MUMBAI: Commodity futures declined today as the bailout package provided little hope of arresting the debt crisis emanating from the European region. On Monday, European Union authorities decided to provide emergency package to stabilise the euro, which has been losing its strength against the US dollar. Market experts, however, believe that the euro region will continue to face uncertainty as various countries are likely to suffer from financial crisis similar to that of Greece.
Crude oil futures snapped a four-day losing streak on Monday and prices rallied from Friday's intra-day slide below $75, their lowest in nearly three months. Nymex crude oil for June delivery was last down 63 cents at $76.17 per barrel after settling up $1.69 at $76.80 on Monday.
OPEC Secretary-General Abdullah al-Badri said he expected the rescue package to boost oil above $80 per barrel but warned of wild swings as the global economy continued on its path to recovery.
Gold was traded little changed this morning after a volatile session the previous day... Spot gold was at $1,206.50 an ounce, up $4.90 from New York's notional close on Monday when it had dropped below $1,200 an ounce.
Domestic commodity counters retraced tracking the overseas markets. MCX crude oil futures for May settlement moved between Rs 3,463 and Rs 3,444 before retracing to the current level of Rs 3,446 per barrel, down 0.1%.
MCX gold for June settlement was last quoted at Rs 17,736 per 10 gram after moving between Rs 17,756 and Rs 17,650 per 10 gram. MCX silver July contract added 0.1% to Rs 28,489 per kg.
