WEEKLY COMMODITY REVIEW: MARKETS ENDED THIS WEEK SLIGHTLY BELOW; GOLD, SILVER, CRUDE OIL DROPPED, CARDAMOM CLIMBED

Total turnover stood at Rs. 20307075 lakh in various futures & option contracts for commodities listed at MCX during the week 9th to 14th Sep 2019. The Commodity markets closed in morning session for MOHARRAM on Tuesday. Commodity markets resumed their weekly declines after posting strong gains in the previous week. MCX Comdex started the week on negative note and ended at 3927.03 with loss of 1.21% over previous Friday‘s— the index comprise energy, metals and agri items. The Energy index closed at 2788.89, down 2.15% and Metal index down by 1.49% at 5963.28 while the Agri index was up 1.56% at 2908.32.

Cardamom future stood as the top gainers of this week, while Bullion commodities and crude oil were the weekly losers.

In the Energy segment, Crude oil for Sep future settled at Rs. 3915 per barrel on Friday, lose by 3.42% over previous Friday’s. Oil prices fell as a meeting of the OPEC+ alliance yielded no discussion about deepening supply cuts but focused instead on bringing Nigerian and Iraqi output down to their agreed quotas. Natural Gas for Sep closed at Rs 186.2 per mmBtu, up 3.96%.

In Base Metals, Aluminium Oct contract recorded a gain of 0.14%, closed at 142.45 per kg on Friday as against Rs. 142.25 per kg on previous Friday’s while Copper Sep future registered a weekly gain of 1.45 % at Rs. 459.95 per kg on Friday and Lead Sep future closed at Rs. 155.95 per kg on Friday and also recorded a weekly gain of 0.35 % over previous Friday’s. Zinc Sep futures gained by 1.54 % at Rs. 187.7 per kg. Nickel Sep future registered a weekly loss of 1.63 % at Rs. 1241.4 per kg on Friday as against Rs. 1262 per kg on previous Friday’s close.

In the bullion segment, gold contracts recorded a turnover of Rs 4124596 Lakh. Gold Oct future down by 2.66 % at Rs 37524 per 10 gram. Silver Dec futures lose by 4.43 % at Rs 45761 per kg. Subdued global prices and an appreciation in rupee's value against the US dollar put pressure on domestic gold and silver prices.

In last week, Agri index had witnessed a decline of 0.64% but during this week, it gained by 1.56%. Cardamom Sep future gained 11.36% at Rs. 3150.6 per kg on Friday against Rs. 2829.1 per kg previous Friday’s while Mentha oil Sep futures gained 1.20% at Rs. 1291.6 per kg. CPO Sep future lose by 0.30 % at Rs. 552.9 per 10 kg and Cotton Oct closed at Rs. 19860 per bales on Friday, registered weekly gains of 2.21% over previous Friday’s.