Crude oil futures prices on MCX gained further ground on the week ended on Thursday, on continued buying support from operators, following firm global trends, while copper slid marginally on lack of fresh buying support.
MCX gold futures gained some ground initially but prices fell sharply on Friday, after prices in London tumbled, as the dollar jumped after better-than-expected earnings results from Citigroup and crude oil prices also fell on worries about demand from China.
The May crude oil contracts were higher by 4% to trade at Rs 4,532 per barrel, up by Rs 160 over the previous week. Total volume was 41.34 lakh barrels (5.74 barrels), while open interest was 13.51 lakh barrels (3.20 lakh barrels). New York?s main oil futures contract, light sweet crude for delivery in May, was traded higher at $115.04 a barrel.
The sliding US currency makes dollar-priced goods, such as crude oil, relatively cheaper for buyers using other currencies, stimulating demand. US crude inventories slumped 2.3 million barrels in the week ending April 11, far steeper than the consensus forecast.
The active June gold contract was higher at Rs 12,117 per 10 gram. Total volume was 35,199 kg, down from 43,541 kg. Open interest increased to 7,083 kg from the previous week?s 6,855 kg.
Gold fell by more than 3% to $906.90 an ounce and was at $913.90/914.60 in New York late on Thursday, when it hit a three-week high. The dollar touched a seven-week high against the yen and pulled further away from a record low versus the euro.
The active copper April contract was traded down at Rs 343.70 per kg, down by Rs 3 over the previous week. Volume was 7,247 tonne (15,977 tonne) and open interest was 9,783 tonne (10,385 tonne). Copper prices in London fell slightly on Thursday, retreating after hitting a record on supply concerns fed by a labour strike in Chile.