In new year holidays, the Crude oil price has gone under pressure, due to cut in positions. however there are fears of the reduction in supply due to production cut, so crude oil price does no fall much. Brent Crude Oil is trading near $54 while at NYMEX Crude fell 0.25%. Gold is trading flat, due to the possibility of increasing rates next year, Gold is under pressure. Unlike Gold, silver is trading up. Silver get support after buying at the lower level. At COMEX Silver price increase 0.25%. Base metals are trading under selling pressure. At China Copper fell more than 2%. Zinc is on high selling.
At the domestic market, Crude oil is trading 0.3% lower on MCX, while natural gas fell 0.8%. Gold is down 0.5%, while Silver is trading below 0.4%.
In Base-Metals Aluminium is trading 0.4% down while Copper is trading with the weakness of 0.1%. The Lead price fell 0.5%, Nickel is trading with the gain of 0.6%, Zinc price is weak 0.5%.
In Agri Commodities at NCDEX Jeera January future is trading up 0.03%, Cotton Seed Oilcake January Future is trading 0.4% down.
NCDEX trading Recommendations
Jeera NCDEX January future Sell below: 16965.06 Targets: 16940.98 — 16908.45 — 16875.95 Stop loss: 16997.64.
Cotton Seed Oilcake Buy above: 1947.02 Targets: 1957.08 — 1968.16 — 1979.26 Stop loss: 1936.00.