Commodity market: Gold at 2-week high, crude oil pressures from upper levels

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Gold and silver are seeing strength due to weakness in dollar and expectation of relief package in US.




Gold is trading at a height of 2 weeks. Gold and silver are seeing strength due to weakness in dollar and expectation of relief package in US. Gold is also getting support from the weak US job data.

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Gold traded at 2-week high

Gold is trading at a height of 2 weeks. Gold is supported by weakness in the dollar. The dollar has had the worst week in 1 month. Expectation of relief package in US has led to a rise in gold. It is possible to agree on a $ 908 billion package in the US. Hedging is expected to increase inflation when the package arrives. Positive news about the vaccine is under pressure. There is also pressure from weak US job data.

Corabor in silver

There is a slight pressure in silver from the upper levels. Silver has gained about 8 percent in 1 week. Silver is being supported by weakness in the dollar. There is support from the hope of a relief package in the US.

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Crude oil pressure from upper levels

Crude and base metals are under pressure due to weak US job data. After a 5-week high, there is a drop in crude. After 5 weeks of strong gains, profit-booking is visible. Brent has slipped from a height of 9 months. OPEC + will make major production cuts from January. The production cut will be 8 percent by December. There has been a 7 per cent production cut since January 2021.

All-round decline in base metals

There is an all-round decline in base metals. Copper is seeing pressure from upper levels of 7 months. The US job data is under pressure from weak. However, there is good demand for base metals from China. The US is also supportive of the expectation of a relief package. There is also support from good news about the vaccine.

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Speaking of Agri

For RM SEED, mustard pressure is being seen to increase sowing area and decrease demand from mills. Sowing has so far reached 1.75 lakh hectares. Mustard demand has also come down from the mills. Demand from mills declined by 9.1 percent in November. Sowing of mustard and coriander has increased in Gujarat.

Investment advice of Kunal Shah of Nirmal Bang Commodities

BUY GUAR SEED DEC 3850 TGT 3990 SL 3790

BUY SOYABEAN DEC 4350 TGT 4500 SL 4290

Investment advice by Jatin Trivedi of LKP Securities

SELL METLDEX DEC 13400 TGT 12900 SL 13700

BUY SILVER MAR 63500 TGT 64500 SL 62800

 

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