CRUDE OIL
Crude oil futures rose in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity amid speculation that US gasoline stockpiles likely fell last week, signaling a pickup in fuel demand in the world’s biggest fuel consumer. US gasoline inventories may have declined 900,000 barrels to 203.5 million barrels in the week ended October 24, the EIA may say today, analysts’ estimates showed. At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 5,029 per barrel, up by 0.88 per cent, after opening at Rs 4,990, against a previous close of Rs 4,985. It touched an intra-day high of Rs 5,032. (At 11:26 AM).
COPPER
Copper futures were trading flat in the domestic market on Wednesday as investors and speculators stayed cautious over booking fresh positions in the industrial metal as a dip in US durable goods orders last month signaled weakness in US manufacturing activity, clouding the demand outlook for the base metal.Demand for US durable goods fell 1.3 per cent in September 2014 over the previous month. At the MCX, copper futures for November 2014 contract is trading at Rs. 420.05 per 1 kg, up by 0.07 per cent, after opening at Rs. 419.15, against the previous closing price of Rs. 419.75. It touched an intra-day high of Rs. 420.40. (At 11:43 AM)