WEEKLY COMMODITY MARKET: CRUDE OIL FUTURES SLIPEED 1.77% TO RS 3,619 PER BARREL IN THE WEEK

Domestic Commodity markets ended the week negatively with total turnover decline by 5.68% at Rs. 14211037.33 lakh in various futures & option contracts for commodities listed at MCX during the week 21st to 24th Dec 2020 as compared to previous week. Domestic Commodity Market was closed on Friday for Christmas day.

The precious metals ended the week negatively. Gold futures closed slightly higher Thursday ahead of the Christmas holiday, but booked the first weekly decline in about a month. For the week, gold future slipped 0.46% due to muted trend in international spot prices. Silver for March delivery lose 0.59 %, to end at RS.67509 per kg an ounce, following a 6.55% climb in the previous session.

Natural gas futures ended the week with a loss of 5.21% at Rs. 187.50 per mmBtu as participants increased their short positions. Natural gas has rallied 3.34% in previous session but struggling to maintain its momentum. Crude oil prices had shown strong recovery in previous session with gains of nearly 5%. For this week Crude oil declined by 1.77% at Rs. 3554 per barrel due to lower demand.

Base Metals commodities ended the week negatively. Copper futures lose by 1.65%, Zinc down by 1.08% and Lead fell 3.70% and Nickel slipped by 0.86%. Aluminiun Dec future ended the week positive with gains of 2.50% .

Agri commodities traded mixed where Mentha oil future gained nearly 1% and CPO Dec up by 2.36% but Cotton Dec delivery fell by 1.26%.