CRUDE OIL
Crude oil prices fell by 1.69 percent on Wednesday at the domestic markets in spite of upbeat U.S. industry supply data as the bearish market tone on overall demand prospects continues. Prices fell as investors piled on to their short positions in anticipation of lower prices in the midst of lingering concerns over a growing supply glut.
Crude oil prices fell by 1.69 percent on Wednesday at the domestic markets in spite of upbeat U.S. industry supply data as the bearish market tone on overall demand prospects continues. Prices fell as investors piled on to their short positions in anticipation of lower prices in the midst of lingering concerns over a growing supply glut.
At the MCX, crude oil futures for January 2015 contract were trading at Rs. 3,017 per barrel, down by 1.69 per cent, after opening at Rs. 3,053 against the previous closing price of Rs. 3,069. It touched the intra-day low of Rs. 3,011 till the trading.
COPPER
Copper prices fell by 0.57 percent on Wednesday at the domestic markets after the recent US data which showed that growth in the U.S. services sector braked in December and new orders for manufactured goods fell for a fourth straight month in November, signs the economy lost some momentum in the fourth quarter which reduced the demand outlook for the metal.
Copper prices fell by 0.57 percent on Wednesday at the domestic markets after the recent US data which showed that growth in the U.S. services sector braked in December and new orders for manufactured goods fell for a fourth straight month in November, signs the economy lost some momentum in the fourth quarter which reduced the demand outlook for the metal.
At the MCX, copper futures for February 2015 contract were trading at Rs.389.40 per 1 kg, down by 0.57 per cent, after opening at Rs. 391.70 against the previous closing price of Rs. 391.65. It touched the intra-day low of Rs. 388.75 till the trading.
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