COMMODITY MARKET: GOLD AND SILVER PRICES FALL SHARPLY, CRUDE OIL PRICES RISE ON TODAY

Domestic commodity market was trading with negative note on Friday as base metals and yellow metals were trading lower. At the same time Agri commodities were trading with negative note and Energy commodities were trading mixed. On MCX, CPO, Cotton, Crude oil, Mentha oil futures were trading positively while rests other were trading negatively.

Commodities Buzz:

Energy Commodities were trading mixed. Crude Oil Index inched up 0.27% at Rs. 3748.00 per barrel. Crude oil for January delivery touched an intraday high of Rs 3770 and an intraday low of Rs 3738 per barrel on the MCX. Crude oil price rose after Saudi Arabia unexpected pledged to cut additional production, rally in global equity markets and a sharp decline in US crude stockpiles. Natural Gas was trading lower by 2.93% at Rs. 195.20 per mmBtu.

MCXMELTDEX Jan delivery was trading 0.84% lower at Rs. 13984 unit. Base metals traded lower as al the metal commodities were trading on weak note. Among Base Metals commodities, Zinc was trading 1.68% lower at Rs. 222.90 per kg. Nickel dropped 1.29%, Aluminium future fell 0.54%, Lead future was trading down by 0.72%, Copper future declined by 0.27%.

Gold and silver prices fell sharply today in Indian markets, tracking a decline in global rates. February gold futures on MCX fell 1.32% to Rs. 50231 per 10 gram, in its second decline in three days. As compared to August highs of Rs 56,200, gold rates are down about Rs. 6,000 per 10 gram. Silver futures today slumped 2.19% to Rs.68427 per kg.MCXBULLDEX Jan future was also trading marginally lower 1.46 % at 15720 per unit.

Agri index was trading higher as all the commodities were traded positively.CPO and Cotton Jan future was trading higher by 0.34% and 0.33% respectively. Mentha oil Jan future was trading 0.09% up at Rs. 994.10 per kgs.