COMMODITY MARKET: CRUDE OIL PRICES TURN POSITIVE AS ON SPOT DEMAND

Commodity Prices traded mixed, continuing the trend from the previous session as base metals complex traded weak on china demand worries and bullion prices continued downside while energy index have shown a bullish sign. Currently, Crude oil, Natural Gas, Nickel, Copper, CPO futures were trading with positive note while Lead, Cotton, Silver, Kapas, Zinc, Aluminium, Gold were trading with negative note.

BULLION:

MCXBULLDEX was trading down by 0.45% at 14235. The price of gold has been fluctuating for a few days. In recent days, gold has lost 12 thousand rupees from its high level. Today, the prices of both gold and silver have fallen in the domestic futures market. Gold Apr future was down 0.27% to Rs. 44734 per 10 gram while silver rates declined 0.87% to Rs.66890 per kg amid a rally in risk assets like equities.

ENERGY:

Crude oil futures fell in morning session as participants reduced their positions on low demand. But Crude oil future recouped the morning losses and traded up 0.32% gains. Crude oil price surge pushes up prices of edible oils and spices in a fortnight. In future market, Crude oil for March delivery touched a day’s high of Rs 4710 per barrel and an intraday low of Rs 4617 per barrel on MCX. Natural gas Mar delivery was trading higher by 0.15 % at Rs. 194.00 per mmBtu.

BASE METAL:

Base metals complex traded mixed on Wednesday with Copper and Nickel prices recovered the morning losses and trade on positively while rest of the metals were trading marginally down on demand concern from China. MCXMELTDEX Mar delivery traded down by 0.06% at Rs. 13840 unit. Nickel Mar future was trading up by 0.09% at RS. 1180.50 per kg, Copper Mar future was up above 0.07%.Zinc, Aluminium were trading lower by 0.46%,0.35% respectively. Lead was stood as top loser, down by 2 % on Today,

AGRI

Agri index were trading weak as Cotton, Kapas futures continued to trade downside while CPO Mar delivery up by 0.04% at Rs. 1107.90 per 10 kg.