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WEEKLY COMMODITY MARKET: OIL POSTS WEEKLY DECLINE AS DEMAND FEARS DENT SENTIMENT, GOLD REGISTERS LARGEST WEEKLY GAIN SINCE MID-DECEMBER

Domestic Commodity markets ended the week mixed with total turnover declined by 9.50% at Rs. 14500043.08 lakh in various futures & option contracts for commodities listed at MCX during the week 18th to 22nd Jan 2021. Bullion and Base metals prices ended the week with positively after closed marginally lower on Friday while Energy ended with negatively.

Base Metals commodities ended the week with positively where all of the base metals were the weekly gainers. Nickel Jan delivery gained by 0.40% at Rs. 1318 per kg and Lead Jan delivery rose 0.94 % at Rs. 166.95 per kg. Zinc Jan future ended the week marginally up, registered an increase of 0.61%. Aluminium Feb future gained 0.59% at Rs. 162.55 per kg and Copper Feb future ended with gains of 0.43%.

Oil prices fell weighed down by a build in U.S. crude inventories and worries that new pandemic restrictions in China will curb fuel demand in the world’s biggest oil importer. Crude oil Feb posted a weekly loss of 0.21 at Rs. 3835 per barrel. Natural gas futures settled at Rs.179.70 dropped 9.97%, stood top loser in this week.

Bullion prices ended the week with gains for first time in this month after settled lower on Friday. This was the largest weekly gain since mid-December. Gold Feb future saw a 0.90% increase at Rs. 49140 per 10 gms. Similarly, Silver Mar future also rose by 2.90% at Rs. 66642 per kg.

Agri commodities ended the week negatively where Cotton Jan future lose 0.05% and CPO Jan down by 2.74% and Mentha oil Jan delivery fell by 2.51%.



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