Commodities

Crude gains on MCX as Omicron threat recedes, nickel down

Our Bureau | | Updated on: Dec 09, 2021
image caption

December futures of crude oil were trading at ₹5,482 on MCX in the Thursday afternoon as against the previous close of ₹5,468, up by 0.73%

Crude oil gained by 0.26 per cent on the Multi Commodity Exchange (MCX), and guar gum by 2.06 per cent on the National Commodities and Derivatives Exchange (NCDEX) in the Thursday afternoon trading.

December futures of crude oil were trading at ₹5,482 on MCX in the Thursday afternoon as against the previous close of ₹5,468, up by 0.73 per cent; and the December futures guar gum were trading at ₹10,540 on NCDEX on Thursday afternoon against the previous close of ₹10,331, up by 2.02 per cent.

Though there were concerns about the impact of omicron variant of corona virus on economy a few days ago as the global fuel market players feared that the variant may affect the demand for fuel, the concerns have come down now.

Also read: Gold futures makes steady advances to stay above ₹48,100

This has helped the global oil market to be optimistic about the demand for the fuel. Even some global pharma companies have also said that their three-dose course vaccine would help protect people against the infection of the virus.

However, the gains were muted following the reimposition of curbs by countries such as the UK and Denmark among others. The February Brent oil futures were trading at $75.87, up by 0.07 per cent; and the January crude oil futures on WTI were trading at $72.52, up by 0.22 per cent. Guar gum gains when crude oil prices rise as the commodity is used in oil extraction.

The December nickel futures were trading at ₹1,551.60 on MCX in the Thursday afternoon as against the previous close of ₹1,574.20, down by 1.44 per cent; and the December futures turmeric (unpolished) were trading at ₹7,876 on NCDEX on Thursday afternoon against the previous close of ₹7,964, down by 1.10 per cent.

Published on December 09, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

COMMENTS
This article is closed for comments.
Please Email the Editor

You May Also Like

Recommended for you