Domestic Commodity markets ended the week negatively with total turnover decline by 26.26% at Rs. 10478143.94 lakh in various futures & option contracts for commodities listed at MCX during the week 28thDec 2020 to 1st Jan 2021 as compared to previous week. Domestic Commodity Market was closed on Friday for NEW YEAR in Evening trading session.
Base metals prices have shown bearish move with all the base metals traded under pressure in MCX as investors squared off their positions ahead of year end. The worries over lockdown measures amid pandemic fears has pressured base metals prices. Among Base Metals commodities, Nickel Jan futures lose by 4.75%. Followed by Zinc, Aluminium, Copper and Lead dropped by 2.98% 1.62%, 1.55% and 0.29% respectively.
The precious metals ended the week marginally up. Gold traded volatile throughout the week and ended with gains . Gold Feb Future was up 0.34% at Rs. 50244 per 10 gms as against previous week close of Rs 50073 per 10 gms. Silver Mar future was also up by 0.91% at Rs. 68123 per kg. Gold and silver edged higher on the first day of the New Year though gains were moderate. In Indian markets, both gold and silver had logged strong annual gain for the year 2020, rising 27% and about 50%, in tandem with a rally in global prices.
Natural gas futures soared to Rs 186.40 per mmBtu on January 1 as participants increased their long positions as seen by the open interest. But, In weekly basis, It has slipped 1.12% at Rs. 185.40 per mmBtu as against previous week close of 187.50 per mmBtu. Crude oil Jan future ended the week 0.76% lower to Rs. 3527 per barrel after close with gains on Friday.
Agri commodities ended the week positively where CPO Jan future gained nearly 1.92% and Cotton Jan up by 0.92% but Mentha oil Jan delivery fell by 1.26%.