D A I L Y B U Z Z
COPPER
Copper futures fell in the domestic market on Thursday as investors and speculators exited positions in the industrial metal after China’s industrial profits fell at the sharpest pace in two years, signaling a worsening slowdown in the world’s biggest metals consumer, darkening the demand outlook for copper.
China’s industrial profits fell 2.1 per cent in October 2014 from the same month a year ago, the biggest decrease since August 2012, compared to a 0.4 per cent annual rise in September 2014. At the MCX, copper futures for November 2014 contract is trading at Rs. 404.70 per 1 kg, up by 0.20 per cent, after opening at Rs. 406.30, against the previous closing price of Rs. 405.50. It touched an intra-day high of Rs. 407.25. (At 12:03 PM).
CRUDE OIL
Crude oil futures slumped in the domestic market on Thursday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market amid speculation that the OPEC, which will meet in Vienna today may refrain from cutting production to ease a supply glut and support plunging prices.US oil production surged to the highest level in more than three decades, up 73,000 barrels to 9.08 million barrels per day last week.At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,524 per barrel, down by 1.20 per cent, after opening at Rs 4,566, against a previous close of Rs 4,579. It touched an intra-day low of Rs 4,517. (At 11:51 AM).
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