Crude oil futures closed high in the domestic market on Thursday after government data showed an unexpected drop in crude inventories last week. The Energy Information Administration said crude-oil stocks fell by 1.616 million barrels in the week ended Feb. 16. The drop in inventories comes even as refinery maintenance season gets under way, weighing on demand for crude. A rise in crude exports was also part of the picture, with the EIA apparently including the first export of a supertanker cargo loaded from the Louisiana Offshore Oil Port.

Silver futures closed higher in the domestic market on Thursday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade.

Gold futures closed higher in the domestic market on Thursday as softness in the U.S. dollar and a slight pullback in bond yields helped to nudge the precious metal slightly higher. The yields and the dollar kicked higher after the minutes of the Federal Reserve’s January meeting heightened expectations for a quickened pace of rate increases, putting pressure on dollar-pegged commodities. The U.S. central bank also suggested an “increased likelihood” of further interest rate increases, heightening prospects of a rate rise in March and four rate increases in 2018 as the economy strengthening has increased.

Zinc futures were trading lower during the afternoon trade in the domestic market on Friday as speculators trimmed positions amid easing demand in the spot market. Analysts said offloading of positions by participants on the back of tepid demand in the spot markets, mainly led to decline in zinc prices at futures trade.

Nickel futures were trading lower during the afternoon trade in the domestic market on Friday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade.

Lead futures were trading lower during the afternoon trade in the domestic market on Friday as participants reduced their exposure amid subdued demand from consuming industries in the spot market.
Marketmen said the weakness in lead futures was due to a sluggish demand from battery-makers at the domestic markets.

Mentha oil futures were trading higher during the morning trade in the domestic market on Friday amid pick-up in demand at domestic spot market and restricted supplies from producing regions. Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade.


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