COMMODITY MARKET: BASE METALS PRICES TRADED WEAK ON THURSDAY

Domestic commodity market was trading mixed on Thursday as energy, bullion and agri prices traded higher while base metals traded in a narrow range. Commodities like Natural Gas, Cotton CPO, Gold, and Silver were trading positively. On other hand, Zinc Mentha oil, Nickel, Copper, Aluminium were trading negatively.

Commodities Buzz:

MCXMELTDEX was trading 0.54% lower at Rs. 13382 unit. Base metals prices traded weak on Thursday with most of the metals traded under pressure as investors squared off their positions ahead of year end. The worries over lockdown measures amid pandemic fears has pressured base metals prices. Among Base Metals commodities, Zinc Jan future lose by 1.18%, Nickel and Copper fell by 0.68% each and Aluminium and Lead Jan future dropped by 0.65% and 0.19% respectively.

Gold traded volatile throughout the session tracking a muted trend in the international spot prices amid improved investor risk appetite. Gold Feb future was trading 0.14% higher and Silver Mar future was trading 0.04% in evening session. MCXBULLDEX Jan future was also trading marginally higher 0.08% at 15698 per unit.

Crude oil prices traded under pressure as pandemic worries overshadowed bullish inventory data and vaccine hopes. The spreading of new strain of coronavirus has raised worries over fuel demand recovery. At MCX, Crude oil prices traded marginally down by 0.09% to Rs. 3515 per barrel.

Agri was trading on positive note as CPO and Cotton future was trading higher, Mentha oil future traded with negatively.