COMMODITY MARKET: CRUDE OIL PRICES GAIN 0.51%; NATURAL GAS DOWN BY 1.72%

Commodity prices traded negatively on Wednesday as bullion prices traded steady and base metals traded off the recent highs while Crude oil prices witnessed some selling pressure on inventory build up. Currently, Crude oil, Silver futures are trading positively and rest other commodities are trading negatively on MCX.

Commodities Buzz:

Gold Apr future fell Rs 136 to Rs 46666 per 10 grams due to overnight selling in global prices and rupee appreciation while Silver Mar delivery was trading 0.15% or Rs 102 higher at Rs. 69443 per kg. MCXBULLDEX Feb delivery was 0.01 % down at Rs. 14944 per unit. Bullion prices traded under pressure with rise in US bond yields despite of dovish stance from US Fed chairman Jerome Powell, as he signalled accommodative policy for next couple of years to support economic recovery.

Crude oil prices were trading down nearly 1 per cent in morning session on inventory build as cold freeze has curbed demand from refiners in last few weeks. On MCX crude oil Mar future moved up higher in afternoon trade, gained by 0.51% at Rs. 4498 per barrel. Natural Gas Feb future was trading down by 1.72% to Rs. 205.40 per mmBtu.

Base metals complex traded weak on Wednesday with most of the metals witnessed selling from recent highs in the morning trade. Base metals prices declined on worries over US economic recovery with dovish stance from Fed chairman. Copper prices traded off the 2011 highs as stronger dollar and rise in bond yields capped the upside in commodities. MCXMELTDEX Feb delivery down 0.92 % at Rs. 14926 unit. Copper future was trading down by 0.72% at Rs. 700.75 per kg and Zinc Feb delivery down by 1.10% and Lead Feb delivery down by 0.65%.

Agri Commodities were traded negatively with CPO Feb future lose over half percent .At the same time Mentha oil and Cotton were trading lower by 0.38%and 0.18% respectively.