WEEKLY COMMODITY REPORT: WEEKLY COMMODITY: PRECIOUS METAL CLIMBS; BASE METAL FUTURES UP ON HIGHER DEMAND

Total turnover stood at Rs. 18724147 lakh in various futures & option contracts for commodities listed at MCX during the week 5th to 9th Aug 2019. The commodity market gained on Friday with MCX Comdex — the index comprising energy, metals and agri items — closing at 3838.15, up 102.84 points or 2.75% over previous Friday’s. The Metal index closed at 5809.06, up 3.96%, the Agri index was up 3.03% at 2986.79 and Energy index up by 0.08% at 2676.74.

Nickel stood as the top performer of this week, gained nearly 9%. Most of the commodities were the weekly gainers while Cardamom and Zinc were the losers in this week.

Metals Index gained nearly 4 % during this week . In Base Metals, Aluminium Aug contract registered a gain of 0.86% , closed at 140.85 per kg on Friday as against Rs. 139.65 per kg on previous Friday’s while Copper Aug future registered a weekly gain of 2.71 % at Rs. 445 per kg on Friday and Lead Aug future closed at Rs. 155.1 per kg on Friday, registered a weekly gain of 2.38 % over previous Friday’s. Zinc Aug futures lose by 3.48 % at Rs. 181.90 per kg. Nickel Aug future registered a weekly gain of 8.97 % at Rs. 1114.30 per kg on Friday as against Rs. 1022.60 per kg on previous Friday’s close.

In the bullion segment, gold contracts recorded a turnover of Rs 4116883 Lakh, Gold Oct future up by 4.74% at Rs 37992 per 10 grams. Gold prices recorded a new highs in this week as trade tensions between the US and China boosted the safe-haven appeal of precious metal. Silver Sep future gained by 4.74 % at Rs 43324 per kg.

In the Energy segment, Crude oil for Aug closed at Rs 3892 per BBL on Friday , up 0.03% over previous Friday’s while Natural Gas for Aug closed at Rs 151.4 per mmBtu, up 8.29%. Oil prices shows a slight gain due to expectations that falling prices may lead to production cuts, coupled with a steadying of the yuan currency after a week of turmoil spurred by an escalation of U.S.-China trade tensions.

Agri index witnessed a loss of 3.03% during this week. Cardamom lose 1.62% at Rs. 4035.00 per kg on Friday against Rs. 4101.3 per kg previous Friday’s while Mentha oil Aug futures gained 1.64% at Rs. 1294.6 per kg and CPO Aug future gained by 4.95 % at Rs. 544.6 per 10 kg. Cotton Aug closed at Rs. 20280 per bales on Friday, registered weekly gain of 0.85% over previous Friday’s.