COMMODITY MARKET: YELLOW METAL TRADES WEAK, SILVER TOO FALLS OVER 1%

Domestic commodity market traded negatively on Thursday with most of the commodities of Bullion and energy and base metals segment witnessed some selling pressure. On MCX, Nickel, Natural Gas, Mentha oil, Aluminium were trading on positively. Rest others were trading negatively in evening session.

Commodities Buzz:

Bullion prices were trading on weak note. Gold prices fell sharply in Indian markets with MCX February futures slumping below the ₹49,000 level. Gold future was down 0.88% to ₹48872 per 10 gram while silver futures slumped 1.22% to ₹65217 per kg. The precious metal is now down about ₹7500 from record highs of ₹56,200, hit in August. In global markets, Gold prices were lower today amid higher US Treasury yields and a strong dollar. MCXBULLDEX Jan delivery was trading 0.89 % lower at Rs. 15215 unit.

Crude oil prices traded marginally down on Thursday. Crude oil prices declined on growing coronavirus worries which has dampened demand outlook. Crude Oil for January delivery traded 0.31% lower at ₹3859.00 per barrel and touched an intraday high of ₹3794 and an intraday low of ₹3894 per barrel on the MCX. Natural Gas gained by 0.50% at ₹201.30 per mmBtu.

MCXMELTDEX Jan delivery was trading 0.44 % lower at Rs. 13711 unit. Base metals traded weak on Thursday with most of the metals pared two days’ gains with recovery in dollar. Among Base metals commodities Nickel stood as top gainer and gained by 0.58% at Rs. 1291.90 per kg and Aluminium gained by 0.09% at Rs. 164.25 per kg .Other commodities were trading on marginal negative note.

Under Agri index, Mentha oil was the only gainer. CPO stood as top loser on MCX. Cotton Jan future was trading 0.47% down at ₹ 21260 per bales.