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Commodity prices traded lower on Wednesday as bullion traded with cuts and base metals also traded lower throughout session. But Crude oil moved up. The US bond yields rallied while dollar index recovered marginally for the day. On MCX, crude oil, CPO, Cotton were trading with gains. Aluminium and Natural Gas were trading flat note while Lead, Silver, Gold, Copper, Nickel, Zinc, Mentha oil were trading negatively.

Commodities Buzz:

Bullion prices traded weak with rise in bond yields as vaccine rollouts boosted economic growth optimisms. Continuing the downward slide, gold prices fell for the fifth day in India on Wednesday.On the MCX, gold future for April delivery was trading at Rs. 46576 per 10 gm, down 0.69 %. Silver Mar future was down by 0.87 % at Rs. 68767 per kg. MCXBULLDEX Feb delivery was 0.67 % down at Rs. 14857 unit. The announcement of cut in customs duty on gold in the Union Budget, coupled with other factors, has brought the price of the precious metal to the lowest level in about eight months. In August, gold prices had touched a record high of about Rs 56,200 per 10 gram on MCX.

Crude oil futures traded higher as participants increased their long positions as seen by the open interest. On MCX Crude oil Feb future delivery was up by 1.05% to Rs. 4410 per barrel. Crude oil prices were supported by increased geopolitical tension in the Middle East and its impact on supply. Natural Gas was trading flat in evening trading session.

Base metals complex traded weak as most of the metals were trading off the recent highs. Nickel prices traded under pressure on inventory build in LME while Copper and Zinc traded in the red on stronger dollar. The rally in equity indices and vaccine rollouts may keep investment sentiments high in base metals.MCXMELTDEX Feb delivery down 0.17 % up at Rs. 14357 unit.

Agri commodities were trading mixed. CPO Feb delivery gained by 0.80% to Rs. 1043 per 10 kg. Mentha oil was trading down by 0.05% at Rs. 952 per kg. Cotton Feb future was trading higher by 0.09% at Rs. 21490 per bales.

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