22nd January 2015 Base Metal Report

CRUDE OIL

Crude oil prices fell by 0.85 percent on Wednesday at the domestic markets as investors remained on the sidelines and refrained from buying activity ahead to data on U.S. supplies. The American Petroleum Institute will release its estimates of U.S. stockpiles of crude and refined products last week.The data is a day late because of a public holiday in the U.S. on Monday. 

At the MCX, crude oil futures for February 2015 contract were trading at Rs. 2,916 per barrel, down by 0.85 percent, after opening at Rs. 2,924 against the previous closing price of Rs. 2,941. It touched the intra-day low of Rs. 2,912 till the trading.

NATURAL GAS

Natural Gas futures extended a rout in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity tracking a bearish trend in the overseas market as forecasts for moderating US weather threatened to curb heating demand for the fuel in the world’s biggest fuel user. Commodity Weather Group LLC predicted above normal temperatures from the Great Plains through Florida over the next five days with seasonal or higher readings through January 29, 2015. 

At the MCX, Natural Gas futures for January 2015 contract closed at Rs 175.90 per 1 kg, down by 3.72 percent after opening at Rs 183.7, against the previous closing price of Rs 182.7. It touched the intra-day low of Rs 186.2 till the closing.