Tuesday, 6 September 2016

Today Commodity Market Updates ; Crude Oil Futures Trade Higher on MCX

Crude oil futures traded higher on MCX as investors and speculators booked fresh positions in the energy commodity after Saudi Arabia and Russia, two of the world’s top oil producers, agreed to establish a working group to monitor the oil market and formulate recommendations to promote stability. 

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Energy Ministers from the two countries are set to meet in Algeria in October and Vienna in November to hold discussions on how to cooperate under this new pact, with an output freeze remaining a favorable option. The news comes as some relief to energy traders, easing fears of a supply glut in the fuel.
The contract for September delivery was trading at Rs 3005.00, up by 0.81% or Rs 24.00 from its previous closing of Rs 2981.00. The open interest of the contract stood at 24788 lots.

Copper futures trade higher on MCX :-
Copper futures traded higher on MCX as investors booked fresh positions in the industrial metal as signs of a pickup in the economy of China, the world’s biggest metals consuming nation, bolstered demand prospects.
The contract for November delivery was trading at Rs 312.00, up by 0.31% or Rs 0.95 from its previous closing of Rs 311.05. The open interest of the contract stood at 36240.00 lots.

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