CRUDE OIL FUTURES DROPPED OWING TO SURGE IN US CRUDE STOCKS AND GROWING CORONAVIRUS

At the MCX, Crude oil futures for Nov contract was trading at Rs. 2812.00 per barrel, down by -4.16%, after opening at Rs.2887.00 per barrel, against a previous close of Rs. 2934.00 per barrel. It touched an intra-day low of Rs. 2803.00 per barrel and high of Rs.2887.00 per barrel in the future market.

Crude Oil prices slid about 4 percent on Wednesday, as a surge in U.S. crude stocks and growing coronavirus infections in the United States and Europe fanned fears of a supply glut and weaker fuel demand.

Natural gas futures traded lower at Rs 243.10 per mmBtu on October 28 as participants increased their short positions ahead of expiration of contracts later today.

Gold prices slipped in early trade in the domestic futures market on October 28 tracking trends of the international markets.

Crude palm oil futures trade firm at Rs 829.50 per 10 kg on October 28 as participants trimmed their long positions.

On Multi Commodity Exchange, Commodities like Nickel, Zinc, MCX Metldex, Lead, MEntha Oil, Cotton, CPO, Aluminium, Copper futures were the gainers, gained by 1.43%,0.77%,0.66%,0.64%,0.62%,0.41%,0.29%,0.13%,0.08% respectively. While Commodities like Crude Oil, Natural Gas, Silver, MCX Bulldex, Gold, GoldM, Gold Guinea, Gold Petal futures were the losers with a loss of 4.16%, 0.98%, 0.56%, 0.22%, 0.18%, 0.15%, 0.05%, 0.02% respectively.