COMMODITY MARKET: GOLD SLIPS ON DOLLAR REBOUND; CRUDE OIL FALLS NEARLY 1PC

Commodity market was trading lower on Friday with most of the commodities were traded negatively. Crude oil prices declined in lower demand outlook. On MCX, Mentha oil, Silver, CPO, Cotton, Zinc were trading with gains. At the same time, Nickel Crude oil, Natural Gas, Copper, Gold, Lead, Aluminium were trading lower in the end of morning session.

Commodities Buzz:

Gold eased as the US dollar and treasury yields rose, but prices were on course for their best week in three underpinned by hopes of more stimulus in the world’s largest economy. On the MCX, gold future for April delivery was trading at Rs. 47325 per 10 gm, down 0.39 %. Silver on the other hand was up in trade by as much as 0.49 % at Rs. 688831 per kg. MCXBULLDEX Feb delivery was 0.12 % down at Rs. 15022 unit.

Crude oil prices extended losses after IEA and OPEC lowered oil demand outlook for the year indicating slower than expected demand recovery. Crude oil Feb future delivery was down by 0.99% to Rs. 4199 per barrel. The Natural Gas Feb future was down by 0.86% at Rs. 207.40 per mmBtu.

Base metals complex traded firm with Zinc prices extended the gains on expectations of supply crunch in global Tin market. The Chinese markets are off to Lunar day which keep base metals trading muted for short term. MCXMELTDEX Feb delivery down 0.51 % up at Rs. 14117 unit.

All the Agri commodities were trading positively. CPO gained by 0.30% to Rs. 1015.10 per 10 kg. Mentha oil was trading up by 1.02% at Rs. 971.90 per kg. Cotton Feb future was trading higher by 0.19% at Rs. 21490 per bales.