Commodities prices traded negatively as bullion, energy trade with cuts and base metals also traded lower. Currently CPO, Mentha oil futures were trading with positive note awhile Nickel, Copper, Zinc, Lead, Aluminium, Silver, Crude oil, Natural Gas, Cotton, Kapas, Gold were trading negatively in evening session.
Gold today extended its recent fall in Indian markets amid rising US bond yields. Gold price has come down to below Rs 45000 per 10 gram. On the other hand, silver has also come down. On MCX, gold futures fell 0.51% at Rs.44720 per 10 gram while silver slid 1.80 to Rs.66774 per kg. After strong gains in 2020, gold has been under pressure so far this year. In global markets, gold prices were flat after hitting a nine-month low in the previous session. Higher US Treasury yields continued to weigh on the precious metal.MCXBULLDEX Mar delivery traded down by 0.84% at Rs. 14230.
Crude oil futures tumbled to Rs 4444 per barrel down by 1.79% as participants increased their short positions as seen by the open interest. The energy commodity fell ahead of OPEC and allies meet today and on a sharp rise in US crude stockpile.
Crude oil extended fall in the afternoon session after a gap-down open on weak global cues. In the futures market, crude oil for March delivery touched an intraday high of Rs 4529 and an intraday low of Rs 4417 per barrel on MCX.Natural gas Mar delivery lose by 1.06 % at Rs. 204.80 per mmBtu.
MCXMELTDEX Mar delivery traded down by 4.89 % at Rs. 13700 unit. Base metals complex traded weak with Nickel prices losing the most followed by copper. Nickel prices witnessed selloff on higher supplies after Tsingshan Holding Group Co., the world’s biggest stainless steel producer, announced to supply nickel matte easing tight market demand. Copper prices declined with equity indices over weak US economic data. All the commodities in base metals traded negatively in morning session.
Agri Commodities traded mixed with Mentha oil and CPO future were trading higher while Cotton and Kapas futures were trading negatively in evening session.