MUMBAI: Commodity futures are trading choppy as markets focus on the fundamentals....while crude oil prices maintained a steady trend ahead of the US crude oil inventory data, precious metals were trading choppy, particularly gold, as wanning inflation fears eroded investment appeal. Nymex crude oil December contract was last quoted at $54.44 per barrel, up $0.04. Oil has lost 63% since hitting a record $147.27 in July. Last night, crude oil futures fell 56 cents to $54.39 per barrel - the lowest level since January 29, 2007. Slowdown in the Asian economies and US stockpiles are working concurrently to pull down prices. However, the colder weather in US may provide some support for prices preventing them from sliding further. MCX December contract opened the session at Rs 2,794 per barrel. After staging a brief recovery, the contract was last quoted at Rs 2,768 per barrel, down 1.14%. In London, gold was last offered at $739.6 per ounce, up $0.60. Silver was traded almost flat at $9.60 per ounce. Platinum was last offered at $849 per ounce, up $16. MCX gold December contract, after starting the day at Rs 11,835 per 10 gram, was last quoted at Rs 11,878 per 10 gram, up 0.32%. The silver December contract was quoted at Rs 16,441 per kg, up 0.32%. Sugar and CPO prices continued to log gains... turmeric prices, on the other hand, turned lower this morning. NCDEX sugar December contract traded between Rs 1,798 and Rs 1,786 per qunital - below their previous close. The contract was last offered at Rs 1,792 per quintal. The CPO near-month contract was last traded at Rs 241 per 10 kgs, up 0.37%. NCDEX soybean December contract was last traded at Rs 1,579.50 per quintal. NCDEX December turmeric contract was last traded at Rs 3,825 per quintal - off its intra-day high of Rs 3,862. |
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