CRUDE OIL PRICES JUMP AS OPEC SET TO EXTEND SUPPLY CUTS

At the MCX, Crude oil futures for Jul 2019 contract was trading at Rs. 4141.00 per barrel, up by 1.12 %, after opening at Rs. 4123.00 per barrel, against a previous close of Rs. 4095.00 per barrel. It touched an intra-day low of Rs. 4123.00 per barrel and high of Rs. 4168.00 per barrel.

Oil prices rose more than 1% on Monday after Russia agreed with Saudi Arabia to extend supply cuts for another six to nine months ahead of an OPEC meeting this week.

Gold suffered a strong fall in futures trade on Monday, hit by a rally in equities and rupee's rise against the dollar along with a fall in demand by jewelers at local markets also dented gold prices.

MCXCOMDEX opened with negative note at 3696.30 and traded down by 0.13% at 3693.07. Commodities like Cardamom, Crude oil, Cotton, Aluminium, Copper, Zinc were stood as top gainers, gained by 4.00%, 1.12%, 0.56%, 0.41%, 0.25% respectively. On the other hand, Mentha oil, Nickel, Gold, CPO, Silver, Lead, Natural Gas futures were stood as top losers, lose by 1.97%, 1.34%, 1.32%, 0.49%, 0.35%, 0.16%, 0.06% respectively. Cardamom stood the top performer of the day while Mentha was the top loser in domestic commodity market.

Domestic Equity market ended at a three- week closing high on Monday, tracking positive cues from global equities amid easing trade tensions between the US and China. Heavy buying was witnessed across financials, banking, automobiles and realty stocks. Sensex ended 291.86 points, or 0.74%, higher at 39686.50 .Similarly Nifty50 too ended with gains of 76.75 points , or 0.65 % at 11865.60.