Gold futures price plunges by Rs 1,858: silver loses Rs 4,880

- The country's largest commodity exchange reported a gross turnover of Rs 7,84,695.15 crore in commodity futures and Rs 46,819.11 crore (national) in commodity options during the month of March (2 to 31 March).

Mumbai, Ta-01 Apr 2020, Wednesday

The country's largest commodity exchange reported a gross turnover of Rs 7,84,695.15 crore in commodity futures and Rs 46,819.11 crore (national) in commodity options during the month of March (March 2 to 31). During the month under review, gold and silver futures prices remained unchanged in precious metals. Gold futures were up by Rs 1,858 per 10 grams, while silver fell by Rs 4,880 per kg. Non-ferrous metals were closed down overall. Crude oil futures in the energy segment fell by Rs 1,614 per barrel, while natural gas rose and closed. In agricultural commodities, the futures price of cotton was reduced by Rs. 2,220 per packet and Rs. 977.50 per kg in cardamom, while CPO was improved. The cotton was loose against the fluctuations in mentha oil.

Gold futures in precious metals opened at Rs 41,738 per 10 grams at the beginning of the month, hitting an intra-day high of Rs 44,961 and a low of Rs 38,400 at the end of the month, against Rs 41,397 at the end of next month. Percent) closed at Rs 43,255. Gold-Guinea's April futures opened at Rs 33,420 per 8 grams, rising by Rs 1,403 (4.22 per cent) to Rs 34,687 at the end of the month.

These futures were called Rs 35,738 in the upstream and Rs 31,251 in the low during the month, while gold-petal April futures opened at Rs 4,195 per 1 gram, rising by Rs157 (3.79 per cent) to Rs 4,298 at the end of the month. These futures were called Rs 4,500 in the upper and Rs 3,835 lower in the month. Gold-mini April futures opened at Rs 41,574 per 10 grams, closing at Rs 44,881 during the month and lower at Rs 38,419 at the end of the month with a rise of Rs 1,822 (4.40%).

MCX silver futures opened at Rs 45,200 per kg at the beginning of the month, hitting Rs 47,870 in intra-day lows and Rs 33,580 at the beginning of the month, against Rs 44,403 at the end of the previous month. ) Closed at a level of Rs 39,523.

Silver-mini April futures opened at Rs. 45,000 per kg, touching a level of Rs. 47,895 and lower of Rs. 33,300 in intra-day trade during the month, against Rs. 44,468 at the close of the previous month at Rs. 4,904 (11.03%). It closed at Rs 39,564 with a price cut of Rs. Silver-micro futures opened at Rs 44,537 per kg in April, down by Rs 47,895 in the upper part of the month and Rs 34,565 at the end of the month, closing at Rs 4,187 (9.41 per cent).

Copper in non-ferrous metals opened at Rs. 427.85 per kg in April, closing at Rs. 47.40 (11.15 per cent) at the end of the month, while nickel's April futures closed at Rs. 910.70 per kg. The price was up .863.20. Aluminum-mini's April futures closed at Rs137.80 per kg, down by Rs3.05 (2.22 per cent) at Rs 134.35 at the end of the month, lead-mini at Rs144.70 apiece at the end of the month, Rs. 10.65 (7.38 per cent) at Rs. The mini-April futures opened at Rs156.40, closing at Rs 144.70 at the end of the month.

In the energy segment, crude futures opened at Rs 3,394 per barrel at the beginning of the month, Rs 3,606 in the upper half during the month and Rs 1,594 at the end of the month, with a closing price of Rs 1,614 (49 per cent). While natural gas for April futures opened at Rs.130.10 per MMBtu, the month-end rose by Rs.2.90 (2.26%) to Rs.131.40. These futures were called Rs 152.10 in the upper and Rs 124.10 lower in the month.

In the agricultural commodities, the futures of Rs (Cotton) opened at Rs. It closed at Rs 16,200 with a price cut of .2,220 (12.05%).

Cotton's April-20 futures opened at Rs 1,011 per 20 kg, closed at Rs 1,060 in the upper part of the month and Rs 916 at the bottom, closing at Rs 944 (4.93 per cent) at the end of the month.

The futures closed at Rs 2,899 per kg at the beginning of the month, closing at Rs 2,003.20 with a price cut of Rs 977.50 (32.79 per cent) at the end of the month under review against next month's close of Rs 2,980.70.

Crude Petrol (CPO) closed at Rs 652 per 10 kg in April, closing at Rs 16.90 (2.61%) at the end of the month. These futures were reported at Rs 689 in the upper and Rs 580.40 in the lower months.

Mentha oil opened at Rs 1,158.70 per kg at the start of the month, closing at Rs 1,732.50 (6.28 per cent) at the close of the previous month's close of Rs.1717.

In terms of performance, 586.280 tonnes of gold at Rs 2,46,302.20 crore during the month of March, 29,788.036 tonnes of silver at Rs 1,21,722.06 crore, 8,12,142.5 tonnes in copper, Rs 32,746.41 crore in nickel, Rs45,645.97 crore in Rs. 2,57,812 tonnes of .3,503.43 crore, 4,66,122 tonnes of Rs.6394.59 crore in lead-mini, 11,00,216 tonnes of Rs 16,310.44 crore in zinc-mini, 96,41,62,600 barrels of crude oil at Rs 2,48,474.20 crore. 4,07,14,78,750 MMBtu of Rs. .66.32 crore 13,284 tons, Cotton had been .2,356 crore to Rs 13,45,275 bales, CPO .7,206.80 crore to Rs 11,25,990 tonnes, menthe oil, cardamom 6 tons and 2,910 tons of Rs .7.59 crore Rs .333.15 crore.

At the end of the open interest month, gold futures were 19.158 tonnes, 188,680 tonnes in silver, 6,462.5 tonnes in copper, 1,083 tonnes in aluminum, 4,434 tonnes in lead-mini, 1,696 tonnes in zinc-mined, 10,758 tonnes in crude, 1,94,828 tonnes, crude and 28,950 tonnes. 21,11,250 MMBtu, 592 tonnes in cotton, 1,78,100 bales in cotton, 69,890 tonnes in CPO, 6 tonnes in cardamom and 131 tonnes in mentha oil.

The government also missed the revised target of disinvestment

The government has missed its disinvestment target by a huge margin in the financial year 2019-20 ending March 31. According to the revised estimates, the government had an overall target of raising Rs 65,000 crore through disinvestment in the last fiscal year, but against this target, only Rs 50298 crore could be raised, government sources said. Thus, the rupee has been able to raise Rs 15,000 crore less than the target.

The original target was Rs 1.05 lakh crore through disinvestment in the last fiscal year. However, in view of the prevailing market conditions, the government reduced the target to Rs 65,000 crore. However, the government, which has been plaguing investors with coronaviruses, has not been aggressive in achieving the revised target.

In the previous fiscal year, 2018-19, the government raised Rs 84972 crore through disinvestment against a target of Rs 80,000 crore.

The government has set a budget target of Rs 2.10 lakh crore for the new fiscal year beginning April 1. However, experts are also skeptical of this achievement. The government has announced to raise this amount through its sales in public sector banks, LICs and other ventures.

When the government's mathematics for the fiscal year and the next fiscal year has been lost due to the coronavirus, the disinvestment program has to be aggressive or else the fiscal may end up facing a major fiscal deficit.