6/27/2011 05:35:00 PM
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Crude Oil Updates
Nymex crude oil prices slipped 2 percent in the last week mainly after International Energy Agency (IEA) decision to supply more oil in orders to cover the production lost from Libya. Additionally, dollar strength also acted as a negative factor for oil prices. However, on Friday oil prices bounced back on expectations that if International Energy Agency (IEA) increases its output then Saudi Arabia may decrease output in order to avoid supply tightness in the future. On the MCX, crude decline 0.5 percent, as Rupee depreciation resisted further fall in oil prices last week.
Tracking a weak trend in global markets and subdued domestic demand, crude palm oil prices declined by Rs 5.70 to Rs 479 per 10 kg in futures trade today. The trading sentiment remained bearish as palm oil dropped to the lowest level in almost eight months overseas after a decline in crude oil prices cut the appeal of vegetable oils as feedstock for biofuels. At the Multi Commodity Exchange, crude palm oil for delivery in August declined by Rs 5.70, or 1.18%, to Rs 479 per 10 kg, with a business turnover of 82 lots.
Gold Updates
India gold fell on Monday afternon, hitting its lowest level in more than three weeks, following overseas trends, although a weaker rupee kept the downside in prices limited, analysts said. The most-active gold for August delivery on the Multi Commodity Exchange (MCX) was trading 0.50 percent lower at 22,089 rupees per 10 grams, after hitting a low of 22,035 rupees, a level last seen on June 2.
Silver Updates
Silver coins followed suit and plunged by Rs. 3,000 to Rs. 55,000 for buying and Rs. 56,000 for selling of 100 pieces. Market analysts said absence of physical buying at prevailing high levels led to the decline in precious metals’ prices. On the domestic front, silver ready plunged by Rs. 950 to Rs. 51,600 per kg and weekly-based delivery declined by Rs. 1,145 to Rs. 50,700 per kg.
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