Crude oil and silver futures gained some ground in the week ended on Friday on some buying support, while gold remained steady at the higher level following firm global markets. Nickel and copper futures were largely steady on the domestic bourses on lack of fresh buying support. Crude oil prices in the world market slipped slightly on Friday as investors locked in on profits, as oil was gaining due to the unexpected fall of US inventories.
The April ?08 crude oil contracts were higher by 5% to trade at Rs 4,389 per barrel, up by Rs 210 over the previous week. Total volume was 10.11 lakh barrels (5.60 lakh barrels), while open interest was 10.25 lakh barrels (11.34 lakh barrels). ?Now investors are now focussing on supply and demand figures than other factors, as it is currently moving the commodities market more than any other factor. As long as there is dampened demand by the US, prices will continue to slip,? an analyst said. The oil contract shed $0.76 closing at $110.11, while recording a high of $112.20 per barrel and a low of $108.75 per barrel.
The silver May contract was traded higher 3% at Rs 23,308 per kg over the previous week. The volume was 291 tonne (304 tonne) and open interest was 163 tonne (162 tonne). Futures prices moved up on fresh buying support amid some physical demand from industrial users. London silver prices rose to $18.04 an ounce on Friday.
The active copper April contract was traded lower at Rs 340.90 per kg, down by Rs 2 over the previous week. The volume was 12,643 tonne (17,738 tonne) and open interest was 9,840 tonne (8,907 tonne). The active June gold contract was steady at Rs 11,965 per 10 gram. Total volume was 12,308 kg, up from 9,204 kg. Open interest increased to 6,953 kg from the previous week?s 6,012 kg. London gold was quoted at $921.90 an ounce on Friday.