DAILY COMMODITY MARKET STRATEGY- 3 Feb 2016
Silver March delivery is marginally down at $ 14.275.Gold and Platinum April series are slightly up at $ 1,127.60 and $ 857.75, respectively.
Gold gained on Monday and below to important levels of 27K. Movement above Rs 27,000 per 10 grams are expected to continue reap benefits for Gold, but volatility will be higher as that trajectory has been broken time and again in last few weeks.
Crude Oil March and Brent Oil April futures have declined 0.5 percent each at $ 29.74 and $ 32.55, respectively. Natural Gas March delivery is almost unchanged at $ 2.040.
Crude Oil February expiry contract closed at Rs 2,069 per barrel on 2 Feb 2016 against 2,153 per barrel on 1 Feb 2016. The prices tested a high of Rs 2,135 per barrel and a low of Rs 2,042 per barrel.
Copper March future has advanced around a percent at $ 2.061.MCX Copper depleted during second straight session of the trading week and ended below Rs 310 per kg that was acting as a support level for the metal.
The prices tested levels of Rs 314.65 per kg as highs and Rs 308.10 per kg as a low. Copper February expiry contract closed at Rs 309.95 per kg against Rs 310.15 per kg on 1 Feb 2016.