6.02.2015 Base Metals & Energy Outlook

CRUDE OIL prices fell by 3.46 percent on Thursday at the domestic markets as a result of as record high oil inventories in the United States. U.S. crude stocks increased by 6.3 million barrels last week, rising for the fourth consecutive week to hit a record high of 413.06 million barrels, data from the Energy Information Administration showed. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 2,958 per barrel, down by 3.46 percent, after opening at Rs. 3,045 against the previous closing price of Rs. 3,064. It touched the intra-day low of Rs. 2,945 till the trading.

COPPER prices fell by 0.51 percent on Thursday at the domestic markets after service sector activity in the US grew at a faster rate than expected in January, easing concerns over the economic outlook which raised the demand outlook for the metal. The Institute of Supply Management said its non-manufacturing purchasing managers index increased to 56.7 last month from a reading of 56.2 in December. Analysts had expected the index to inch up to 56.3 in January. At the MCX Copper futures for February 2015 contract were trading at Rs.353.15 per 1 kg, down by 0.51 percent, after opening at Rs. 353.90 against the previous closing price of Rs. 354.95. It touched the intra-day low of Rs. 352.45 till the trading.