Report on Base Metal of 5th January 2015

CRUDE OIL

Crude oil prices rose by 0.91 per cent on Friday at the domestic markets after the fewest Americans in 2014 filed for unemployment benefit claims in 14 years in 2014, signalling a strengthening job market recovery in the world’s biggest economy, lifting the demand outlook for the fuel. At the MCX, crude oil futures for January 2015 contract were trading at Rs. 3,431 per barrel, up by 0.91 percent, after opening at Rs. 3,419 against the previous closing price of Rs. 3,400. It touched the intra-day high of Rs. 3,438 till the trading.

COPPER

Copper prices rose by 0.38 percent on Friday at the domestic markets after Markit said that HSBC Markit Manufacturing PMI rose to a seasonally adjusted annual rate of 54.50, from 53.30 in the preceding quarter signaling upbeat sentiment in the region which raised the demand outlook for the metal. At the MCX, copper futures for February 2015 contract were trading at Rs.400.45 per 1 kg, up by 0.38 per cent, after opening at Rs. 400 against the previous closing price of Rs. 398.95. It touched the intra-day high of Rs. 401.80 till the trading.