2200, sl 2300
Buy jeera MARCH AT 13155, tgt 13500, sl 13000
Investment advice by Prathamesh Mallya of Angel Broking
BUY MCX GOLD APRIL AT 47200, SL – 46900, TARGET – 47800
BUY MCX SILVER MARCH AT 68500, SL – 68000, TARGET – 69500
BUY MCX COPPER FEB AT 609, SL – 604, TARGET – 616
BUY MCX CRUDE OIL FEB AT 4140, SL – 4080, TARGET – 4240