Commodities

As crude oil prices dip in global market, MCX futures follow suit

Our Bureau | | Updated on: Nov 26, 2021
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Rubber, guarseed, guar gum also drop as a result

Crude oil and rubber futures continued to rule lower on the Multi Commodity Exchange (MCX) in the afternoon trading session on Friday as crude oil prices in the global market dropped below $80 a barrel. Natural gas futures were the top gainers.

Crude oil futures on MCX followed brent crude oil while fell to $78.70 a barrel, dropping 3.52 per cent for the day. WTI crude oil shed 4.75 per cent at $74.67.

Rubber futures also slipped in tandem with drop in crude oil prices since rates of synthetic rubber, sourced from crude oil, could be under pressure. In addition, prices in Asian markets for all rubber grades declined.

On the National Commodities and Derivatives Exchange (NCDEX), steel long contracts were the top gainers on Friday afternoon, and guar gum and guar seed futures were quoted lower.

On MCX, the December futures of crude oil were trading at ₹5634 against the previous close of ₹5,837, down by 3.48 per cent. The rubber December futures were trading at ₹19055 against the previous close of ₹19,569, a decline of 2.63 per cent.

The December futures of natural gas were up by 1.44 per cent in the afternoon trading on MCX on Friday. Natural gas December futures were trading at ₹388.40 against the close of ₹382.90.

NCDEX

The global fall in crude oil reflected on guar gum and guarseed prices on the NCDEX.

On Friday afternoon, the December futures of guar gum and guarseed were down by 2.27 and 1.49 per cent, respectively.

Guar gum December futures traded at ₹10,800 against the close of ₹11,051, and December futures of guarseed quoted at ₹6004 against the previous close of ₹6,095.

On NCDEX, the December futures of steel long were up by 0.07 per cent on Friday afternoon trading. The December steel long futures were trading at ₹43,020 against the previous close of ₹42,990.

Published on November 26, 2021

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