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Oil Prices Firm With Brent Nearing $80 On Supply Worries

Oil prices rose on Tuesday, with Brent edging closer to $80 per barrel, on concerns that Venezuela’s crude output could drop further following a disputed presidential election and potential U.S. sanctions on the OPEC-member.

The United States also toughened its stance on Iran and made a list of sweeping demands, which could further curb the country’s crude oil exports and boost oil prices.
Brent crude futures were at $79.37 per barrel at 0632 GMT, up 15 cents, or 0.2 percent, from their last close. Brent broke through $80 for the first time since November 2014 last week.
U.S. West Texas Intermediate (WTI) crude futures were at $72.45 a barrel, up 21 cents, or nearly 0.3 percent.
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Gold Prices Slip As Investors Eye Riskier Assets

Gold prices dipped slightly on Tuesday, hovering not far off a 2018 low struck in the previous session as a firm dollar near five-month highs and optimism in global markets curbed appetite for the precious metal.

Spot gold was down 0.2 percent at $1,290 per ounce, as of 0614 GMT. In the previous session, it slid to $1,281.76, its lowest since Dec. 27.
U.S. gold futures for June delivery slipped 0.1 percent to $1289.8 per ounce.
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MCX Launches India`s First Copper Options

India’s Multi Commodity Exchange (MCX) said it launched the country’s first copper options contracts on Monday.

Three contracts expiring in June, August and November with a lot size of 1 tonne were launched, the exchange said in a statement.
The option contract will provide physical market participants an additional instrument to hedge their risk, said MCX Managing Director Mrugank Paranjape.
The exchange had launched crude oil options earlier this month.
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Lead Futures Down On Subdued Demand

Lead futures were trading lower during the afternoon trade in the domestic market on Tuesday as participants reduced their exposure amid subdued demand from consuming industries in the spot market. Marketmen said the weakness in lead futures was due to a sluggish demand from battery-makers at the domestic markets.

At the MCX, lead futures for May 2018 contract is trading at Rs 164 per kg, down by 0.15 per cent, after opening at Rs 163.85, against a previous close of Rs 164.25. It touched the intra-day low of Rs 163.65.
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Nickel Futures Dip On Easing Demand

Nickel futures were trading lower during the afternoon trade in the domestic market on Tuesday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade.
At the MCX, nickel futures for May 2018 contract is trading at Rs 996 per kg, down by 0.40 per cent, after opening at Rs 995.70, against a previous close of Rs 1000. It touched the intra-day low of Rs 998.80.
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Zinc Futures Dip On Subdued Demand

Zinc futures were trading lower during the afternoon trade in the domestic market on Tuesday as speculators trimmed positions amid easing demand in the spot market. Analysts said offloading of positions by participants on the back of tepid demand in the spot markets, mainly led to decline in zinc prices at futures trade.

At the MCX, zinc futures for May 2018 contract was trading at Rs 208.70 per kg, down by 1.23 per cent, after opening at Rs 209.75, against a previous close of Rs 211.30. It touched the intra-day low of Rs 208.10.
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Oil Prices Boosted By News China, U.S. Put Trade War

Oil prices rose on Monday as markets reacted to news that China and the United States have put a looming trade war between the world’s two biggest economies “on hold”.

Brent crude futures were at $79.13 per barrel at 0121 GMT, up 62 cents, or 0.8 percent, from their last close. Brent broke through $80 for the first time since November 2014 last week.
U.S. West Texas Intermediate (WTI) crude futures were at $71.83 a barrel, up 55 cents, or 0.8 percent, from their last settlement.
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