Base Metals & Energy
D A I L Y B U Z Z
CRUDEOIL
Crude oil prices fell by 1.55 per cent on Tuesday at the domestic markets after the Federal Reserve Bank of Dallas manufacturing business index fell unexpectedly last month signaling weak manufacturing activity in the region which reduced the demand prospects for the fuel. Dallas Fed said that Dallas Fed Mfg Business Index fell to a seasonally adjusted annual rate of -4.4, from 3.5 in the preceding month whose figure was revised down from 4.1. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 2,793 per barrel, down by 1.55 per cent, after opening at Rs. 2,820 against the previous closing price of Rs. 2,837. It touched the intra-day low of Rs. 2,793 till the trading. (At 11.45 AM).
COPPER
Copper prices rose by 0.57 per cent on Tuesday at the domestic markets after Japan's exports grew the most in a year in December, helped by a weak yen and a pick-up in overseas demand led by the United States, an encouraging sign for the recession-hit economy which raised the demand outlook for the metal. The 12.9 percent year-on-year rise in exports marked a fourth straight month of growth, supported by shipments of cars to the United States and of electronics parts to China. At the MCX, copper futures for June 2014 contract were trading at Rs.343.30 per 1 kg, up by 0.57 per cent, after opening at Rs. 343 against the previous closing price of Rs. 341.35. It touched the intra-day high of Rs. 345.60 till the trading. (At 4.00 PM).
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