MUMBAI: A lot of trading activity was generated in crude oil and precious metals as the global economic concers weighed heavily on market sentiment. The US jobless data for the week ended November 8 was highly discouraging. Jobless claims have increased sharply to a level not seen since July 25, 1982! Crude oil December contract, which expires later in the day, turned sharply lower after the sluggish jobless data. Nymex crude oil for December settlement slid to $49.91 per barrel - the lowest level since January 18, 2007. The contract was last quoted at $50.25 per barrel, down $3.42. Oil has lost 66% since reaching a record $147.27 in July. All active MCX crude oil contracts were quoting lower. The MCX December contract opened the session at Rs 2,775 per barrel, and was last quoted at Rs 2,625 per barrel, down 6.12%. In London, gold was last quoted at $742.2 per ounce, up $6. Silver was flat at $9.27 per ounce. Platinum dropped to $794 per ounce, down $18. MCX gold December contract was last offered at Rs 12,085 per 10 gram, up 1.22%. Silver December contract was quoted at Rs 16,336 per kg. On the London Metal Exchange (LME), copper, nickel and aluminium fell by around 5%... LME 3-month copper traded at $3,455 per tonne - down 4.2% - after hitting a low of $3,440. Aluminium shed 5% to a low of $1,780 per tonne. Nickel lost 5.3% to $9,749... Agri-commodities witnessed mixed trading through the day... NCDEX sugar December contract traded between Rs 1,783 and Rs 1,767 before ending the session at Rs 1,780 per quintal. CPO prices opened weak on MCX after staying under pressure during the previous session. The near-month settlement contract settled the day at Rs 245.70 per 10 kgs, up 1.28%. |
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