COMMODITY MARKET: CRUDE OIL ERASED EARLIER LOSSES TO TRADE IN POSITIVE TERRITORY IN THE AFTERNOON SESSION AFTER A GAP-DOWN OPEN.

Commodity prices traded positively after opened with weak note. On MCX, Zinc, Aluminium, Natural Gas, Copper, Lead, Mentha oil, Crude oil, Gold, Cotton, Nickel, Kapas were trading higher while Silver, CPO were trading with negatively.

Commodities Buzz:

MCXBULLDEX Mar delivery traded down by 0.98% at Rs. 14459. Gold Apr future traded higher while Silver stood as top loser at the end morning session. Silver May delivery traded down by 0.98% at Rs. 68127 per kg and erased its earlier gains as price breached the trend line support near Rs 68800. Bullion prices traded under pressure on Dollar rally and positive US manufacturing data which boosted risk on sentiment. The optimism over US economic recovery has dampened investment demand for precious metals. Gold prices saw a positive trend in afternoon session after trade negatively. Recovery in gold prices is being seen today. The futures trade for April was up by 0.18% on the Multi Commodity Exchange at Rs 45389 per 10 gm.

At MCX, Crude oil has followed the Gold prices trend. Crude oil traded up by 0.29% at Rs. 4464 per barrel as participants increased their long positions as seen by the open interest. Crude oil had declined on fear of lower Chinese consumption and an increase in OPEC output following a meeting this week. Natural Gas continued to trade with positive side and gained by 1.08% at Rs. 205.50 per mmBtu.

MCXMELTDEX Mar delivery traded up by 0.52 % at Rs. 14806 unit. Base metals complex traded with marginal gains. Zinc, Aluminium, Copper, Lead were trading up by 1.35%, 1.21%, 1.02%, 0.89% respectively.

Agri Commodities also traded higher with Mentha oil,Cotton and Kapa future were trading higher while CPO was trading negatively in evening session.