COMMODITY MARKET: CRUDE OIL FUTURES CONTINUE TO RISE; BASE METALS MOVES DOWN NEARLY HALF PERCENT

Commodity prices traded mixed at the end of morning session after continuing the buying trend from the previous session. Bullion prices made strong come back in the first half of morning session and energy prices continued to positive line. On MCX, Crude oil, CPO, Natural Gas, Cotton futures were trading positively while Lead, Aluminium, Nickel, Mentha oil, Zinc, Silver, Copper, Gold futures were trading negatively.

Commodities Buzz:

The precious metal traded negatively after a gap up open in the afternoon session tracking weakness in gold and industrial metals along with the firm dollar. On the MCX, gold future for April delivery was trading at Rs. 46880 per 10 gm, down 0.04 %. Silver Mar future was down by 0.44 % at Rs. 70120 per kg. MCXBULLDEX Feb delivery was 0.23 % down at Rs. 14993 unit.

MCX Crude oil futures surged to a fresh high for the March series at Rs 4566 per barrel on Today. Crude oil prices rebounded on expectations of the slow return of US crude production after last week’s production freeze in Texas. Crude oil prices were also supported by rapidly tightening global supply and vaccine-led recovery this summer. The oil stored at sea dropped to an 11-month low last week, in another sign of dwindling supplies. Natural Gas Feb future was trading up by 0.71% to Rs. 212.40 per mmBtu after a decline in previous session.

Base metals complex witnessed strong buying with most of the metals opened higher in early trading session. But it moved downward and continued to trade negatively in the evening trading session .MCXMELTDEX Feb delivery down 0.44 % up at Rs. 15021 unit. Copper future was trading down by 0.34% at Rs. 696.35 per kg and Zinc Feb delivery down by 0.67% and Lead Feb delivery down by 0.95%.

Under Agri commodities CPO and Cotton were trading positively while Mentha were trading down by 0.76% to Rs. 951.10 per kg.