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WEEKLY COMMODITY REVIEW: CARDAMOM UP ON HIGHER DEAMND; CRUDE OIL DOWN ON FEARS SLOWER GLOBAL ECONOMIC GROWTH

Total turnover stood at Rs. 14501892.46 lakh in various futures & option contracts for commodities listed at MCX during the week Sep 30th to 4th Oct 2019. Commodity markets registered their weekly loss after posting big losses in the previous week. MCX Comdex started the week with negative note and ended at 3897.45, loss of 0.83% over previous Friday‘s close— the index comprise energy, metals and agri items. Indian Commodity markets were shut on account of Gandhi Jayanti on Wednesday. The Energy index closed at 2636.19, down 4.46% and Agri index down by 0.68% at 2873.41 while the Metal index was up 0.81% at 5979.26.

Energy index stood the top loser among the MCX index, Crude oil for Oct future settled at Rs. 3735 per barrel on Friday, lose by 5.06% over previous Friday’s. Crude prices steadied on Friday, but still finished with big weekly losses after a decent U.S. jobs report helped staunch the market’s bleeding over the past eight sessions without covering the gaping hole left by oil bears. Natural Gas for Oct closed at Rs 168 per mmBtu, down 1.81%.

In Base Metals, Aluminium Oct contract recorded a loss of 1.07%, closed at 134.3 per kg on Friday as against Rs. 135.75 per kg on previous Friday’s while Copper Oct future registered a weekly loss of 1.35 % at Rs. 435.8 per kg on Friday. Lead Oct future closed at Rs. 157.4 per kg on Friday and also recorded a weekly gain of 2.01 % over previous Friday’s. Zinc Sep futures lose by 0.33 % at Rs. 181.7 per kg. Nickel Oct future registered a weekly gain of 4.46 % at Rs. 1265.5 per kg on Friday as against Rs. 1223.2 per kg on previous Friday’s close.

In the bullion segment, gold contracts recorded a turnover of Rs 3108311.94 Lakh. Gold Oct future up by 0.02 % at Rs 37757 per 10 gram. Gold prices rose, buoyed by safe-haven sentiment after weak U.S. data deepened concerns over economic growth, with eyes now turning to a jobs report that could signal further U.S. rate cuts. Silver Dec futures lose by 0.30 % at Rs 45379 per kg.

Agri index opened at 2891.42 and closed at 2873.41. Cardamom Oct future gained 7.14% at Rs. 3346.6 per kg on Friday against Rs. 3101.8 per kg previous Friday’s while Mentha oil Oct futures lose 3.24% at Rs. 1217.7 per kg . CPO Oct future lose by 0.33 % at Rs. 544.5 per 10 kg and Cotton Oct closed at Rs. 19690 per bales on Friday, registered weekly loss of 1.60% over previous Friday’s.



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