Commodity market: strengthening in gold – silver in small radius, what should be the investment strategy in crude oil

Today, gold and silver are traded in a small range. Due to the weakness in the rupee, there is little support for domestic prices. But COMEX is seeing weakness. Comex is weak due to increase in bond yields in US, but today our focus will be on how gold and silver will move amid increasing cases of corona. Here, there is a slight increase in the prices of crude oil. The expectation of a recovery in US demand is supporting prices. However, concerns over demand from China put pressure on metals.

Strength in gold

Gold on MCX is trading near the level of Rs 46,700 per 10 grams. Weak rupee is supporting domestic prices. Commex is strongly under pressure in the dollar. The weakness in the US has increased as bond yields increase. Gold is supported by rising cases of corona.

Silver in a small circle

Silver is trading above the Rs 67,000 level on MCX. Silver has gained support due to weakness in the rupee. The weakness is limited in base metals. The dollar is strongly under pressure at the upper level.

Crude strength

Brent prices have come above $ 63. Expectation of demand recovery in the US is supported. Vaccination in the US is expected to improve demand. In Europe, new cases have come down due to lockdowns. Concern has increased due to increasing cases in Asian countries including India. OPEC + supply will increase from next month.

Weakness in metals

Concerns about China’s demand are coming under pressure. The Chinese government has asked banks to reduce lending. Metals have slipped due to strong dollar. Increased Corona cases have raised concerns about demand. The Chilean company Codelco has an agreement with the workers.

New records are being set in soybean prices every day. Today again on NCDEX has made a new peak in soybean. Within a month, there has been a rise of about 25% in soybean. Prices are upbeat due to strong demand and low supply. But after this record-breaking boom, there are also questions about betting in the market.

Investment advice by Kunal Shah of Nirmal Bang Commodities

Buy chana 5350 tgt 5600 sl 5250

Jateen Trivedi’s Investment Advice to LKP Securities

BUY BULLDEX APR CMP 14550 SL 14450 TARGET 14750

SELL COPPER APR AT 690 SL 695 TARGET 680

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