A widening trade deficit effected the commodity market

Commodities MCX

This week commodity market Gold, Silver and Crude Oil futures contracts closed with losses as follows

GOLD 10 g” (99.9 Pure)

  • In the commodity market last week Gold February 2019 futures contract closed at ₹31,553 with the aggregate loss of ₹42.
  • This week Gold Feb futures contract opens at ₹31,496 on Monday
  • Gold highest gain ₹84 on 20th Dec 2018
  • Gold highest loss ₹467 on 18th Dec 2018
  • Week last day of the trading Gold closed at ₹31,193 with the aggregate loss of ₹360

SILVER (1 KG)

  • Last week Silver March 2019 futures contract closed at ₹38,054 with the aggregate gain of ₹82
  • In the current week Silver futures contract opens at ₹37,965 on Monday
  • Silver highest gain ₹226 on 19th Dec 2018
  • Silver highest loss ₹716 on 18th Dec 2018
  • Week last of the trading Silver closed at ₹37,256 with the aggregate loss of ₹798

CRUDE OIL (1 BBL)

More expensive oil will lead to a widening trade deficit for India, which is a net importer of oil. “Due to India’s heavy reliance on imported oil and gas, the impact of rising world oil prices has significantly increased the oil import bill. This is the key factor that is driving the deterioration in India’s trade position, with July’s trade deficit hitting a five-year high,” said Chief Economist Rajiv Biswas. Imports grew at a faster pace than exports over 2017 and 2018, he noted.

  • In the commodity market last week Crude oil December futures contract ended at ₹3,690 with the aggregate loss of ₹159.
  • This week Crude future December contract opens at ₹3,730 on Monday and the contract ended on 18th Dec 2018 at ₹3,292. Crude oil January 2019 futures contract will be continued and on Monday i.e. 17th Dec 2018 opens at ₹3,733
  • Crude oil continued with losses in this week too. Highest loss is ₹135 on 20th Dec 2018 in Jan 2019 contract
  • Week last trading day Crude Oil closed at ₹3,236 with the aggregate loss of ₹491

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