Crude Oil prices rose by 1.44 percent on Tuesday at the domestic markets ahead of data on U.S. stockpiles expected to set a tone for the market. The American Petroleum Institute will release its estimates of US crude, distillate and gasoline stocks from last week late on Tuesday. This will be followed by more closely watched US Department of Energy figures on Wednesday. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 3,097 per barrel, up by 1.44 percent, after opening at Rs. 3,080 against the previous closing price of Rs. 3,053. It touched the intra-day high of Rs. 3,114 till the trading.
Copper prices rose by 3.02 percent on Tuesday at the domestic markets as a rally in oil and global equity markets lifted sentiment. Oil prices rallied as investors closed out bets on lower prices after data showed the number of U.S. oil drilling rigs had fallen by the most in nearly 30 years last week. Further, hopes that Greece’s new government would be able to reach a compromise with its international creditors on the terms of its bailout also helped lift sentiment. At the MCX Copper futures for February 2015 contract were trading at Rs. 351.20 per 1 kg, up by 3.02 percent, after opening at Rs. 343 against the previous closing price of Rs. 340.90. It touched the intra-day high of Rs. 353.15 till the trading.
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