MUMBAI: Crude oil slipped below $50 per barrel to its lowest level since May 2005 weighed heavily on the commodity markets. Global recessionary concerns continue to have negative influence on prices due to bleak demand prospects. To top it all - jobless claims in US hit level never seen in the last 16 years. The Nymex crude oil January contract moved towards $50 per barrel today on hopes that the governments will step up efforts to revive economic growth. The contract rose as much as $1.22 cent to $50.64 a barrel, and was last traded at $49.76 per barrel. Crude oil futures have dropped 67% since reaching a record $147.27 a barrel on July 11. All active MCX crude oil contracts have lost over 4%. MCX December settlement contract opened the session at Rs 2,628 per barrel, and was last quoted at Rs 2,546 per barrel, down 4.18%. Gold gained $12.9 to $757.4 per ounce in London . Silver added $0.23 to $9.24 per ounce. Platinum was last traded at $806 per ounce, up $37. MCX gold December contract, after starting the day at Rs 12,116 per 10 gram, moved up to Rs 12,260 on increased buying activity. The contract was last traded at Rs 12,238 per 10 gram, up 1.07%. Silver December contract, after opening weak, was last quoted at Rs 16,118 per kg, up 0.72%. Copper futures on the Shanghai Exchange fell by the exchange-imposed daily limit, and was headed for its largest weekly decline in a month as global recession erodes demand for raw materials. Copper for February delivery ended at 26,950 yuan, down 8.4% for the week. Earlier in the day, the contract had dropped as much as 1,410 yuan, or 5%, to 26,640 yuan ($3,897) a metric tonne - the lowest for a benchmark contract since October 2004. |
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