Oil prices rose on Wednesday, extending 2% gains from Tuesday on cues that markets are slowly tightening after years of oversupply, though the outlook for 2018 remained uncertainty. WTI crude futures were trading at USD 51.07/barrel, up 0.3%, from their last settlement. The international oil price benchmark, Brent crude futures were at USD 56.71, up 0.2%, from their last close.
Copper – COMEX – prices tested their highest levels in one month around USD 3.05 per pound on Tuesday as speculators kept buying in response to expectations of potential shortages in China. MCX Copper added 0.83 percent to close at Rs 443/kg. The break above Rs 440 could sustain following the strong global economic momentum.
Meantime, price of Gold rose for a 4th day, after hitting a near 2-week high in the previous session, aided by weakness in the US dollar. COMEX Gold futures hit a one and half week high, approaching near USD 1300 per ounce before pulling back on record high US equities and sound global economic data. MCX Gold futures closed at Rs 29817 per 10 grams, up 0.29% on the day.
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