There is a light recovery in crude oil. However, there is pressure from the upper level with increasing production in the US. In such a situation, crude is trading in very small scope. In fact, OPEC, the organization of oil-producing nations, has expressed the hope that the demand for crude will increase this year. But at the same time, it has also been said that the growing demand will not benefit the OPEC, but the US is growing because the production is growing there. Also, OPEC has expressed concern about losing its market share. Meanwhile, the production of crude oil in the US has reached a record of 104 million barrels and by next year it is estimated to produce 112 million barrels of crude. Currently, crude oil is trading at Rs 3,960 with an increase of 0.25 percent on MCX in the domestic market. Natural gas is trading at a low of 0.17 percent with a marginal increase of 177.7 rupees.
There is pressure in copper and nickel, while the rest of the metal is trading on the edge. Although aluminum has touched 3 months on the London Metal Exchange and 14 months of low level in China. Copper on MCX fell 0.3 percent to below Rs 453. Aluminum is trading 0.2 percent and is trading at Rs 135.4. Nickel is trading at 0.68 percent and is trading at Rs 889. Lead is trading 0.3 percent higher at 156 rupees. Zinc is trading at a price of Rs 209.25 with a jump of 0.4 percent.
Weekly figures of unemployment are going to come in the US today. Before that, the movement of gold and silver has been reduced to a very small scope. On MCX, gold is trading at a low of 0.1 percent with a marginal increase of 30,430 rupees. Silver is also trading 0.1 percent higher at Rs 38,780.
Gold MCX (April Futures): Sell - 30500, StopLoss - 30550 and Target - 30330
Crude oil MCX (March futures): Sell - 3970, stoploss - 4015 and target - 3910
Natural gas MCX (March futures): Sell - 179, stoploss - 183 and target - 174
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