Saturday, March 3, 2012

MCX Crude and Copper Updates For Monday: 5th Mar '12

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Crude Oil Updates
Nymex crude oil prices increased sharply by 1.7 percent yesterday taking cues from rumors of pipeline explosion in Saudi Arabia which increased supply fears for the commodity. However, further upside in prices was restricted on account of a stronger dollar. Oil prices touched an intra-day high of $108.82/bbl and closed at $108.8/bbl yesterday. On the MCX, prices increased by 2 percent and closed at Rs.5334/bbl after touching an intra-day high of Rs.5349/bbl on Thursday.

Copper Updates
Copper, the leader of the base metals pack, traded higher by 1.2 percent on the LME and more than 3 percent on the MCX on Thursday. The red metal inventories on the LME warehouses dropped sharply by 1.4 percent to 292,250 tonnes which helped copper prices to trade higher yesterday. The red metal touched an intra-day high of $8647/tonne and closed at the level of $8628/tonne on Thursday. On the MCX, Copper April contract hit as intra-day high of Rs432.20/kg and ended its trading session at the level of Rs 430.80/kg yesterday.

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