All the major commodities futures on the MCX platform, on the week ended on Friday, continued to slide tracking global cues amid continued selling pressure by local operators. MCX Gold futures slipped below Rs 13,000 per 10 gram on weak London markets, supported by dull domestic demand.
Crude oil futures also fell sharply by nearly 5% last week amid volatile markets. Volume in gold and crude oil decreased with limited buying support. Major base metals futures also remained weak.
Crude-oil futures fell below $125 a barrel in volatile trading Friday, after the dollar came off earlier lows on stronger-than-expected durables-goods orders.
The crude oil July contracts fell sharply by nearly 5% to trade at Rs 5,356 per barrel compared to the previous week. Total volume was 11.60 lakh barrels, while open interest was 10.26 lakh barrels. Light sweet crude for September delivery moved to $124.53, down 96 cent on the session.
Oil touched as low as $123.85 in electronic moves. Crude oil remains more than $20 from the record levels it saw earlier in the month amid ongoing demand concerns.
The aluminium July contracts expiring on July 31st were traded at Rs 124.25 per kg, down by Rs 6 over the previous week. The open interest was 2330 tonne and volume was 555 tonne. Shanghai aluminium fell last week, as mounting stockpiles in Shanghai and London sparked investor worries that the market was over supplied.
The August gold contracts remained weak at Rs 12,767 per 10 gram, down by 3.57% or Rs 473 per 10 gram over the previous week. Total volume was 17,320 kg. Open interest was 9,480 kg. London gold drifted lower on a firmer dollar and weaker crude oil. The dollar was lower Friday against most other major currencies in European trading.
The copper August contracts fell to Rs 336.80 per kg, down by 3% over the previous week. The open interest was 1,065 tonne and volume was 1,067 tonne. Copper prices in Shanghai headed for a third weekly decline, on speculation demand may be weakening amid rising global inventories. Copper for delivery in three months on the London Metal Exchange was quoted at $7,950 a tonne on Friday.