Oil prices rose as investors expect US sanctions on Venezuela and
production cuts effective January 2019, led by Organisation of the Petroleum
Exporting Countries (OPEC) and its allies, to head off any glut, but
closed in red. The global economic outlook and prospects for growth in fuel
demand have been clouded by poor economic data in China and US-China trade
tensions. Brent
crude futures closed at $61.98 a barrel, while West Texas Intermediate crude
closed at $53.16 a barrel.
The Reserve Bank of India’s Monetary Policy
Committee (MPC) is scheduled to meet from 5 to 7th February for the sixth and
final bi-monthly monetary policy review for 2018-19. In its last review, the
MPC had kept the key lending rates unchanged. Retail inflation during the
October-December quarter stood at 2.6% against RBI's projected trajectory of
3.8%. CPI inflation is expected to remain below the RBI's target of 4% in
2018-19. This gives room to change and RBI is expected to lower interest rates
by 25 basis points. Finance Minister Piyush Goyal is scheduled to
address customary post Budget meeting of the central board of Reserve Bank of
India on 9th February and highlight the key points of interim Budget.
The Tokyo Commodity Exchange announced the
first delivery of TSR20 Rubber since its listing on 9th October 2018. Forty of
the February 2019 contracts were delivered totaling 200 tonnes.
The domestic prices of natural rubber in the
key spot markets are likely to remain under pressure in the coming days due to
bearish trend in the global market and subdued demand from domestic market.
The benchmark RSS4 grade rubber closed at `.123.50
a kg at Kottayam, while RSS3 grade closed at `.113.42 a kg at
Bangkok and Malaysian SMR20 closed at `.95 a kg. On ICEX,
February 2019, the futures closed at `.122.17 a kg, March
at `.124.20, April at `.126.94, May at `.126.91,
June at `.128.17 and July closed at `.129.45 a kg. Tokyo
Commodity Exchange February 2019 futures series closed at ¥187 a kg, March at
¥184.3, April at ¥182.4, May at ¥180.2, June at ¥178.7 and the contract for
delivery in July 2019 closed at ¥179.1 a kg. On Wednesday, most probably Tocom
futures contract for delivery in July may trade in the range of ¥177 & ¥182
a kg.
No comments:
Post a Comment