Oil prices rise on Thursday with all eyes on Vienna meet where it is expected to extend an oil output cut pact by nine months. Saudi Arabia and non-OPEC country Russia have already agreed on this. But the important thing to notice that what the other OPEC member countries are expected.
However, before this meet, crude oil rises and Brent has crossed $ 54. While NYMEX crude is trading above $ 51.5.On the other side, dollar is under pressure after the last US FED meet. Despite this, gold and silver find no support. Although there is a slight recovery in rupee against dollar and the price of 1 dollar is 64 rupees 55 paisa.
Meanwhile, pre-monsoon showers remain continue in many areas of Kerala and Karnataka and by next week it is expected that monsoon will hit in Kerala. Due to this, agro commodity market is heavily under pressure. This led the prices of spices have dropped. Soybean futures dropped its 5 years lower level.
Now coming to the domestic market, MCX crude oil on MCX is trading at Rs 3350 with an increase of 0.6 percent. Natural gas fell 0.4 per cent to Rs 208. MCX gold rose 0.1% to Rs 28750, while silver is trading at around Rs 39885 with a gain of 0.1%.
In base metals, aluminum shows a weakness of 0.3 per cent and trading around Rs 125, while copper fell 0.5 per cent to Rs 370. Nickel decline by 0.1 per cent and it is trading at Rs 590.
In Agri Commodities, NCDEX Barley June futures are trading at Rs. 1440 with a weakness of 0.1 per cent, while Castor June futures rose by 0.3 per cent and trading at Rs. 4435.