Crude oil futures on the Multi Commodity Exchange (MCX) continued to rule firm during the week ended Friday on continued buying support from local participants on global reports that the fall in inventories in the top oil consumer, United States, supported prices. Global price of crude oil retreated from a seven-month high on dollar strength and profit booking. Crude oil gained more than 2% on positive US retail sales data and raising demand forecast by the IEA.
Crude oil June futures continued to trade higher at Rs 3,456 per barrel on Friday, up by 6.4% over the previous week. Nymex crude oil rose further to $73.23 a barrel but retreated since then. US crude traded at $72.21 and Brent crude gained to $71.50.
“Break of $66.79 is needed to indicate that crude oil has topped out. Otherwise, another rise is still in favor and above $73.23 will target a 38.2% retracement of 147.27 to 33.2% at $76.77 next,” an analyst said.
Gold edged down marginally, after early gains, as strengthening dollar and firm equities markets worldwide reduced the demand for the yellow metal. MCX gold June 2009 contracts were traded lower at Rs 14,841 per 10 gram on Friday, down by 1.18% over the previous week. Gold spot price in London was around $941 an ounce on Friday.
Silver July 2009 contracts were largely steady at Rs 23,948 per kg on Friday over the previous week. The silver was traded on the Comex at $14.91 an ounce.
MCX copper July 2009 contracts were traded higher at Rs 255.85 per kg on Friday, up by 6.6% over the previous week. Copper was traded on the London metals exchange at $5,254 per tonne. LME copper inventories fell by 2,900 tonne while copper inventories in Shanghai rose 51% last week, the biggest increase in two years.