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COMMODITY MARKET:OIL PRICES SLID AMID WORRIES OVER NEW CORONAVIRUS STRAIN

Domestic commodity market traded mixed on Monday. Energy and Base metals were traded negatively.At the same time precious metals traded mixed. Commodities Like, Mentha oil, Silver, Nickel, MCXBULLDEX, Gold were traded with gains. On the other hand, Crude oil, Cotton, Lead, CPO, Aluminium, Copper, MCXMELTDEX, Zinc, Natural Gas, were traded on negatively.

Commodities Buzz:

Mentha oil prices advanced nearly 2 per cent to Rs 1006.50 per kg in futures trade on today after market participants increased their position, taking cues from spot market on pickup in demand from consuming industries.
Gold February contracts were trading higher by 0.09 percent at Rs 50351 per 10 gram. March silver was trading 0.65 percent higher at Rs 68350 per kilogram and touched high of 71650 on today. Gold was trading higher in India tracking a positive trend seen in international spot prices as investors cheered news that a US fiscal stimulus deal was within reach.
Oil prices slid in early trade on Monday as a fast-spreading new coronavirus strain in the United Kingdom raised concerns that tighter restrictions there and in other European countries could stall a recovery in the global economy and its need for fuel. On MCX, Crude oil dropped 4.17 per cents, to Rs. 3467.00 a barrel.
Under Agri commodities, CPO, Cotton was trading lower while Mentha oil was trading 1.81% higher at Rs. 1006.50 per kg.
Among base metal Copper, Zinc, Aluminium, lead were trading negatively. At the same time Nickel, future was trading 0.47% up at Rs. 1314.40 per kg.



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