Commodities

Crude oil, rubber futures head south on global trend

Our Bureau Mangaluru | Updated on November 26, 2021

Cotton seed oilcake and castor futures were the top gainers

Crude oil and rubber futures were quoted lower on the Multi Commodity Exchange (MCX) at the opening of the trade on Friday, while natural gas futures were the top gainers.

Crude oil futures declined in line with the global trend. Brent crude oil was short of falling below $80 a barrel at $80.29 after dropping 2.35 per cent overnight. WTI crude oil slid three per cent at $76.04.

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.

On the National Commodities and Derivatives Exchange (NCDEX), cotton seed oilcake and castor futures were the top gainers on Friday morning, and guar gum and guar seed futures were quoted lower.

On MCX, the December futures of natural gas were trading at ₹385.80 against the previous close of ₹382.90, up by 0.76 per cent, in the initial hour of trading on Friday.

On Friday morning, the December futures of crude oil were down by 2.14 per cent, and the December futures of rubber were down by 1.89 per cent.

The December futures of crude oil were trading at ₹5712 against the previous close of ₹5,837, and the December futures of rubber were trading at ₹19,200 against the previous close of ₹19569 in the initial hour of trading on Friday.

NCDEX

On NCDEX, the December contracts of cotton seed oilcake were trading at ₹2,765 against the previous close of ₹2,714, up by 1.88 per cent. The December futures of castor were trading at ₹6,488 against the previous close of ₹6,476, up by 0.19 per cent on NCDEX.

The December contracts of guar gum and guar seed were down by 1 per cent and 0.94 per cent, respectively, on Friday morning.

The December contracts of guar gum were trading at ₹10,940 against the previous close of ₹11,051.

The December futures of guar seed were trading at ₹6,038 against the previous close of ₹6,095.

Published on November 26, 2021

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