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commodity-update

COMMODITY MARKET UPDATES FOR DECEMBER 21, 2016

Gold futures closed lower in the domestic market on Tuesday as a leading dollar index revived its run to fresh 14-year highs. Gold’s decline comes as Treasury yields remain elevated and stocks forged new intraday records as global financial markets appeared to shake off the uncertainties around violent attacks on a Christmas market in Berlin on Monday and the murder of a Russian envoy to Turkey.

At the MCX, gold futures for February 2017 contract ended at Rs 27116 per 10 grams, down by 0.53 per cent, after opening at Rs 27,180 against a previous close of Rs 27,260. It touched the intra-day low of Rs 27,015.

Silver futures closed higher in the domestic market on Tuesday participants raised their bets amid firming global trends. Analysts attributed the rise in silver prices at futures trade to a firming trend in the precious metals overseas. At the MCX, silver futures for March 2017 contract closed at Rs 39,545 per kg, up by 0.28 per cent, after opening at Rs 39,411, against a previous close of Rs 39,433. It touched the intra-day high of Rs 39,559.

Crude oil futures closed higher in the domestic market on Tuesday ahead of weekly supply updates on U.S. inventories.

However, doubts about the agreement by OPEC and non-OPEC producers to keep output restrained continues to weigh on investor sentiment.

At the MCX, crude oil futures for January 2016 contract closed at Rs 3640 per barrel, up by 0.61 per cent, after opening at Rs 3603, against a previous close of Rs 3618. It touched the intra-day high of Rs 3672.

Mentha oil futures were trading higher during morning trade in the domestic market on Wednesday as investors and speculators build up fresh bets in the agri-commodity amid rise in physical demand for mentha oil from major consuming industries in the domestic spot market.

Further, widening of positions by traders in the spot market was led by rise in physical demand for mentha oil from consuming industries at the domestic spot market against insufficient stocks position on restricted supplies from producing regions, supported mentha oil prices at futures trade.

At the MCX, mentha oil futures for December 2016 contract is trading at Rs 1031.60 per kg, up by 0.92 per cent, after opening at Rs 1028.90, against the previous closing price of Rs 1022.20. It touched the intra-day high of Rs 1036.70

Aluminium futures were little changed during morning trade in the domestic market on Wednesday as participants remained on the sidelines in the industrial metal amid subdued physical demand for aluminium at the domestic spot market.

Further, sluggish physical demand for aluminium at the domestic spot market was due to trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade.

At the MCX, aluminium futures for December 2016 contract is trading at Rs 117.45 per kg, down by 0.09 per cent, after opening at Rs 117.30, against a previous close of Rs 117.55. It touched the intra-day low of Rs 117.25.

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