MOST IMPORTANT NEWS ON COMMODITY MARKET:PRECIOUS METALS RISE ON SPOT DEMAND

In commodity’s basket, Most of the products traded in positive note whereas zinc Dec future gained above 1 per cent. All other gainers were Copper, MCXMELTDEX, Lead, Gold, MEntha oil, MCXBULLDEX, GOLDM, GOLDGUINEA, GOLDPETAL, Silver, Aluminium, Nickel, CPO gained by 0.66%, 0.57%, 0.51%,0.43%, 0.40%, 0.38%, 0.35%, 0.32%,0.31%, 0.30%, 0.25%, 0.23% respectively. Crude oil, Natural Gas, Cotton were trading in negative note.

Energy index has shown a negative sign today as crude oil and natural gas were traded with negative note. Crude oil Dec future has shown bearish momentum, traded 2.29% lower at Rs. 3322 per barrel after opened at Rs.3404 per barrel as against previous close of Rs.3400 per barrel. It touched intraday low of Rs. 3310 per barrel. Natural Gas Dec future also shown negative sign, trading 0.78% lower at Rs. 217.10 Per mmBtu as against previous close of Rs.218.80 Per mmBtu.

Amid heavy selling pressure, there was a huge fall in Gold future. Today Gold Dec Future has shown up as speculators created fresh positions on firm spot demand. On the Multi Commodity Exchange, gold contracts for December delivery traded higher by 0.43 per cent, at Rs 48720 per 10gms whereas Silver Dec future also followed the gold trend.

Base Metals traded higher on Thursday with most of the metals resuming the uptrend on strong demand prospects from China. Zinc prices traded higher on lower supply concerns with a rise in industrial demand. Nickel prices rose 0.23 per cent to Rs 1207.20 per kg in futures trade as speculators built fresh positions on rising demand from alloy makers in spot market.