WEEKLY COMMODITY REVIEW: CRUDE OIL PRICES SUFFER WORST WEEKLY DROP OF THE YEAR; NICKEL, MENTHA OIL SURGE ON STRONG DEMAND

During this week, MCXCOMDEX closed 2.42 per cent down at 3653.83 after opened with flat note at 3750.98 on Monday. It made a weekly low of 3627.69 and high of 3750.98. Metal Index stood as the only gainer among the index; gained by 0.08 per cent per cent while Energy index was the top loser ,lose by 7.32 per cent and Agri index lose by 0.87 per cent during this week. Total turnover stood at Rs. 13038091 lakh in various futures & option contracts for commodities listed at MCX during the week May 20th to 24th, 2019.

Metal index opened at 5199.74 on Monday and closed at 5188.85 on Friday. Most of the commodities were the weekly losers. Aluminium May future recorded with a loss of 2.51 per cent after opened at Rs. 148.15 per kg on Monday and closed at Rs. 145.65 per kg on Friday. Copper Jun future registered a weekly loss of 2.99 per cent at Rs. 415.45 per kg on Friday after opened at Rs. 425.40 per kg. Lead May future was opened at Rs. 127 per kg on Monday and closed at Rs. 126.4 per kg on Friday, registered a weekly loss of 1.25 per cent. Zinc May futures lose by 0.65 per cent at Rs. 213.95 per kg after opened at Rs. 215.00 per kg on Monday as against previous close of Rs. 215.35 per kg. Nickel May future registered a weekly gain of 2.05 per cent at Rs. 862.8 per kg on Friday after opened at Rs. 835.9 per kg on Monday as against previous close of Rs. 845.5 per kg.

Gold Jun future registered a weekly loss of 0.82 per cent at Rs. 31530.00 per 10 gm after opened at Rs. 31679.00 per 10 gm as against previous close of Rs. 31791.00 per 10 gm. Silver Jul futures lose by 0.53 per cent to reach at Rs. 36384.00 per kg on Friday. Precious metals were the weekly losers due to some selling by investors and industrials amid clarity over political uncertainty.

Energy index closed at 2875.44 on Friday, after opened with positive note on Monday at 3108.83. Crude oil Jun future has recorded a loss of 8.41 per cent which opened at Rs. 4470.00 per barrel on Monday and ended at Rs. 4071.00 per barrel on Friday. Crude oil future dropped in current week amid surging U.S. crude inventories as low refinery runs and ongoing trade tensions weighed on the demand outlook. Natural gas May future recorded a weekly loss of 3.12 per cent at Rs. 180.3 per mmBtu after opened at Rs. 186.1 per mmBtu on Monday.

Agri index was opened with negative note at 2887.96 on Monday and closed at 2871.36 on Friday, lose by 0.87 per cent. Cardamom Jun future recorded a weekly loss of 1.43 per cent at Rs. 2287.8 per kg. Cotton May future was opened with flat note at Rs. 21270 per bales on Monday and closed at Rs. 21540.00 per bales on Friday, registered weekly gain of 1.27 per cent. CPO May future was closed at Rs. 507.6 per 10 kg on Friday registered a weekly loss of 3.57 per cent after opened at Rs 524.4 per 10 kg on Monday as against previous close of Rs. 526.4 per 10 kg. Mentha oil May future stood as only gainer, recorded a weekly gain of 5.80 per cent at Rs. 1478.4 per kg on Friday.