Author: Updates McxIndia

Oil rose for the fourth straight session on Wednesday as the market shrugged off an industry report showing U.S. crude stockpiles rose more than expected, extending a rally driven by hopes that a COVID-19 vaccine will boost fuel demand. Brent crude was up 44 cents, or 0.9%, at $48.30 a barrel by 0743 GMT, having Read More

Gold extended declines to a four-month trough on Tuesday as investors dived into riskier assets following drugmaker AstraZeneca’s boost to the coronavirus vaccine race and a U.S. federal agency’s White House transition approval for Joe Biden. Spot gold fell 0.5% to $1,825.99 per ounce by 0545 GMT, having earlier slid to its lowest since July Read More

Gold recovered from a more than 1% dip on Monday as investors weighed immediate concerns over rising coronavirus cases and bets on further economic support even as Moderna became the second drugmaker to declare effective vaccine test results. Spot gold was steady at $1,887.10 per ounce. U.S. gold futures settled 0.1% higher at $1,887.80. Bullion Read More

Silver prices climbed to Rs 62,175 per kg on November 10 as participants increased their long positions as seen by the open interest. The precious metal traded firm today after a steep fall of 6.86 percent yesterday on MCX. The white metal was getting support from improving manufacturing activity globally and general optimism about China. Read More

Natural gas futures traded lower at Rs 241.90 per mmBtu on October 29 as participants increased their short positions. Prices declined 0.6 percent on the NYMEX on October 28. After testing the highest level since January 2019, natural gas is struggling to build momentum amid mixed factors and squaring off of positions near contract expiry Read More

Crude palm oil futures trade firm at Rs 828.60 per 10 kg on October 28 as participants trimmed their long positions. Malaysian palm oil futures gained 1.07 percent to 3,098 ringgit on Bursa Malaysia. Exports of Malaysia palm oil during October 1-25 increased 7 percent month-on-month due to robust buying by India and China. The Read More

OPEC’s secretary general said on October 26 an oil market recovery may take longer than hoped as coronavirus inflections rise around the world, and OPEC and its allies would “stay the course” in balancing the market. The Organization of the Petroleum Exporting Countries and allies including Russia made a record oil output cut in April as Read More