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Home Money

Commodity market: Gold and silver prices still under pressure, oil-oilseeds trend up sharply

by InvestPolicy
March 23, 2021
in Money
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Flat trading in gold - silver shines, what should be the strategy after the rise in crude oil
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Oil-oilseeds continue to be on the uptrend. Soyabean, CPO and Soya oil are at record levels due to boom in overseas markets and supply constraints. Malaysian palm oil is seeing a jump of about 4 per cent. Soya oil is up 2 per cent on CBOT. Strong demand and tight supply have led to a spurt in prices. Focus on green energy in the US is accelerating.

There is still pressure on the prices of gold and silver. Gold is trading below 45000 on MCX. The dollar is strongly under pressure on gold. But rising cases of corona in Europe support prices. However, the recent fall in gold turned silver for jewelery buyers. After the price drop, not only India but other Asian countries like China, Malaysia, there has been a lot of demand.

There is a weakness in crude oil today. There is concern about demand recovery from rising cases of corona in Europe. In addition, Nigeria has cut prices for April, indicating a surge in supplies.

There is an all-round weakness in the base metals today. Corona’s third wave in Europe has raised concerns. Copper has weakened due to increasing inventory. Funds have reduced their position in the copper boom. The metal is under pressure from the recovery in the dollar. Zinc treatment charge is at a two-and-a-half-year low.

Investment advice by Anuj Gupta of IIFL Securities

BUY MCX GOLD APRIL AT 44700, SL – 44400, TARGET – 45200

BUY MCX SILVER MAY AT 65800, SL – 65200, TARGET – 67000

BUY MCX COPPER  MARCH AT 667, SL – 662, TARGET – 676

SELL MCX CRUDE OIL APRIL AT 4460,SL – 4520, TARGET – 4380

BUY NCDEX SOYANEAN APRIL AT 5670, SL – 5570, TARGET – 5800

BUY NCDEX JEERA APRIL AT 14700, SL – 14400, TARGET – 15200

BUY NCDEX REFSOYAOIL APRIL AT 1305, SL – 1280, TARGET – 1345

Investment advice of Motilal Oswal’s Kishore Narnay

MCX GOLD APR BUY AT 44750 SL 44600 TGT 45050

MCX CRUDE OIL APR SELL AT 4460 SL 4500 TGT 4360

MCX NATURAL GAS MAR BUY AT 182 SL 178 TGT 190

MCX COPPER MAR BUY AT 668 SL 664 TGT 676

MCX ZINC MAR SELL AT 218.50 SL 220 TGT 216

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Tags: aBase metalsCommodityCommodity marketCopperCrude oilgoldLeadMCXNatural gasNCDEXNickelsilverZinc

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