CRUDE OIL FUTURES DECLINE ON WEAK GLOBAL CUES; GOLD RISES ON FESTIVE DEMAND

At the MCX, Crude oil futures for Oct 2019 contract was trading at Rs. 3820.00 per barrel, down by 1.27 %, after opening at Rs. 3898.00 per barrel, against a previous close of Rs. 3869.00 per barrel. It touched an intra-day low of Rs. 3797.00 per barrel and high of Rs. 3898.00 per barrel.

Oil prices fell on Monday as scant details about the first phase of a trade deal between the United States and China undercut optimism over a U.S.-Sino thaw that had helped lift crude markets by 2% at the end of last week.

Gold prices traded higher due to festival demand along with weaker rupee also supported the gold prices higher. Silver prices also traded on positive note.

MCXCOMDEX opened flat at 3873.95 and traded down by 0.11% at 3867.94 over previous close at 3872.08. Commodities like Natural Gas, Gold, Silver, Aluminium were stood as top gainers, gained 3.73%, 0.98%, 0.87%, 0.04% respectively. On the other hand, Cardamom, Mentha oil, Crude oil, Nickel, Lead, CPO, Zinc, Copper, Cotton futures were stood as top losers, lose by 4.00%, 1.63%, 1.27%, 0.94%, 0.92%, 0.49%, 0.48%, 0.45%, 0.31% respectively.

After rising around 1 per cent in the intra-day deals, benchmark indices lost momentum in the last hour of the trade to settle with marginal gains on Monday. The BSE Sensex surged 87.39 points, or 0.23 percent, to settle at 38214.47. The Nifty50 rose 36.10 points, or 0.32 percent, at 11341.15.