Crude oil losses demanded 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 April 2019 futures contract closed at ₹33,517 with the aggregate gain of₹133.
    This week Gold April futures contract opens at ₹33,511 on Monday
  • Gold highest gain ₹67 on Tuesday
  • Gold highest loss ₹341 on Friday
  • Week last day i.e. on Friday Gold closed at ₹32,640 with the aggregate loss of ₹877.

SILVER (1 KG)

  • Last week Silver March 2019 futures contract closed at ₹40,268 with the aggregate gain of ₹306.
  • This week Silver futures contract opens at ₹40,270 on Monday
  • Silver highest gain ₹48 on Tuesday
  • Silver highest loss ₹833 on Friday
  • Week last day i.e. on Friday Silver closed at ₹38,301 with the aggregate loss of ₹1967.

 

CRUDE OIL (1 BBL)

With the fast development and trajectory of high rate of growth of the Indian economy, the demand for petrol and petroleum products has been consistently rising and as a result we require importing more of crude oil annually from various foreign countries. Oil is the second largest fuel after coal. India imports close to 70 per cent of its oil requirements from more than 8 countries. The rest 30 per cent of the toil is met through domestic production.

Saudi Arabia and Iran top in the list of the countries from where we import most of the crude oil. The prominent oil companies of India require approximately 330 million dollars every day for the import of crude oil and gas and this figure very strikingly shows how much dollars we require every month to purchase it from the various oil producing countries of the world. Thus, an increase in the demand for the dollar leads to its appreciation and decrease in the value of the Indian rupees.

  • In the commodity market last week Crude oil Mar 2019 futures contract closed at ₹4,085 with the aggregate gain of ₹110.
  • This week Crude future February contract opens at ₹ 4,073 on Monday
  • Crude Oil highest gain ₹137 on Wednesday
  • Crude Oil highest loss ₹153 on Monday
  • Week last day i.e. Friday Crude Oil closed at ₹3,973 with the aggregate loss of ₹112.

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