Commodities: Crude oil futures fall
NEW DELHI: Crude oil futures fell 0.98 per cent to Rs 3,553 per barrel, in line with a weak trend in Asian trade, as speculators cut down their bets.
Crude oil for delivery in current month was trading lower by Rs 35, or 0.98 per cent, at Rs 3,553 per barrel, with a business volume of 2,704 lots at Multi Commodity Exchange (MCX)
Also, oil prices for January shed Rs 31, or 0.85 per cent, at Rs 3,627 per barrel, with a business volume of 166 lots.
Traders said the fall in crude oil futures is mostly in tandem with a weak trend in Asian trade today as investors locked in profits after two days of strong gains following a landmark deal by Russia and other non-OPEC producers to join the cartel in capping output.
Meanwhile, West Texas Intermediate fell 0.23 per cent, to USD 52.71 and Brent was trading 0.05 per cent down at USD 55.66 a barrel.
Lead
Taking weak cues from the global market and sluggish domestic demand, lead fell 0.44 per cent to Rs 157.30 per kg in futures trade as speculators cut down bets.
At the Multi Commodity exchange, lead for delivery in January 2017 contracts was trading 70 paise down, or 0.44 per cent, at Rs 157.30 per kg in a business turnover of three lots.
Metal prices for delivery in December also fell by 65 paise, or 0.41 per cent, to Rs 156.60 per kg in 218 lots.
Market analysts said apart from slackened demand from battery-makers in the domestic spot market, a weak trend in base metals overseas led to the fall in lead futures prices here.
Zinc
Zinc futures fell 0.73 per cent as participants cut down bets and booked profits at current levels amid a weak trend in select base metals in the global market.
At the Multi Commodity Exchange, zinc for delivery in current month contracts was trading lower by Rs 1.35, or 0.73 per cent, to Rs 182.60 per kg, with a business turnover of 535 lots.
The metal for delivery in January next year fell Rs 1.20, or 0.65 per cent, to Rs 183.10 per kg in ..
Nickel
Amid pick-up in demand from alloy-makers at domestic spot markets, nickel prices edged higher by 0.34 per cent to Rs 765.30 per kg in futures trade as speculators raised their bets.
At the Multi Commodity Exchange, nickel for delivery in current month was trading higher by Rs 2.60, or 0.34 per cent, to Rs 765.300 per kg in a business turnover of 302 lots.
Analysts attributed the rise in nickel prices in futures trade to fresh buying by par ..
Copper
Copper futures traded 0.49 per cent lower at Rs 389.40 per kg as speculators trimmed their positions amid a weak trend in global markets.
Moreover, muted demand in domestic spot markets also put pressure on prices.
At the Multi Commodity Exchange, copper for delivery in February declined by Rs 1.90, or 0.49 per cent, to Rs 389.40 per kg in a business turnover of 1,179 lots.
The metal for delivery in far-month April too fell by Rs 1.80, or 0.46 per cent, to Rs 393.10 per kg in a business volume of 12 lots.
Analysts said a weak trend in most industrial metals at the London Metal Exchange (LME) as investors took profits from gains made last week on renewed signs of economic recovery in world's top consumer China and muted demand at the domestic spot markets, mainly weighed on copper futures here.
Globally, copper for three-month delivery closed down 1 per cent at USD 5,768 per tonne at the LME.
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