Base Metals & Energy
D A I L Y B U Z Z
COPPER
Copper futures fell in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid concerns that a deepening economic slowdown in China, the world’s biggest metals consumer, may crimp the demand for the base metal. New home prices in many Chinese cities fell last month, signaling a cooling housing market in the world’s second biggest economy.
In May, 35 Chinese cities tracked by a government survey, posted a dip in their new home prices. At the MCX, copper futures for June 2014 contract is trading at Rs. 406.50 per 1 kg, down by 0.55 per cent, after opening at Rs. 407.95, against the previous closing price of Rs. 408.75. It touched an intra-day low of Rs. 406.10.
CRUDE OIL
Crude oil futures fell in the domestic market on Wednesday as investors and speculators were cautious over booking fresh positions in the energy commodity tracking a weak trend in the overseas market ahead of the weekly US supplies data to be released later today. The EIA may show that US crude oil stockpiles fell by 750,000 barrels last week. Speculation that the unrest in Iraq may not spread to the country’s oil producing regions eased concerns over a disruption in supplies from OPEC’s second biggest oil producer, weighing on prices. At the MCX, Crude Oil futures, for the June 2014 contract, is trading at Rs 6,400 per barrel, down by 0.22 per cent, after opening at Rs 6,418, against a previous close of Rs 6,414. It touched an intra-day low of Rs 6,396.
