COMMODITY MARKET: PRECIOUS METALS FALL AFTER 4 DAYS RALLY

Metal and energy counters on MCX traded mixed on Friday. At the same time, most agri commodities were also mixed as the US Fed rallied behind economic growth.Commodities Like, Natural Gas, CPO, Copper, Lead, Cotton, Nickel, Crude oil, MCXMELTDEX, Zinc, Aluminium traded with gains. On the other hand, Silver, Gold, Mentha oil traded on negatively.

Commodities Buzz:

On MCX, Crude oil has remained volatile throughout the morning session. Crude oil Jan futures edged higher to Rs 3580 per barrel as participants reduced their positions on low demand. However, globally, West Texas Intermediate crude oil was trading 0.29 per cent lower at USD 48.22 per barrel, while Brent crude was quoting 0.39 per cent down at USD 51.30 per barrel in New York. Natural Gas stood as top gainer and gained 2.01% at RS. 197.80 per mmBtu due to spot demand.
Bullion prices continued to trade with bearish where Gold was trading above Rs.50000 per 10 gm but declined by 0.39% at RS. 50194 per 10 gm while Silver was also trading lower at Rs. 67613 per kg after a profit booking on yesterday. On MCX, BULLDEX traded 0.52% lower at 15641.
Under Agri commodities, CPO, Cotton traded higher as participant widened their position while Mentha oil Future traded with negatively on today.
All base metal counters were trading with gains led by Copper that gained 0.63 per cent. Lead, Nickel,Zinc and Aluminium were trading with positively.