Base Metal Trading Tips Of 17.02.2015

Crude Oil prices rose by 0.55 percent on Monday at the domestic markets as investors eyed a shaky cease fire in Ukraine. Oil received additional support from a broadly weaker U.S. Dollar and as improving economic data from Europe boosted hopes for an increase in demand for crude. Last week, crude oil futures rallied sharply on Friday, with prices continuing to recover from recent lows amid speculation productions cuts by drillers in the U.S and global oil companies will alleviate a glut in supplies. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 3,276 per barrel, down by 0.55 per cent, after opening at Rs. 3,275 against the previous closing price of Rs. 3,294. It touched the intra-day low of Rs. 3,265 till the trading.

Zinc prices rose by 0.26 per cent on Monday at the domestic markets due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME zinc stocks fell by 3575 metric tonnes to 591500 metric tonnes as on February 16, 2015. Zinc futures for February 2015 contract, at MCX, were trading at Rs 133.90 per kg, up by 0.26 percent after opening at Rs. 133.40 against the previous closing price of Rs. 133.55. It touched the intra-day high of Rs. 134.10 till the trading.