CRUDE OIL JUMPED ON HOPES TO CANCEL OUT FEARS THAT FUEL DEMAND IS SET TO WEAKEN IN THE NEAR TERM IN CORONAVIRUS-HIT COUNTRIES IN EUROPE AND THE UNITED STATES.

At the MCX, Crude Oil futures for Nov contract was trading at Rs. 3030.00per barrel, up by 0.39% after opening at Rs.2995.00per barrel, against a previous close of Rs. 3001.00per barrel. It touched an intra-day low of Rs. 2931.00 per barrel and high ofRs. 3047.00 per barrel in the future market.

Crude Oil prices rose on Tuesday as high hopes that a COVID-19 vaccine could be on the horizon were enough to cancel out fears that fuel demand is set to weaken in the near term in coronavirus-hit countries in Europe and the United States.

Gold prices edged higher as hopes of more U.S. stimulus measures to weather the impact of rising COVID-19 cases nudged investors towards the precious metal as an inflation hedge.

Natural gas futures traded firm at Rs 215.30 per mmBtu on November 10 as participants increased their long positions as seen by the open interest.

Crude palm oil futures traded lower at Rs 888.80 per 10 kg on November 10 as participants increased their short positions, as seen by the open interest.

On Multi Commodity Exchange, Commodities Silver, Natural Gas, MCX Bulldex, Gold, GoldM, Crude Oil, Gold Petal, Gold Guinea, Aluminium, Mentha Oil, Nickel, Lead, CPO futures were the gainers, gained by 1.31%,1.17%,1.02%,0.99%, 0.97%, 0.97%, 0.92%, 0.77%, 0.39%, 0.16%, 0.08%, 0.07%,0.03% respectively. On other hand, Copper, Zinc, MCX Metldex Futures werethe losers, lose by 0.33%, 0.21%,0.13% respectively.