WEEKLY COMMODITY MARKET: GOLD, SILVER CRUDE OIL PRICES SURGE FOR THIS WEEK

Domestic Commodity markets remained positively with recording total turnover at Rs. 10222433.2 lakh in various futures & option contracts for commodities listed at MCX during the 29th Mar to 2nd Apr 2021. Commodity market closed on account of “Good Friday”.

The prices of gold and silver continued to remain volatile throughout the week but set for first weekly gain in the month of April. Gold Apr future registered a weekly gain of 0.28% at Rs. 44767 per 10 gm while Silver Prices followed the trend line of Gold future. Silver May Future settled at Rs. 65089 per kg on Friday with a weekly gain of 0.44%. Gold Prices bounced back on Thursday from three-week low hit in the previous session as the U.S. dollar and Treasury yields eased, while President Joe Biden’s $2 trillion –plus jobs plan further supported the metal’s appeal as a hedge against inflation.

Most of base metals ended the week negatively except Lead and Nickel futures at MCX. Aluminium Apr future ended the week with loss of 0.53% at Rs. 178.15 per kg. Copper Apr future ended with losses of 0.64% to Rs. 669.40 per kg and Zinc Apr future ended with losses of 0.86%. Lead and Nickel recorded a weekly gain of 0.93% and 0.59% respectively.

Energy commodity ended the week positively. Crude oil rose over 3% on Friday and posted a weekly gain of 1.30% at Rs. 4514 per barrel. Oil prices jumped on Thursday after preliminary news that OPEC+ reached a deal to gradually ease production cuts from May. Natural Gas Apr delivery ended the week positively up by 1.52% at Rs. 194.20 per mmBtu.

Agri commodities have seen a bullish line in 1st week of April. CPO gained nearly 3% and Cotton posted a gain of 0.81%.Kapas and Mentha oil Apr future posted a weekly gain of 1.67% and 0.38% respectively.