COMMODITY MARKET: NATURAL GAS FUTURES SLIDE ABOVE 5% TO RS 198.40 PER MMBTU IN EVENING TRADE
Commodity Prices is trading mixed on Thursday with bullion prices continued the positive trading while Energy commodities prices were trading lower. In commodity’s basket, Silver Mar future stood as top gainer, gained by 1.11% at Rs.64029.00 Per kg. Followed by Gold , MCXBULLDEX, GOLDM, GOLDGUINEA, GOLDPETAL, Zinc, Lead, CPO, Copper, Nickel, Mentha oil, MCXMELTDEX up 0.86%, 0.85%, 0.80%, 0.77%, 0.71%, 0.47%, 0.38%, 0.30%, 0.28%, 0.19%, 0.16%, 0.12% respectively.
Bullion prices traded higher on expectations of stimulus package from US and European Union despite of significant vaccine progress. Gold futures on MCX were up 0.86 per cent at Rs 49370 per 10 grams. Silver futures added 1.11 per cent to Rs 64029 per kg. In the spot market, gold prices rose Rs 667 to Rs 49242 per 10 gram and Silver also rose Rs 776 to Rs 62902 per kg. Gold and silver futures prices in the domestic market defied international trend and edged higher on Thursday even as Pfizer got UK approval for its vaccine.
Crude oil prices started the day on a weaker note as WTI crude oil were trading marginally down at $45.20 per barrel in the morning trade. Crude oil prices traded under pressure as OPEC plus nations meet again to discuss output quota decision after previous disagreement. The delay in decision making has pushed oil prices lower over concerns of rising virus worries amid lower demand. Crude oil Dec Futures is trading 0.77% lower at Rs. 3333 per barrel. Natural Gas Dec Future is trading lower by 5.30% at Rs.198.40 per mmBtu as participants increased their short positions as seen by the open interest, slipped below Rs.200 Per mmBtu on today.
Base metals prices fared positively on Thursday with most of the metals traded with gains. Base metals are trading with a strong bullish trend on demand growth optimism over vaccine hopes and improved demand from China. Lead and Zinc prices gained the most in recent trades while Copper and Nickel witnessed mixed trading.
