DAILY COMMODITY REPORT ON BASE METALS & ENERGY OF 01/12/2014

  Base Metals & Energy

D A I L Y B U Z Z

COPPER

Copper futures were trading lower in the domestic market on Friday as investors and speculators exited positions in the industrial metal tracking a weak trend in the overseas market as a strike at the Antamina copper mine in Peru ended after three-weeks, dimming concerns over tighter global copper supplies. BHP Billiton and Glencore’s copper and zinc mine in Peru will resume operations next week following the end of a three-week strike. Antamina is the world’s sixth biggest copper mine. At the MCX, copper futures for November 2014 contract is trading at Rs. 400.85 per 1 kg, down by 0.69 per cent, after opening at Rs. 402.50, against the previous closing price of Rs. 403.65. It touched an intra-day low of Rs. 400.25. (At 11:12 AM).

 

CRUDE OIL

Crude oil futures tumbled deeper into the bear terrain on Friday as investors restored to further selling in the energy commodity, after the OPEC, which refrained from a much needed production cut to relieve a supply glut, braced for a price war with US shale producers. OPEC will maintain its collective output target at 30 million barrels a day, Saudi Arabia’s Oil Minister Ali-Al-Naimi said. Goldman Sachs predicted that OPEC’s verdict of not cutting output will lead to a further decline in global oil prices. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,268 per barrel, down by 0.54 per cent, after opening at Rs 4,250, against a previous close of Rs 4,291. It touched an intra-day low of Rs 4,247. (At 11:03 AM