Base Metals & Energy
COPPER
Copper prices rose by 1.55 percent on Friday at the domestic markets after Germany’s Ifo business climate rose more-than-expected last month signaling improving sentiment in the region which raised the demand outlook for the metal. In a report, the Ifo Institute for Economic Research said its index of German business climate rose to 108.6, from 107.9 in the preceding month. At the MCX copper futures for April 2015 contract were trading at Rs.382.80 per 1 kg, up by 1.55 percent, after opening at Rs. 376.30 against the previous closing price of Rs. 376.95. It touched the intra-day high of Rs. 383.35 till the trading. However, gains were curbed due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 950 metric tonnes to 337675 metric tonnes as on April 25, 2015.
Copper prices rose by 1.55 percent on Friday at the domestic markets after Germany’s Ifo business climate rose more-than-expected last month signaling improving sentiment in the region which raised the demand outlook for the metal. In a report, the Ifo Institute for Economic Research said its index of German business climate rose to 108.6, from 107.9 in the preceding month. At the MCX copper futures for April 2015 contract were trading at Rs.382.80 per 1 kg, up by 1.55 percent, after opening at Rs. 376.30 against the previous closing price of Rs. 376.95. It touched the intra-day high of Rs. 383.35 till the trading. However, gains were curbed due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 950 metric tonnes to 337675 metric tonnes as on April 25, 2015.
CRUDE OIL
Crude oil prices fell by 0.76 percent on Friday at the domestic markets as investors watch the supply/demand balance plays out that pits bulging inventories against efforts to curb production. Recent data showed that U.S. crude inventories rose far more than expected last week and as market participants continued to focus on developments in Yemen Saudia Arabia resumed air strikes on Houthi-targets in the city of Aden on Wednesday despite increased calls from the White House for a diplomatic solution to the month-long conflict. At the MCX, crude oil futures for April 2015 contract were trading at Rs. 3,660 per barrel, down by 0.76 percent, after opening at Rs. 3,670 against the previous closing price of Rs. 3,688. It touched the intra-day high of Rs. 3,670 till the trading.
Crude oil prices fell by 0.76 percent on Friday at the domestic markets as investors watch the supply/demand balance plays out that pits bulging inventories against efforts to curb production. Recent data showed that U.S. crude inventories rose far more than expected last week and as market participants continued to focus on developments in Yemen Saudia Arabia resumed air strikes on Houthi-targets in the city of Aden on Wednesday despite increased calls from the White House for a diplomatic solution to the month-long conflict. At the MCX, crude oil futures for April 2015 contract were trading at Rs. 3,660 per barrel, down by 0.76 percent, after opening at Rs. 3,670 against the previous closing price of Rs. 3,688. It touched the intra-day high of Rs. 3,670 till the trading.
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