WEEKLY COMMODITY REVIEW: MCXCOMDEX DOWN 0.73 PC ; BASE METALS AND AGRI COMMODITIES WEAKEN ON SLUGGISH DEMAND

Total turnover stood at Rs. 16928757 lakh in various futures & option contracts for commodities listed at MCX during the week Oct 14th to 18th Oct 2019. Commodity markets registered loss of 0.73% after posting a marginal gain of 0.15% in the previous week. MCX Comdex started the week with positive note and ended 0.73% lower at 3843.95 over previous Friday‘s close— the index comprise energy, metals and agri items. The Energy index closed at 2690.87, up 0.09% while Agri index down by 1.21% at 2828.54 and Metal index was down 0.98% at 5889.12.

Natural Gas future stood as the top gainer of this week, while Cardamom was the top weekly loser. Bullion prices were slightly higher in domestic commodity market.

Energy index stood as the only gainer at MCX index. Crude oil for Oct future settled at Rs. 3808 per barrel on Friday; lose by 1.58% over previous Friday’s as industry data showed a larger-than-expected build-up in stocks in the United States. Last week, Crude oil Future recorded a gain of 3.59% as producer club OPEC hinted at making deeper cuts in supply while optimism was revived over talks between the United States and China to end their trade war. Natural Gas for Oct closed at Rs 164.8 per mmBtu, higher by 4.24% over previous Friday’s close.

In Base Metals, Aluminium Oct contract recorded a loss of 0.30%, closed at 133.3 per kg on Friday as against Rs. 133.7 per kg on previous Friday’s while Copper Oct future registered a weekly loss of 0.58 % at Rs. 440.6 per kg on Friday. Lead Oct future closed at Rs. 155.35 per kg on Friday and also recorded a weekly loss of 1.02 % over previous Friday’s. Zinc Oct futures fell by 1.23 % at Rs. 185.2 per kg due to lower demand in spot market. Nickel Oct future registered a weekly loss of 6.15 % at Rs. 1171.7 per kg on Friday as against Rs. 1248.5 per kg on previous Friday’s close.

In the bullion segment, gold contracts recorded a turnover of Rs 3096028 Lakh. Gold Dec future up by 0.64 % at Rs 38089 per 10 gram. Silver Dec futures gained by 0.62 % at Rs 45453 per kg.

Agri index opened at 2869.3 and closed at 2828.54. Cardamom Oct future lose 12.78% at Rs 2539.2 per kg on Friday against Rs. 2911.10 per kg previous Friday’s while Mentha oil Oct futures lose 0.80% at Rs. 1201.8 per kg. CPO Oct future gained by 1.93 % at Rs. 558.8 per 10 kg and Cotton Oct closed at Rs. 19580 per bales on Friday, registered weekly loss of 0.41% over previous Friday’s.