Tuesday, December 9, 2014

TODAY COPPER & CRUDE OIL REPORT 09 DEC 2014

Base Metals & Energy
D A I L Y B U Z Z
COPPER
Copper futures rose in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal as an surprise dip in China’s imports last month raised hopes of further stimulus measures to spur growth in the world’s biggest metals consumer, lifting the demand outlook for the base metal. China’s inbound shipments fell 6.7 per cent, year on year in November 2014 while exports rose a less than estimated 4.7 per cent as China reported a trade surplus of USD 54.47 billion. At the MCX, Copper futures for February 2015 contract is trading at Rs. 405.15 per 1 kg, up by 0.43 per cent, after opening at Rs. 403.55, against the previous closing price of Rs. 403.40. It touched an intra-day low of Rs 405.20. (At 11:13 AM)


CRUDE OIL
Crude oil futures fell deeper into bear terrain on Monday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market amid speculation that US oil producers will respond to OPEC’s fight to maintain market share as American oil explorers increased the number of operating rigs last week, signaling no sign of a drilling slowdown. A stronger dollar curbed the demand for oil as an alternative investment. Further, Japan’s recession deepened as the economy shrank an annualized 1.6 per cent in the July-September 2014 period, compared to a previously reported 1.3 per cent decline. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,046 per barrel, down by 1.8 per cent, after opening at Rs 4,115, against a previous close of Rs 4,120. It touched an intra-day low of Rs 4,035. (At 11:00 AM).

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