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commodity-update

COMMODITY MARKET UPDATES FOR FEB 22, 2017

Gold futures closed flat in the domestic market on Tuesday as the commodity pared an earlier loss in the session, even as U.S. equities resumed their record run and the dollar strengthened.

Some market participants attributed gold’s improved trading level to recent polls that were showing far-right presidential candidate, Marine Le Pen, widening her lead ahead of France’s coming election.

At the MCX, gold futures for April 2017 contract ended at Rs 29303 per 10 grams, down by 0.00 per cent, after opening at Rs 29,202 against a previous close of Rs 29,303. It touched the intra-day low of Rs 29,075.

Silver futures closed lower in the domestic market on Tuesday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels.

At the MCX, silver futures for March 2017 contract closed at Rs 42,803 per kg, down by 0.23 per cent, after opening at Rs 42,810, against a previous close of Rs 42,900. It touched the intra-day low of Rs 42,415.

Crude oil futures closed higher in the domestic market on Tuesday as investors bid up futures contracts on the heels of growing optimism about compliance to a global pact to curb crude output.

The crude rally came as OPEC’s Secretary-General, Mohammad Sanusi Barkindo, offered encouragement about the effectiveness of the Organization of the Petroleum Exporting Countries’ and non-OPEC countries’ agreement to shrink crude supply by about 2 per cent globally, or 1.8 million barrels daily.

At the MCX, crude oil futures for March 2016 contract closed at Rs 3665 per barrel, up by 1.16 per cent, after opening at Rs 3626, against a previous close of Rs 3623. It touched the intra-day high of Rs 3694.