This week in the commodity market took off on Christmas, in the four days commodity trading Gold and Silver closed in profits whereas 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 ₹31,193 with the aggregate loss of ₹360.
- Current week Gold Feb futures contract opens at ₹31,300 on Monday
- Gold highest gain ₹267 on Monday
- Gold highest loss ₹115 on Friday
- The last trading day of the week Gold closed at ₹31,598 with the aggregate gain of ₹405 only
SILVER (1 KG)
- Last week Silver March 2019 futures contract closed at ₹37,256 with the aggregate loss of ₹798
- Current week Silver futures contract opens at ₹38,706 on Monday
- Silver highest gain ₹712 on Wednesday and no loss in the week
- Last trading day of the week Silver closed at ₹38,706 with the aggregate gain of ₹1,450 only
CRUDE OIL (1 BBL)
Oil prices have shot up this year, topping $80 a barrel in May for the first time since 2014. The higher prices were boosted by OPEC-led output cuts and falling Venezuelan and Libyan output, as well as by an imminent drop in Iranian exports as U.S. sanctions return in November this year. OPEC member Iran has exported around 2.5 million barrels per day (bpd) of crude oil so far this year. Most analysts expect this figure to fall by at least 1 million bpd once sanctions kick in. Steadily rising per capita consumption has cemented its position as one of the largest oil importers in the world. This keeps the economy exposed to movements in global oil prices.
- In the commodity market last week Crude oil Jan 2019 futures contract closed at ₹3,236 with the aggregate gain of ₹273
- In current week Crude future December contract opens at ₹3,245 on Monday
- Crude Oil highest gain ₹137 on Wednesday
- Crude Oil highest loss ₹159 on Monday
- The last trading day of the week Crude Oil closed at ₹3,185 with the aggregate loss of ₹51