COMMODITY MARKET: OIL RISES AFTER OPEC+ ALLIANCE OF MAJOR PRODUCERS MAINTAINS OIL OUTPUT CUTS

Domestic Commodity markets traded with mixed. Bullion traded under pressure while Crude oil and Natural Gas recovered on demand growth optimisms. Crude oil stood as top gainers throughout trading session. On other hand, Silver stood as top loser.

Commodities Buzz:

In global market, Oil prices edged higher on Thursday after the OPEC+ alliance of major producers stuck to a reduced output policy at a meeting on Wednesday, and as crude stockpiles in the United States fell to their lowest levels since March last year.On MCX, Crude oil Feb delivery soars 0.69% at Rs. 4098 per barrel as participants increased their long positions as seen by the open interest. Natural gas futures gained by 0.10 to Rs 204.60 per mmBtu after opened gap down in the morning session. It moved upward in evening session.

Bullion prices have shown a bearish sign which not have exceeded the previous close. Gold April futures were down by 0.96% to Rs 47359 per 10 grams while the silver March futures declined by 1.38% to Rs 67622 per kg. MCXBULLDEX Feb delivery was 0.94 % up at Rs. 14969 unit. Gold prices down Rs. 9000 per 10 gm from record highs. Gold rates had hit a record high of ₹56,200 in August.

On Today, base metal prices traded mixed while Copper, Nickel, Zinc traded on negatively and Lead and Aluminium gained 0.52% and 0.34% respectively. MCXMELTDEX traded up by 0.05% at 13430 per unit.

Under Agri index, CPO and Cotton were trading negatively while Mentha oil Feb delivery was trading down 0.17% at Rs.963.50 per kg.