Mentha oil futures were trading lower during the morning trade in the domestic market on Wednesday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting of bets by traders in the spot market was due to a fall in physical demand for mentha oil from consuming industries at the domestic spot market against sufficient stocks position on higher supplies from producing regions.

Gold futures closed higher in the domestic market on Tuesday as the U.S. dollar saw a sharp decline. U.S. stocks were mixed, though gave up most of their earlier gains—contributing to the yellow metal’s investment appeal even as concerns surrounding a potential trade war and tensions between North and South Korea appeared to ease.

Silver futures closed higher in the domestic market on Tuesday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade. At the MCX, silver futures for May 2018 contract closed at Rs 39,284 per kg, up by 1.69 per cent, after opening at Rs 38,680, against a previous close of Rs 38,352. It touched the intra-day high of Rs 38,631.

Crude oil futures closed lower in the domestic market on Tuesday as an expected weekly rise in U.S. crude stockpiles and ongoing concerns over rising domestic production, however, also pressured prices.

On a fundamental basis, the oil market continued to be caught between rising U.S. output and efforts to cut OPEC output and other major producers including Russia.

Nickel futures were trading lower during the afternoon trade in the domestic market on Wednesday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade.

Zinc futures were trading lower during the afternoon trade in the domestic market on Wednesday as speculators trimmed positions amid easing demand in the spot market. Analysts said offloading of positions by participants on the back of tepid demand in the spot markets, mainly led to decline in zinc prices at futures trade.


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