Report On Base Metals & Energy Tips

Daily Buzz

COPPER
Copper futures fell in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal after China’s producer prices extended a decline while consumer inflation eased, signaling weak demand in the world’s second biggest economy, darkening the demand outlook for the base metal. Producer prices fell 2.7 percent, year on year in November 2014 while consumer inflation slowed to 1.4 per cent from 1.6 percent in October. At the MCX, copper futures for February 2015 contract is trading at Rs. 405.15 per 1 kg, down by 0.31 per cent, after opening at Rs. 405, against the previous closing price of Rs. 406.4. It touched an intra-day low of Rs. 403.9. (At 11:44 AM).

CRUDE OIL
Crude oil futures fell in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity after Iran predicted a further dip in prices amid discord among OPEC members. An Iranian official said that crude may fall to as low as USD 40 per barrel due to a price war or divisions in the OPEC. Major OPEC members such as Saudi Arabia and Iraq have cut prices for its Asian buyers to the lowest level in over a decade as they bid to maintain their market share amid surging US crude output. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 3,932 per barrel, down by 0.28 percent, after opening at Rs 3,915, against a previous close of Rs 3,943. It touched an intra-day low of Rs 3,910. (At 11:37 AM).