WEEKLY COMMODITY MARKET: BASE METALS END HIGHER, COPPER FUTURE GAINS 7.17% FOR THE WEEK

Domestic Commodity markets ended the week mixed with total turnover stood at Rs. 18136329 lakh in various futures & option contracts for commodities listed at MCX during the week 15th to 19th Feb 2021.

Gold future settled 0.14% higher on Friday but recorded a loss of 2.37% for the week. India Gold prices traded below Rs. 46000 per 10 gm. Gold prices fell to their lowest in nearly three months and headed for their lowest week since end-November as recent strength in U.S. Treasury yields dented the non-Yielding metals appeal. Gold Apr future ended the week with loss of 2.37% at Rs. 46197 per 10 gm. Silver Mar future declined 0.15% to Rs. 69012 per kg. As compared to August highs of ₹56,200, gold is now down more than ₹10,000 from peak levels.

Base metals complex ended the week higher as most of the commodities traded strong on higher demand optimism. Copper prices traded off the nine years highs as supply deficit fears continued to boost buying. Nickel Feb delivery ended the week with gains of 5.39%. Zinc Feb delivery registered a gains of 4.48% and Lead Feb delivery up by 4.55% as against previous week close. Copper Feb delivery jumped by 7.17% to Rs. 692.25 per kg due to higher demand in spot market. Aluminium rose by 1.10 % at Rs. 170.05 per kg.

After a boost on last week, Crude oil future ended flat note with loss of 0.37% in this week. Crude oil Mar delivery declined by 0.72% to Rs. 4304 per barrel. But, Natural gas Feb futures at Rs.222.00 per mmBtu up by 3.11%.

Under Agri commodities, Cotton Feb future gained 0.75 % and CPO Feb future up by 2.42%. Mentha oil Feb delivery ended the week 0.68% down.