Commodity prices traded mixed on Wednesday as bullion prices were traded mixed while base metals and agri commodities traded higher. Currently, Nickel, Kapas, Cotton, Aluminium, Copper, Zinc, Lead, Natural Gas, CPO were trading positively while Crude oil, Silver, Mentha oil, Gold were trading negatively.
Bullion prices traded with bearish momentum. MCXBULLDEX was down by 0.25% at 13806. On Tuesday, bullion prices continued downside move on risk-on sentiments and base metals complex traded lower on stronger dollar. Gold prices fell for fifth day today while silver continued its downtrend in Indian markets, tracking softer global rates. On MCX, June gold futures fell 0.27 % to near one-year low of Rs.44304 while silver declined 0.36% to Rs. 62895 per kg. In global markets, gold rates moved lower today after latest official data showed a pick-up in factory activity in China.
Energy commodities continued to be volatile. Whereas crude oil grew in morning trade but turned into negative in evening session. Crude oil futures traded lower by 0.38% at Rs. 4438 per barrel and stood as top loser. Natural Gas traded higher by 0.31% at Rs. 193.20 per mmBtu.
Base metals complex traded firm as most of the metals rose on Wednesday on demand growth optimism. Base metals prices have kept to range bound trading due to mixed fundamentals on China demand optimism and US infrastructure boost. The stronger dollar and rise in bond yields has kept upside limited in base metals in the short term.
Agri commodities traded mixed where Cotton , Kapas and CPO traded higher but Mentha oil traded lower in evening session.