WEEKLY COMMODITY MARKET: GOLD FUTURES CONTINUED TO DOWNWARD THIS WEEK

Domestic Commodity markets ended the week mixed with total turnover stood at Rs. 13411954 lakh in various futures & option contracts for commodities listed at MCX during the week 8th to 12th Mar 2021.

Bullion prices moved lower week over week. Gold Apr future settled 1.47% lower at Rs. 44218 per 10 gm while Silver Prices followed the trend line of Gold future. Gold prices fell in the Indian market on Friday as strength in the Indian rupee against the US dollar weighed on the yellow metal. Silver Mar Future settled at Rs. 65852 per kg , down by 2.51% amid a rally in risk assets like equities..

Base metals complex ended the week higher after steady decline in last week. All base metals ended positively. Aluminium Mar future ended the week 0.98% higher at Rs. 174.60 per kg. Copper Mar future ended with gains of 1.75% to Rs. 696.05 per kg. Lead recorded weekly gains of 2.36% at Rs. 162.45 per kg due to spot demand. Nickel and Zinc Mar future ended with gains of 1.68% and 0.71% respectively.

Oil prices extended several days of losses, amid uncertainty over how much supply producing countries will push to restore to the market at a meeting this week while the coronavirus pandemic persists. In the futures market, Crude oil recorded weekly losses of 0.56% at Rs. 4769 per barrel. Natural Gas ended the week flat with positive bias, up by 0.36% at Rs. 194.50 per mmBtu.

Agri commodities have shown mixed as Cotton and Kapas were closed positively while Mentha oil and CPO ended negatively.