Collapse in Crude oil futures, the domestic market on Monday elevated positions in the energy commodity tracking a bearish trend in the overseas market as Saudi Arabia, the massive crude exporter and producer in the OPEC signaled that the OPEC wasn't ready to give up market share amid surging US output, raising fears of a supply excess in the global oil market. Homes in the US fall in November, signaling a slowing housing regain in the world’s biggest economy, dampening the desire prospects for crude. US existing home sales fell 6.1 per cent to a 4.93 million annual rate in November over the last month.
Oil futures may recoil today ahead of data which may show that US crude supplies increase in last week. At MCX, Crude oil futures, for the January 2015 contract, ended at Rs 3,534 per barrel, downward by 2.27 per cent, after opening at Rs 3,650, against the last ending price of Rs 3,616. It strike an intraday low-laying of Rs 3,526 till the ending.
Zinc futures slide in the domestic market
Zinc futures slide in the domestic market on Monday, positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. Larger than excluded enhancement in a US economic activity index signaled underlying strength in the world’s biggest economy, lifting the demand outlook for base metals. MCX, Zinc futures for December 2014 contract ended at Rs 137.15 per 1 kg, down by 0.44 per cent after opening at Rs 137.85, against the last closing price of Rs 137.75. It strike the intra-day low of Rs 136.75 till the closing.
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