CRUDE OIL PLUNGED ON A REPORT OF U.S. CRUDE INVENTORIES FELL BY MORE THAN EXPECTED

At the MCX, Crude Oil futures for Nov contract was trading at Rs. 3146.00per barrel, up by 2.88% after opening at Rs.3116.00per barrel, against a previous close of Rs. 3058.00per barrel. It touched an intra-day low of Rs. 3090.00 per barrel and high of Rs. 3200.00 per barrel in the future market.

Crude Oil futures gained on Wednesday after an industry report showed that U.S. crude inventories fell by more than expected as prices continued to be supported by news of successful trials of a vaccine for coronavirus.

Natural gas futures traded firm at Rs 220.40 per mmBtu on November 11 as participants increased their long positions as seen by the open interest.

Gold futures slipped on Wednesday against the trend in international markets as the successful development of Covid-19 vaccine improved business outlook.

On Multi Commodity Exchange, Commodities Crude Oil, CPO, Mentha Oil, Cotton, Natural Gas, Aluminium futures were the gainers, gained by 2.88%, 0.88%, 0.54%,0.35%,0.23%,0.22% respectively. On other hand, Silver, Nickel, MCX Bulldex, Gold Guinea, Zinc, Gold, GoldM, Gold Petal, MCX Metldex, Lead Futures werethe losers, lose by 1.06%, 0.44%, 0.40%, 0.29%, 0.26%, 0.24%, 0.22%,0.20%,0.20%,0.10%, 0.03% respectively.