The WTI Crude Oil markets fell during the early
session on Thursday and currently trading at US$102.75 a barrel at 20.15 IST and
the market continued to test the lows of the consolidation area.
Tokyo Commodity Exchange plans to attract
more trading from investors in China and India to boost volume, which has
jumped 22% in the first eight months of the year. The decline of rubber prices
on TOCOM, which influenced the direction of global rubber prices, was weighed
down by negative sentiment resulting from weaker US equities and lower crude
oil prices. Uncertainty about when the U.S Federal Reserve will start tapering
stimulus has made Japanese investors cautious and this may also slow trading. Market
participants stayed on the sidelines, waiting for the final reading of the US
second-quarter GDP data to be released.
Reserve Bank of India chief, Raghuram Rajan surprised the
markets with India's first policy rate increase in nearly two years in a bid to
ward off rising inflation. Expectations of rate hikes have gone up now as
monetary policy has given a clear and transparent signal that an upward bias on
long-term interest rates will continue and will hike rates again at the central
bank's next policy review on 29th October.
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