COMMODITY MARKET: CRUDE OIL FUTURES SLIP 0.6% AS DEMAND SLUMPS

Domestic commodity market was trading firm on Thursday. Commodities Like, Mentha oil, Zinc, Nickel, CPO, MCXMELTDEX, Aluminium were trading with gains. On other hand, Natural Gas, Crude oil, Lead, GOLDM, Gold, MCXBULLDEX, Copper, Silver were trading on negatively.

Commodities Buzz:

Base metals prices traded higher with Zinc, Nickel and Aluminium reported gains while Copper and Lead traded lower. Base metals recovered on positive global cues as UK and European Union are in final stage of the Brexit agreement which boosted regional currencies pressuring the dollar. The optimism for new relief package from US in early January may support prices to limit downside. MCXMELTDEX was trading 0.29% higher at Rs. 13689 unit.

Natural gas futures fall for second time in three days and traded down by 2.14% at Rs. 187.80 per mmBtu as participants increased their short positions. Natural gas has rallied sharply but is struggling to maintain its momentum. Crude oil prices have shown strong recovery in morning session but turned bearish after a while of trading.Crude oil prices declined after a gap up open and turned into negative territory to day’s low in the afternoon session. At MCX Crude Oil future inched lower 1.26%, at Rs.3521 per barrel.

Mentha oil stood as top gainer in evening trading session, gained 1.07% at Rs. 1009.00 per kg CPO is also trading positive note while Cotton traded flat.

On MCX, February gold contracts were trading lower by 0.29 percent at Rs 50004 per 10 gram. March silver was trading 0.15 percent lower at Rs 67472 per kilogram. Gold prices slipped in the tracking a muted trend in international spot prices. Both the metals can remain volatile ahead of the Christmas weekend.