WEEKLY COMMODITY MARKET: BASE METAL PRICES WITNESSED STRONG RALLY; NICKEL GAINED ABOVE 5%

Commodity markets have seen some volatility in the past couple of weeks. Total turnover stood at Rs. 14689949.52 lakh in various futures & option contracts for commodities listed at MCX during the week 7th Dec to 11th Dec 2020.

Gold and silver showed extreme volatility in this week, but prices recovered from their lows after downbeat U.S. unemployment data and corrections in the dollar index. However, Gold Feb future gained by 0.31% on a positive global trend. Silver traded mildly in the negative territory fell 0.12% to Rs. 63735 Per kg.

In Energy Commodities Crude oil , Natural Gas ended the week with positively. Natural Gas touched its life time low at 175.90 in this week. After heavy falling in Natural Gas price, it has ended the week positively, up by 0.42% at RS. 191.40 per mmBtu. Crude oil rose, extending a sharp rally overnight that saw Brent rise above $50 for the first time since March, as coronavirus vaccination rollouts kept hopes alive that demand for crude would build up next year. Crude oil Dec future up by nearly 1 percent as against previous week.

Base Metals commodities have shown positive sign and reacted positively except Aluminium. Copper, Zinc, Nickel, Lead were the gainers. Among Base Metals Nickel futures gained by 5.53% and Zinc up by 0.91%. Aluminium Dec future ended with negative note,lose by 0.69%.

Agri commodities were in positive side. Cotton, CPO and Mentha oil future were the weekly gainers.