Friday, February 10, 2012

MCX Crude and Copper Updates For Today: 10th Feb

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Crude Updates
Oil fell from the highest settlement in three weeks, trimming a weekly gain, as concern that Europe’s debt crisis will worsen and curb global commodity demand countered signs of an economic recovery in the U.S. Oil for March delivery fell as much as 46 cents to $99.38 a barrel. WTI Crude Oil is currently trading at $100.40 per barrel. MCX Crude Oil February is currently trading at 4950, it is trading up by 8 for the day.

Copper Updates
Copper traders turned bullish for the first time in seven weeks on mounting confidence that global growth will strengthen, diminishing stockpiles after a year in which mine production fell by a record amount. Hedge funds and other money managers are holding their biggest bet on rising prices. Inventories tracked by the LME are already at a two-year low after global mine output dropped by 200,000 metric tons in 2011. Higher demand comes at a time when producers are struggling to keep up, as lower ore grades, strikes and slower-than-expected mine developments limit supply growth

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