As crude oil prices dip in global market, MCX futures follow suit

as crude oil prices dip in global market mcx futures follow suit

Sumary of As crude oil prices dip in global market, MCX futures follow suit:

  • Crude oil and rubber futures continued to rule lower on the Multi Commodity Exchange (MCX) in the afternoon trading session on Friday as crude oil prices in the global market dropped below $80 a barrel.
  • Crude oil futures on MCX followed brent crude oil while fell to $78.70 a barrel, dropping 3.52 per cent for the day.
  • WTI crude oil shed 4.75 per cent at $74.67. Rubber futures also slipped in tandem with drop in crude oil prices since rates of synthetic rubber, sourced from crude oil, could be under pressure.
  • On the National Commodities and Derivatives Exchange (NCDEX), steel long contracts were the top gainers on Friday afternoon, and guar gum and guar seed futures were quoted lower.
  • On MCX, the December futures of crude oil were trading at ₹5634 against the previous close of ₹5,837, down by 3.48 per cent.

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