Crude oil cost sets India more

Commodities MCX

This week commodity market Gold closing with loses while Silver and Crude Oil futures contracts closed with gains.

GOLD 10 g” (99.9 Pure)

  • In the commodity market last week Gold February 2019 futures contract closed at ₹31,598 with the aggregate loss of ₹405 only
  • In the current week Gold Feb futures contract opens at ₹31,571 on Monday
  • Gold highest gain ₹188 on Wednesday
  • Gold highest loss ₹333 on Friday
  • The last day of the trading Gold futures contract closed at ₹31,456 with the aggregate loss of ₹142 only

SILVER (1 KG)

  • Last week Silver March 2019 futures contract closed at ₹38,706 with the aggregate gain of ₹1,450
  • In current week Silver futures contract opens at ₹38,798 on Monday
  • Silver highest gain ₹374 on Thursday
  • Silver highest loss ₹328 on Friday
  • Week last day of the trading Silver closed at ₹39,173 with the aggregate gain of ₹467

CRUDE OIL (1 BBL)

For the year 2019, the oil import bill is expected to increase in India, Asia’s third-largest economy.

“The net trade oil deficit has widened considerably, owing to a combination of high oil prices and a weak currency,”. The oil import bill in fiscal year 2019 could spike above $114 billion. Between 2017 and 2018, oil imports were about $88 billion — higher than the previous year’s cost of $70 billion. To counter the drag on growth, India needs to reduce its reliance on oil, but steadily rising consumption in the country is not helping, according to a recent Oxford Economics report. “India needs to lower its oil demand and in turn, imports, to make growth more resilient to higher oil prices. But we think this is unlikely in the next ten years.” The report forecast India’s oil demand will increase to 4.4 percent annually in the next decade, compared to 3.7 per year in the last 10 years. The rising oil imports may also hit India’s gross domestic product.

  • In the commodity market last week Crude Oil Jan 2019 futures contract closed at ₹3,185 with the aggregate loss of ₹51
  • In current week Crude Dec futures contract opens at ₹ 3,207 on Monday
  • Crude Oil highest gain ₹151 on Wednesday
  • Crude Oil highest loss ₹43 on Thursday
  • The last trading day of the week Crude Oil closed at ₹ 3,348 with the aggregate gain of ₹163

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