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Ahmedabad 3 hours ago Author: Mandar Dave
HNI Investors Lured As Bitcoin Bets Become More Aggressive
Bitcoin is booming. Aggressive buying of Bitcoin hedge funds pushed the 40,000 level to a record 500 40,500. In addition to hedge funds, the lure of HNI investors led to a pullback of investments from the bullion rise, resulting in an average drop in gold from 50 50 to 18 1835 on weekends and silver by 9% to 0.6 24.64. In the domestic market behind the global market, gold also fell nearly 51,000 while silver remained around 65,800. This could quickly reach the 63,000 level.
Strong position thanks to the growth in exports of agricultural products
In the agricultural products sector, crop estimates for the rabi season are high, but export trade has been increasing steadily for some time, which has led to a strong position in the spot market as well as in long-term contracts. term. Soybeans and soybean oil are at record levels. Wheat prices also rose as the new season approached as exports picked up. There is a massive purchase of cotton factories. The dollar is strong and if exports increase, the price of cotton is expected to rise to the 45,000 level.
Profitbooking in Dollar Improving Metals
1. Breaking the bullish trend of the dollar index: The dollar index, which fell to 88 from 104 last year, has temporarily stagnated after rising last week to over 90.
2. Recording of profits in copper-nickel and zinc: Due to the rapid rise in copper-nickel and zinc, the reserve price of investor profits began to fall. Prices fell an average of 5-7% over the week. The new demand is in play at higher prices.
3. Copper can drop to 570, nickel to 1250: the copper range at LME is 8700 above 7000 below. While the nickel will be 15000-19700. Copper at MCX could fall to 570 and nickel to 1250.
Trading lineup for the new week
Note: The price is that of NCDEX-MCX futures contracts