Stock Market News: Crude oil traders pressed the sell-off button on Friday as a stronger dollar curbed the demand for the fuel as an alternative asset, pushing oil prices lower by more than 1.2 per cent in the domestic market. Stronger greenback makes crude more expensive for those holding other currencies, thus curbing demand. The dollar strengthened after US inflation picked up in April with core consumer prices rising the most since January 2013. Core consumer prices in the US climbed 0.3 per cent in April 2015 from the previous month, signaling a pickup in inflationary pressures in the world’s biggest economy. Fears of oversupply continue to haunt the oil market even as US production falls as the OPEC continues to pump oil at record rates. Moreover, the US drilling slowdown may be moderating as the country’s rig count fell by one to 659 last week, marking the smallest drop since December, Baker Hughes reported. Oil may extend a slide today as traders stick to a cautious approach in the run-up to OPEC’s meet early next month. At the MCX, Crude oil futures, for the June 2015 contract, closed at Rs 3,813 per barrel, down by 1.24 per cent, after opening at Rs 3,862 against the last ending price of Rs 3,861. It touched an intraday low of Rs 3,793 till the closing.
Gold futures wrapped up the week in bearish mode as prices retreated in the domestic market on Friday after US Federal Reserve Chair Janet Yellen termed a 2015 interest rate hike as “appropriate”, dimming the luster for the precious metal as a store of value. Yellen sees the world’s top central bank increasing interest rates for the first time since 2006 this year, if economic data comes in line with forecasts, with a gradual pace of tightening, thereafter. Better than expected US inflation data further bolstered the case for rate tightening in 2015. Core consumer prices in the US climbed 0.3 per cent in April 2015 from the previous month, the biggest gain since January 2013, signaling a pickup in inflationary pressures in the world’s biggest economy. A stronger dollar also kept pressure on gold by curbing the demand for the precious metal as an alternative asset. Stronger greenback makes gold more costly for those holding other currencies, thus dimming desired. Gold may extend losses today amid renewed US rate hike fears. At the MCX, Gold futures for June 2015 contract closed at Rs 27,082 per 10 gram, down by 0.10 per cent after opening at Rs 27,159, against the last closing price of Rs 27,108. It touched the intra-day low of Rs 27,053 till the closing.
Mcx commodity tips for 25 May 2015
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