MUMBAI: While profit-taking at higher levels pushed gold off its life high, other commodity counters were seen largely maintaining soft tones. Copper and lead are the only two counters that continue to defy the trend in the markets.
Nymex crude oil for June delivery was down 0.08% at $75.73 per barrel after settling down 72 cents a day earlier. Interestingly, the value of the June contract, which expires on May 20, was discounted by as much as $4.68 on Wednesday against the July contract, the widest since February 2009.
International Energy Agency (IEA) on Wednesday trimmed its oil demand growth forecast for 2010 by 50,000 barrel per day to 86.4 million bpd. The revision brings EIA and IEA forecasts in line with both agencies now forecasting a 1.6% demand increase for 2010.
Gold price eased this morning after hitting another record near $1,250 an ounce the previous day on continued worries about euro zone debt.
Spot gold was at $1,236.60 an ounce, down $1.70 cents from New York's notional close on Wednesday when it reached a record $1,248.15.
Base metals rose this morning, bolstered by a recovery in equity markets, with copper reversing the previous session's losses.
Domestic commodity counters moved in a narrow range on mixed global cues and strengthening rupee. MCX crude oil futures for May settlement moved between Rs 3,414 and Rs 3,393 before retracing to the current level of Rs 3,413 per barrel, up 0.7%.
MCX gold for June settlement was last quoted at Rs 18,115 per 10 gram after moving between Rs 18,201 and Rs 18,111 per 10 gram. MCX silver July contract lost 0.6% to trade at Rs 29,744 per kg.
