Domestic Commodity markets ended the week mixed with total turnover stood at Rs. 12743944.65 lakh in various futures & option contracts for commodities listed at MCX during the week 15th to 19th Mar 2021.
Bullion prices have recorded first weekly gains in March. Gold Apr future settled 0.61% higher at Rs. 45021 per 10 gm while Silver Prices followed the trend line of Gold future. Silver May Future settled at Rs. 67527 per kg on Friday with losses of 0.43% but set weekly gains of 1.02%. Bullion prices rallied after US FOMC meeting as US Fed chairman stayed with dovish stance, keeping bond buying program unchanged. The higher inflation fears boosted buying in precious metals.
Most of base metals ended the week positively except Copper future at MCX. Aluminium Mar future ended the week 4.01% higher at Rs. 177.60 per kg. Copper Mar future ended with losses of 0.63% to Rs. 675.20 per kg. Lead recorded weekly gains of 1.59% at Rs. 162.80 per kg. Nickel and Zinc Mar future ended with gains of 1.12% and 2.05% respectively.
Energy commodities continued to downwards in this week. Crude oil prices traded lower despite of drawdown in weekly inventories as per API report. The stalled vaccinations in European nations and rising virus cases has raised concerns over fuel demand recovery for crude oil. In the futures market, Crude oil Apr delivery recorded weekly losses of 7.43% at Rs. 4459 per barrel. Natural Gas ended the week negatively down by 3.52% at Rs. 183.80 per mmBtu.
Agri commodities also closed the week negatively. Cotton, CPO and Mentha oil futures down by 1.86%, 0.82% and 0.70% respectively. Kapas Apr future settled at Rs. 1262.50 per 20 kg, up by 0.28%.