Even today, the prices of base metals are seeing a good rise. Copper is at a new 10-year high on the LME. At the same time, the price on MCX is at a record level. Apart from copper, the rest of the metals are also strong. Apart from this, recovery in crude has also returned before the OPEC + meeting but there is a concern about the demand.
Brent prices have again reached the $ 66 level. Concerns about crude demand remain. There is a concern about demand from Corona wave in India. The OPEC + meeting is being monitored tomorrow. OPEC + has decided to increase production from May. In May and June, 3.5 million barrels of production will increase. In July, production will increase by 4.5 lakh barrels.
Boom in metals
There is an all-round shopping trend in the base metals. Metals are gaining momentum due to tight supply, strong demand. LME copper is at a new 10-year high. Base metals are seeing a boom in China’s good growth figures. The strike is hampered due to a strike in Chile. The prices have increased due to lower inventory of metals.
Surge in steel
Steel prices have reached new record levels. Iron ore is also at a record level. Estimates of strong demand have accelerated. There is a surge in steel due to the shortage in supply.
Gold has reached a 2-month high on Comex. Gold has been supported by rising cases of corona. The market is watching the US Federal Reserve meeting. The meeting of the US Federal Reserve will begin today. The dollar is seeing an improvement from its 8-week low.
Silver in a small circle
Silver has reached the level of Rs 68,600 on MCX. The recovery in the dollar is seeing pressure at the upper level. Silver is also gaining support in base metals.
Investment advice by Anuj Gupta of IIFL Securities
BUY MCX GOLD JUNE AT 47300, SL – 47000, TARGET – 47800
BUY MCX SILVER MAY AT 68300, SL – 67700, TARGET – 69000
BUY MCX COPPER MAY AT 757, SL – 752, TARGET – 765
BUY MCX CRUDE OIL MAY AT 4630, SL – 4570, TARGET – 4720
BUY MCX ZINC MAY AT 233, SL – 231, TARGET – 238
SELL NCDEX SOYABEAN MAY AT 7060, SL – 7160, TARGET – 6850
SELL NCDEX CHANA MAY AT 5300, SL – 5410, TARGET – 5250
SELL NCDEX COCUDAKL MAY AT 2600, SL – 2670, TARGET – 2450
Investment advice by MOFSL’s Kishore Narne
MCX SILVER MAY BUY AT 68500 SL 68100 TGT 69000
MCX COPPER MAY BUY AT 758 SL 755 TGT 763
MCX ZINC MAY BUY AT 234.50 SL 233 TGT 236
MCX CRUDE OIL MAY BUY AT 4640 SL 4585 TGT 4730
MCX NATURAL GAS MAY BUY AT 214 SL 211 TGT 218.50
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