COMMODITY MARKET: CRUDE OIL EXTENDS GAINS ON OPEC+ SUPPLY RESTRAINT

Commodity Prices traded mixed as base metals were trading higher while precious metals were trading lower. Energy segments traded positively and agri commodities traded mixed. On MCX, Nickel, Copper, Aluminium, CPO, Aluminium, Crude oil, Lead, Zinc, Mentha oil, Natural Gas futures were trading with positive note while Cotton, Gold, Silver , Kapas were trading negatively in evening session.

BULLION:

On the Multi-Commodity Exchange, the April gold contracts were trading at Rs 44389 per 10 grams, down 0.34%. Gold futures touched an intraday low of Rs 44217 per 10 gm. May silver futures fell 0.06%, to Rs 65879 per kg touched a low of Rs. 65166 on today. Bullion prices erased the morning losses somehow. Gold remains pressurised by firmness in the US dollar on the back of higher bond yields, optimism about the US economy and safe-haven buying. MCXBULLDEX Mar delivery traded down by 0.28% at Rs. 14102.

ENERGY:

Crude oil prices extended previous gains after OPEC plus nations agreed to keep output quota unchanged in April. Firm crude prices bode well for Indian upstream companies such as ONGC Ltd and Oil India Ltd. In the futures market, crude oil for March delivery touched an intraday high of Rs 4805 and an intraday low of Rs 4694 per barrel on MCX. Natural gas Mar delivery gained by 0.15 % at Rs. 201.00 per mmBtu.

BASE METAL:

MCXMELTDEX Mar delivery traded up by 2.35 % at Rs. 14085 unit. Base metals complex traded up on Friday with most of the metals witnessing short recovery. Nickel prices were trading nearly 3% gains, Copper futures trading over 2 % gains while rest of the metals were up by 1%. Base metals witnessed some profit booking ahead of the weekend, while stronger demand attracted investors at lower rates.

AGRI:

Agri Commodities traded mixed with Mentha oil and CPO future were trading higher while Cotton and Kapas futures were trading negatively in evening session.