Base Metals & Energy
D A I L Y B U Z Z
COPPER
Copper futures were little changed in the domestic market on Friday as investors and speculators stayed cautious over booking fresh positions in the industrial metal ahead of US non-farm payrolls data which may show a slowdown in jobs growth last month, clouding demand outlook for the base metal. Further, China’s export and import growth likely cooled in October, data may show tomorrow, dimming copper’s demand outlook. China’s overseas shipments in October may have risen 10.7 per cent from a year earlier, down from 15.3 per cent in September 2014, analysts’ estimated showed. At the MCX, copper futures for November 2014 contract is trading at Rs. 410.90 per 1 kg, up by 0.04 per cent, after opening at Rs. 411.10, against the previous closing price of Rs. 410.75. It touched an intra-day high of Rs. 412.20. (At 11:19 AM).
CRUDE OIL
Crude oil futures fell in the domestic market on Friday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market as a downbeat OPEC demand forecast weighed on sentiment. The OPEC slashed the demand forecast for its oil every year through 2035 except next year as a US shale gas boom reduced demand for the group’s oil. The prospect of a near-term resumption of output from Libya’s leading oilfield signaled abundant global oil supplies. At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 4,782 per barrel, down by 0.66 per cent, after opening at Rs 4,791, against a previous close of Rs 4,814. It touched an intra-day low of Rs 4,777. (At 11:09 AM).
