COPPER
Copper futures fell in the domestic market on Friday as investors and speculators exited positions in the industrial metal after the ECB cut its growth and inflation forecasts for the 18- member Euro area economy, dimming the demand outlook for copper. The ECB cut its growth forecasts for the Euro area economy to 0.8 per cent in 2014 and 1 per cent next year, from 1.1 percent and 1.6 per cent, respectively predicted earlier. It cut its inflation forecast for the region to 0.5 per cent in 2014 from 1.1 per cent predicted a year earlier. At the MCX, Copper futures for February 2015 contract is trading at Rs. 403.10 per 1 kg, down by 0.20 per cent, after opening at Rs. 403.30, against the previous closing price of Rs. 403.90. It touched an intra-day low of Rs 402.40. (At 11:04 AM).
Copper futures fell in the domestic market on Friday as investors and speculators exited positions in the industrial metal after the ECB cut its growth and inflation forecasts for the 18- member Euro area economy, dimming the demand outlook for copper. The ECB cut its growth forecasts for the Euro area economy to 0.8 per cent in 2014 and 1 per cent next year, from 1.1 percent and 1.6 per cent, respectively predicted earlier. It cut its inflation forecast for the region to 0.5 per cent in 2014 from 1.1 per cent predicted a year earlier. At the MCX, Copper futures for February 2015 contract is trading at Rs. 403.10 per 1 kg, down by 0.20 per cent, after opening at Rs. 403.30, against the previous closing price of Rs. 403.90. It touched an intra-day low of Rs 402.40. (At 11:04 AM).
CRUDE OIL
Crude oil futures fell in the domestic market on Friday as investors and speculators weighed a widening supply glut against improving US demand outlook. Saudi Arabia’s national oil company cut prices for its Asian buyers to the least in atleast 14 years. However, an improving US job market supported the demand outlook for the fuel, curbing losses in crude oil futures. While jobless claims fell by 17,000 last week, data today may show that the world’s biggest economy added more than 200,000 jobs for the tenth straight month in November. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,122 per barrel, down by 0.34 per cent, after opening at Rs 4,131, against a previous close of Rs 4,136. It touched an intra-day low of Rs 4,116. (At 10:56 AM).
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