Crude oil futures prices on the Multi Commodity Exchange mainly followed the global trends on the week ended Friday amid good buying support. Crude oil rose nearly $68 a barrel on weak dollar and advancing equities markets on better than expected company earnings that highlighted the prospect of a quick economic recovery.
Copper August 2009 contracts were traded higher by nearly Rs 10 at Rs 269.15 per kg on Friday, up by 3.8% over the previous week. The uptrend in base metals continued on the back of a strong bullish momentum. LME copper was traded at $5,560 per tonne. Nickel and aluminum already reached their best levels this year and copper was not far off from the nine-month highs that it had set on Thursday.
?The base metals pack has pulled off a sharp rally in the last few days. Prices may trade higher even in the coming week,? an analyst with Angel Trade said.
Crude oil August 2009 futures were higher by Rs 94 or 2.97% over the previous week to trade at Rs 3,252 per barrel on Friday. Crude oil prices rose towards $68 a barrel on the Nymex on Friday capitalizing on a weak dollar and strong equity markets. Nymex Sept crude oil hit an intraday high of $67.68 on Friday.
?A weaker dollar could provide a strong support to bullion and crude oil prices,? Reena Walia, an analyst with Angel Trade said.
Gold August 2009 contracts were quoted at Rs 14,899 per 10 gram on Friday, up by Rs 154 or 1% over the previous week. Gold prices edged higher in Friday’s trade as a weaker dollar and firm oil prices supported the yellow metal. Spot gold prices gained some ground and touched an intra-day high of $953.85. Jewellery demand in China expanded in the first quarter.
Silver prices followed suit as spot silver prices were up to $13.71/oz. Silver September 2009 contracts were higher by Rs 368 to trade at Rs 22,417 per kg on Friday.