WEEKLY COMMODITY MARKET: CRUDE OIL JUMPS NEARLY 5%, GOLD ENDS FLAT FOR THE WEEK

Domestic Commodity markets ended the week with positively and total turnover stood at Rs. 16605011 lakh in various futures & option contracts for commodities listed at MCX during the week 8th to 12th Feb 2021.

Gold future settled lower on Friday but recorded flat gains for the week. Gold prices gained tracking a positive momentum in the international spot prices amid weak US dollar index. Gold Apr future ended the week with a gain of 0.13% at Rs. 47318 per 10 gm. Silver Mar future gained 0.55% to Rs. 69117 per kg.

Base metals complex ended the week higher. Nickel Feb delivery ended the week with a gain of 2.11%. Zinc Feb delivery registered gains of 5.40% and Lead Feb delivery up by 2.93% as against previous week close. Copper Feb delivery jumped by 5.18% to Rs. 641.15 per kg due to higher demand in spot market. Aluminium rose by 2.65% at Rs. 168.20 per kg.

Oil futures got a boost on Friday from rising tensions between the Iran-backed Houthis rebels and Saudi Arabia, prompting prices for global benchmark crude to tally a gain of nearly 5% for the week. Crude oil Feb delivery gained by 4.44% to Rs. 4325 per barrel. Natural gas Feb futures stood only loser of this week settled at Rs.215.30 per mmBtu down by 0.28%.

Under Agri commodities, Cotton Feb future gained 0.05 % and CPO future up by 2.78%. Mentha oil Feb delivery ended the week 1.65% up.