COMMODITY MARKET: GOLD PRICES FALL OVER RS 2,100 PER 10 GM POST FM SITHARAMAN’S ANNOUNCEMENT OF CUT IN CUSTOM DUTY

Domestic commodity market was trading mixed. On MCX, Silver, Natural Gas, CPO, Crude oil, Cotton, Nickel, Lead, Aluminium were trading on positively while Gold, Mentha oil Copper, Zinc were trading negatively. Finance Minister Nirmala Sitharaman has presented the Union Budget 2021-22 in Parliament on Today.

Commodities Buzz:

Gold prices plunged over ₹2100 on Monday after the Union Finance Minister Nirmala Sitharaman announced the changes in customs duty rate for precious metals. So far in the trade, Gold April futures have tumbled by 1.74% to Rs 48479 per 10 grams while the silver March futures surged by 5.48% to Rs 73528 per kg.. MCXBULLDEX Feb delivery was trading 0.15 % higher at ₹ 15556 unit.

Crude oil futures edged higher to Rs 3858 per barrel on February 1 as participants increased their long position as seen by the open interest. The crude oil price had declined 0.39 percent last week on the MCX. Crude oil prices extended gain after a gap up open in the evening session tracking positive global cues. Crude Oil prices rose in starting of the week, but showed signs of exhaustion after the inventory data came. Crude oil for the February delivery rose by 0.99 per cent, to ₹3858 per barrel and touched an intraday high of ₹3865 and an intraday low of ₹3825 per barrel. Natural Gas Feb future gave gap up opening and extended their gains as participants increased their long positions as seen by the open interest. Natural gas futures rose to ₹200.80 per mmBtu,

On Today, base metal prices saw a mixed trend. Copper and Zinc were trading lower. At the same time, Nickel, Lead and Aluminium were trading positively. Nickel was trading up by 0.64% at Rs. 1294.90 per kg MCXMELTDEX Feb delivery was trading 0.08 % lower at 13386 unit.

Under Agri index, CPO and Cotton were trading positively while Mentha oil Feb delivery was trading down 1.45% at Rs.965 per kg.