Base Metals & Energy
CRUDE OIL
Crude oil futures ended higher in the domestic market on Tuesday in the midst of continuing unrest in Yemen and mixed long-term forecasts on demand and production. The EIA estimates that brent will average $56 a barrel for the remainder of the year before increasing to $76 a barrel in 2018. Oil may extend gains today as energy traders await the release of the EIA weekly storage report on Wednesday. At the MCX, Crude oil futures, for the April 2015 contract, closed at Rs 3,342 per barrel, up by 2.11 percent, after opening at Rs 3,276, against the previous close price of Rs 3,273. It touched an intraday high of Rs 3,354 till the closing.
Agro Outlook
CHANA
Chana prices closed higher 2.12 percent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the traders enlarged their holdings in the commodity on account of the good demand in the market. At the NCDEX, chana futures for April 2015 contract closed at Rs. 3,950 per quintal, up by 2.12 percent, after opening at Rs. 3,950 against the previous closing price of Rs. 3,868. It touched the intra-day high of Rs. 3,950. Moreover, the restricted arrivals of the commodity in the physical market due to lower estimated output also influenced the chana prices.
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