OIL RISES ON DECLINING U.S. CRUDE STOCKS ; GOLD DECLINES ON RALLY IN EQUITIES, WEAK TREND OVERSEAS

At the MCX, Crude oil futures for Jun 2019 contract was trading at Rs. 4122.00 per barrel, up by 2.32 %, after opening at Rs. 4126.00 per barrel, against a previous close of Rs. 4116.00 per barrel. It touched an intra-day low of Rs. 4119.00 per barrel and high of Rs. 4167.00 per barrel.

Oil prices rose on Thursday after an industry report showed a bigger-than-expected decline in U.S. crude inventories, although concerns that the U.S.-China trade war will trigger an economic downturn kept a lid on gains.

Weak global sentiment and a fall in demand by jewellers at the spot market also took the shine off the yellow metal. Silver prices also came under pressure due to reduced demand by industrial units and coin makers.

Under Base Metals, Nickel , copper, Lead, Aluminium futures fell on today amid subdued demand and weak global cues while Zinc rose 0.02 % in futures trade today as speculators built up fresh positions, taking positive cues from the spot market.

MCXCOMDEX opened with positive note at 3670.88 and traded down by 0.32 % at 3659.94. Commodities like Mentha Oil, Crude oil, Zinc were stood as top gainers, gained by 2.52%, 0.15%, 0.02% respectively. On the other hand, Natural Gas, Cardamom, Copper, Lead, Aluminium, Gold, Silver, Nickel, CPO, Cotton futures were stood as top losers, lose by 1.83%, 1.09%, 0.85%, 0.63%, 0.38%, 0.31%, 0.28%, 0.26%, 0.08% respectively.

Sensex ended 0.84 per cent or 329.92 points higher at 39831.97 and NSE Nifty 50 Index rose 0.71 per cent or 84.80 points to 11945.90