The base metal has come down heavily. Copper prices on the London Metal Exchange have come down to the lowest level in the past 4 months. At the same time, in China, the copper is at the lower level of 8 months. In fact, the dollar has slipped to the lowest level in the last 16 months compared to the yen. In such a situation, the decline in the metal market has increased. Aluminum 17 months in China and the price of nickel has come down to a 2 month low.
The gold price has gone upwards over the past 5 weeks. It is noteworthy that despite the weakening demand in Asia, including India, gold is increasing. In fact, the dollar has dropped and hence gold has got support. In the global market, it is trading near $ 1350.
Meanwhile, after the sharp decline in gram prices in the last week, the Madhya Pradesh government has excluded gram, lentil, and mustard from the Bhavantar Yojana. The state government will now buy these three crops from the farmers. The state government has also announced to give 100 rupees bonus over MSP on the gram, lentil, and mustard. At the same time, there has been a strong start of the rupee with the fall in the dollar. The price of one dollar has come down to 65.80 rupees.
Mustard NCDEX (April Futures): Sell - 3985, Stoplaus - 4061, Target - 3901
Cotton Whole NCDEX (April Futures): Buy - 1390, Stoplaus - 1360, Target - 1435
Gold MCX (April futures): Buy - 30850, StopLoss - 30700, Target - 31100
Natural gas MCX (March futures): Sell - 171, StopLoss - 174, Target - 166
Zinc MCX (March futures): Buy - 207, StopLoss - 205.50, Goals - 209.50
No comments:
Post a Comment