12.02.2015-FREE-TIPS-ON-BASE-Metals & Energy

Crude Oil prices fell by 0.57 percent on Wednesday at the domestic markets after the International Energy Agency (IEA) said that global inventories of crude may rise amid abundant supplies with stockpiles in the OPEC tipped to reach 2.83 billion barrels by mid-2015, while demand for OPEC’s crude may stand at 29.4 million barrels per day this year, lower than the group’s 30 million barrels per day production target. US crude stockpiles rose last week, signalling weaker fuel demand in the world’s biggest oil consumer. US oil supplies climbed 1.6 million barrels to 413.7 million barrels last week, the API said. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 3,149 per barrel, down by 0.57 percent, after opening at Rs. 3,155 against the previous closing price of Rs. 3,167. It touched the intra-day low of Rs. 3,140 till the trading.

Lead prices fell by 0.09 percent on Wednesday at the domestic markets due to the surge in the lead stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME lead stocks rose by 1550 metric tonnes to 214250 metric tonnes as on February 11, 2015. At the MCX, Lead futures, for the February 2015 contract, is trading at Rs 114.20 per kg, down by 0.09 percent, after opening at Rs 114.35, against a previous close of Rs 114.30. It touched an intra-day low of Rs 113.95 till the trading.