Today, gold and silver are traded in a very small range. Gold is getting support due to weakness in the dollar, worries about inflation and physical demand.
Gold in a small circle
Gold is getting support due to weakness in dollar. Corona’s rising case, inflation, is being supported. There is good physical demand from China and India. Switzerland’s gold export is at a 10-month high. The US is seeing pressure from good employment figures.
Slowness in silver
The silver price on MCX is around 69,200 rupees. Silver is getting support due to weakness in the dollar.
There is a recovery in crude oil prices today. Crude support is expected to improve demand in the US and Europe, but there are concerns over rising cases of corona in India and Japan. There is support from the US and Europe in the hope of recovery in demand. Libyan production declined by 1 mbpd. The growing cases of corona in India and Japan have raised concerns. Deals in Iran and the US are expected to increase supply.
Shine in metals
Talking about metals, here is an all-round look. Copper on the LME is nearing the upper level of 10 years. The US and China are strengthened by good economic data. Goldman Sachs, Citi has increased the target of copper. Metals are also supported by weakness in the dollar.
There is concern about heavy betting in futures due to the continued uptrend in soybean. In view of this, the Industry Association has demanded a ban on futures. But farmer organizations have opposed this demand. Betting is likely to dominate in soybeans. The Shetkari organization has written a letter to SEBI. The Shetkari organization has opposed the ban on futures. The Shetkari organization says that prices will fall if futures are banned.
Mustard is seen crossing Rs 7300 on NCDEX. Mustard is fast due to decrease inward. Mustard oil demand is better.
Castor seed boom
Castor is up on the back of good export demand. Castor oil is in good demand in China. Castor is being supported by the reduction in production estimates.
Shopping in cotton
Cotton is gaining momentum due to good signals from overseas markets. ICE cotton has gained about 1 percent. Cotton is also strong with demand from domestic mills.
Investment advice by Dharmesh Bhatia of Emirates NBD
Buy May Crude oil 4630, SL 4600 TGT 4700
Buy April Nat gas 204 SL 200 TGT 211
Buy Silver May 68800, SL 68500 TGT 69250
Buy Gold June 47700, SL 47550 TGT 48000
Buy April Aluminum 185 SL 181 TGT 193
Buy April Nickel 1200, SL 1185 TGT 1245
Buy April Zinc 227 , SL 225 TGT 231
Buy April Copper 725 SL 721 TGT 730
Buy USD/INR @ 74.70 SL 74.60 TGT 74.90 ( NDF is trading above 75.05)
Investment advice by Ravi Diyora of Kunvarji Group
CASTOR MAY: Buy at 5370.0 TGT 5500.0 SL 5314
Cocud (Kapas Khali) April: Buy at 2820.0 TGT 2890.0 SL 2788
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