Commodity prices traded lower on Thursday after a positively close in previous session. Currently, Most of the commodities traded lower except agri commodities. Mentha oil stood as top gainer while Crude oil was top loser of today’s trading session.
MCXBULLDEX was down by 0.69% at 14065. Gold and silver prices in India fell today amid mixed global cues. Surging coronavirus cases and a dip in US bond yields supported the safe-haven appeal of gold while a stronger US dollar weighed on the precious metal. On MCX, gold futures for April delivery were down 0.48% at Rs.44645 per 10 gram while silver futures edged 2.01 % lower to Rs. 63935 per kg.
Crude oil futures dropped to Rs 4309 per barrel on today as participants increased their short positions as seen by the open interest. Crude oil weakened on rising US crude stockpiles, stronger dollar and concerns over demand recovery as nations imposed fresh restrictions to stem the spread of COVID. Crude oil jumped sharply yesterday after a large container ship ran aground in Suez Canal blocking the crucial trade route from Asia to Europe and will take a few days to free up the vessel despite best efforts by the canal authorities. Crude future for April delivery was trading down by 2.45%, to Rs.4338 a barrel. Natural Gas Mar future was trading lower by 0.44% to Rs. 182.30 per mmBtu.
Base metals complex traded mixed as most of the metals kept to lower trading range on demand growth concerns. A stronger dollar put pressure on base metals along with demand growth concerns over lockdown in Germany and other parts of the Europe. Base metals capped the downside with delay in shipment due to blockage in Suez Canal.
Agri commodities traded mixed. Mentha oil stood as top gainer, registering a gain of 1.64% at Rs. 957.90 per kg .CPO and Cotton futures declined by 0.17% and 0.24% respectively.