COMMODITY MARKET: CRUDE OIL FUTURES RISE ON BARGAIN BUYING, RUPEE DEPRECIATION

Commodity prices traded higher on Wednesday after a mixed previous session. Currently, Most of the commodities traded positively except agri commodities.

BULLION:

MCXBULLDEX was up by 0.27% at 14180.GGold price rose in the early trade in the domestic futures market on today supported by an uptick in demand at the spot market while global trends were tepid. Gold and silver fell in the previous session amid strength in the dollar index. Both the /precious metals settled on a weaker note in the international market as well as in the domestic market. On the Multi Commodity Exchange (MCX), gold April future was trading up by 0.25 % to Rs.44756 per 10 gram and Silver May futures rose by 0.78 % to Rs.65476 per kg. Weakness of equities helped gold prices as concerns over rising Covid-19 cases persist, boosting gold’s appeal as a safe heaven asset.

ENERGY:

The energy commodity extended gains after a flat to gap-down start to trade at a high point of the day. Crude oil futures soared after a decline of nearly 5% in previous session. Crude oil surged on bargain buying, weak rupee and a ship ran aground in the Suez Canal despite rising coronavirus cases across the globe, jump in US inventory and demand concerns. A crude future for April delivery was trading higher by 2.20%, to Rs.4326 a barrel. Natural Gas Mar future was trading by 0.22% to Rs. 1836.60 per mmBtu .

BASE METAL:

MCXMELTDEX traded up by 0.65% at 13842. All the base metals were trading positively. Aluminium and Nickel Mar futures were trading over 1 % gains. Lead, Copper and Zinc gained by 0.88%, 0.68% and 0.46% respectively.

AGRI :

Agri commodities traded lower. Kapas stood as top loser, registering a loss of 1.54% at Rs. 1243 per 20 kg .CPO and Cotton futures declined by 1.45% and 1.13% respectively.