Commodity Market Updates: Crude oil prices gained Rs 94 to Rs 8,467 per barrel on Monday, as market investors widened positions in response to strong spot demand. On the Multi Commodity Exchange (MCX), crude oil for July delivery was trading at Rs 8,467 per barrel in 3,978 lots, up Rs 94 or 1.12%.
Analysts believe that participants' increased bets maintained crude oil prices higher in the futures market. West Texas Intermediate crude oil was up 0.07 percent at USD 109.64 a barrel in New York, while Brent crude was up 0.06 percent at USD 113.19 per barrel.
Meanwhile, in the futures market, aluminium prices declined Rs 1.95 to Rs 213.40 a kilogramme on Monday as participants cut their positions due to a sluggish trend in the spot market. Aluminium for delivery in June fell Rs 1.95, or 0.91 percent, to Rs 213.40 a kg in 2,759 lots on the Multi Commodity Exchange.
Analysts believe that participants' reduction of positions in response to softening demand from consuming industries has maintained aluminium prices low.
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