Crude, gold shed gains

Mumbai, Sept 29 | Updated: Sep 30 2006, 05:37am hrs
Crude oil fell after two consecutive days of gains on reports of high US crude inventories and a cut down in the expected second quarter US economic growth. Gold also lost some of its gains as its appeal as against inflation faded with declining crude prices.

By 1800 hours on the MCX, crude oil for near month delivery was down Rs 50 or 1.71% at Rs 2,875 per barrel against Thursdays close of Rs 2,925. Crude rose 3.8% in the last two days on news that the downfall in prices may be dealt with. November and December contracts were down 1.41 and 1.09% to trade at Rs 2,935 and Rs 2,994, respectively.

Gold for near month delivery was down Rs 52 or 0.58 % to trade at Rs 8,985 per 10 gram against Rs 9,037 on Thursday. Gold gained 1.95% in last two days prior to its Fridays decline. December and February contracts were down 0.5% and 0.52% to trade at Rs 9,204 and Rs 9,385, respectively.

Copper for near month (Nov) delivery traded at Rs 351.5 per kg, up 0.11% against the previous close of Rs 350.8, February contract was up 0.13% at Rs 347.75. Silver for December delivery was down 1.15% to trade at Rs 18,135 per kg against the previous close of Rs 18,346.

Natural gas for near month delivery traded at Rs 250.7 per mmbtu, down by 0.52% against Thursdays close of Rs 251.8.

At 1700 hours on the NCDEX, chana for October delivery last traded at Rs 3,297 per 100 kg, near to the days high of Rs 3,299, was up Rs 29 or 0.85% against Thursdays close of Rs 3,261. Chana that opened weaker at Rs 3,250 touched an intra-day low of Rs 3,203 with an open interest of 27,980.

Highest OI of 55,510 stood for the November contract, which also rose to Rs 3,312 after touching a low of Rs 3,212.

All desi urad contracts rallied south during the day. However, they recouped, although not completely, by the days end.