WEEKLY COMMODITY MARKET: CRUDE OIL PRCES RISE NEARLY 5% ON FRIDAY BUT POST A WEEKLY DECLINE OF 0.07%

Domestic Commodity markets remained volatile with recording total turnover of at Rs. 14025615 lakh in various futures & option contracts for commodities listed at MCX during the week 22nd to 26th Mar 2021.

The pries of gold and silver continued to remain volatile throughout the week. Gold Apr future settled down by 0.84% at Rs. 44642 per 10 gm while Silver Prices followed the trend line of Gold future. Silver May Future settled at Rs. 64805 per kg on Friday with weekly losses of 4.03% or Rs. 2722. Gold remained under pressure on stronger dollar as investors and traders weighed weak euro and peer currencies, boosting buying in dollar. The rise in bond yields on treasury auction also pressured bullion prices to trade weak despite of pandemic worries across Europe.

Most of base metals ended the week negatively except Nickel and Zinc futures at MCX. Aluminium Mar future ended the week with loss of 0.87% at Rs. 176.05 per kg. Copper Mar future ended with losses of 0.83% to Rs. 669.60 per kg. Lead recorded a weekly decline of 0.22% at Rs. 161.20 per kg. Nickel and Zinc Mar future ended with gains of 3.27% and 0.11% respectively.

Crude Oil market has fallen during most of the week. Finally Crude oil Apr future closed with gains of 4.96% on Friday but set a weekly loss of 0.07%. The energy commodity extended gains on Friday after a plunge a day earlier on concerns that a large container ship that ran aground in the Suez Canal may block the vital shipping lane for weeks, squeezing supply. Prices, however, were still headed for a third consecutive weekly loss Natural Gas ended the week positively up by 0.71% at Rs. 185.10 per mmBtu.