WEEKLY COMMODITY REPORT: MCXCOMDEX ENDED THE WEEK 1.31 PC DOWN

Total turnover stood at Rs. 16679934 lakh in various futures & option contracts for commodities listed at MCX during the week July 1st to 5th, 2019. MCX COMDEX at 3649.75 points was down 1.31% on the previous close, Metal Index by 0.67% at 2883.6 points, Agri-Index by 1.22% at 2848.29 points and Energy Index by 2.55% at 2755.57 points.

Cardamom stood as the best performer of this week. The July contract of cardamom was trading higher mainly due to expectations of a sharp fall in production in 2019-20 (Jul-Jun). Cardamom price record a new high. Cardamom, Gold, Natural gas jump were the gainers while all the other commodities were the losers in this week.

In the Energy segment, Crude oil Jul contract lose 3.96 % at Rs. 3933 per barrel. Concerns about weakening global economy and oil demand growth trumped simmering U.S.-Iran tensions and OPEC and allies’ rollover of the production cuts into 2020, sending oil prices early on Friday on course to book their largest weekly decline in five weeks. Natural gas Jul future recorded a weekly gain of 4.17 % at Rs. 167.2 per mmBtu after opened at Rs. 161.5 Per mmBtu on Monday.

Metal index opened at 5340.89 on Monday and closed at 5309.65 on Friday. Most of the commodities were the weekly losers. Aluminium Jul future recorded with a loss of 0.94 % after opened at Rs. 143.50 per kg on Monday and closed at Rs. 141.85 per kg on Friday. Copper Jul future registered a weekly loss of 1.78 % at Rs. 438.5 per kg on Friday after opened at Rs. 447 per kg. Lead Jul future was opened at Rs. 156.15 per kg on Monday and closed at Rs. 151.95 per kg on Friday, registered a weekly loss of 2.56 %. Zinc Jul futures lose by 3.32 % at Rs. 193.90 per kg after opened at Rs. 200.65 per kg on Monday as against previous close of Rs. 200.55 per kg. Nickel Jul future registered a weekly loss of 2.19 % at Rs. 886.2 per kg on Friday after opened at Rs. 904.7 per kg on Monday as against previous close of Rs. 906 per kg.

In the bullion segment, gold contracts recorded a turnover of Rs 4197306 Lakh, Gold Aug future went up by 1.10% at Rs 34583 per 10 grams. Gold Future gained in the first week of july supported by positive global sentiment and an uptick in demand by jewellers at the spot market. Finance Minister announced in union budget 2019, the custom duty on Gold and other precious metals increased from 10% to 12.5%. Silver Jul future fell by 0.36 % at Rs 37316 per kg.

Agri index was opened with positive note at 2886.6 on Monday and closed at 2883.6 on Friday. Cardamom Jul future recorded a weekly gain of 9.41 % at Rs. 3274.8 per kg. Cotton Jul future was opened with positive note at Rs. 21760 per bales on Monday and closed at Rs. 21300.00 per bales on Friday, registered weekly loss of 1.11%. Mentha oil Jun futures lose 1.14% at Rs. 1234.4 per kg. CPO Aug future lose by 3.07% at Rs. 501.50 per 10 kg.