MCX Gold, Silver, Copper, Crude Oil Updates Today 07 March 2013

Bullion: Gold futures were slightly lower on domestic exchanges as the rupee rose against the dollar and as COMEX futures shed early gains. On COMEX, gold futures had risen earlier on strong physical demand but the gains were erased as the dollar rose against the euro. 

Metals: Base metal futures on domestic bourses were trading lower on weak cues from benchmark contracts on the London Metal Exchange and firm rupee against the dollar. LME base metal futures traded lower due to firm dollar against the euro and continuing concerns over Chinese demand.

Energy: Domestic crude oil futures were trading lower tracking appreciation in rupee against the dollar and also Crude-oil futures added to early declines Wednesday and fell below $90 a barrel after government data showed a biggerthan-expected rise in crude-oil inventories. The Energy Information Administration said crude oil stocks climbed 3.8 million barrels in the week ended March 1, compared with forecasts for a rise of 500,000 barrels. The sharp increase came as refiners unexpectedly cut crude-processing rates in the week by 480,000 barrels a day to their lowest level in nearly two years.


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