Oil Prices Rise As Market Expects Extended Production Cut

Oil prices rose on Wednesday, supported by increasing confidence that an OPEC-led production cut aimed at tightening the market would be extended through the rest of 2017 and the first quarter of next year.
Brent crude futures at 0147 GMT were up 13 cents from their last close at $54.28 per barrel.
U.S. West Texas Intermediate (WTI) crude futures were at $51.58, up 11 cents.
Both benchmarks have risen more than 12 percent from their May lows.
Prices have rebounded on a growing consensus that a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to cut supplies by 1.8 million barrels per day (bpd) would be extended to March 2018, instead of just covering the first half of this year.
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Subdued Physical Demand Bites Aluminium Futures

Aluminium futures were trading lower during morning trade in the domestic market on Wednesday as investors and speculators remained on the sidelines in the industrial metal amid muted physical demand for aluminium at the domestic spot market.
Further, a fall in physical demand for aluminium at the domestic spot market was due to trimming of positions by traders in the spot markets, influenced aluminium prices at futures trade.
At the MCX, aluminium futures for May 2017 contract is trading at Rs 125.80 per kg, down by 0.51 per cent, after opening at Rs 126, against a previous close of Rs 126.45. It touched the intra-day low of Rs 125.60 (at 10:59 hours).
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Silver Rises On Robust Global Cues

Silver futures closed higher in the domestic market on Monday tracking a firming trend in precious metals overseas as speculators widened their positions.

Market analysts said speculative position built up by participants, driven by firm global trend, mainly contributed to the rise in silver prices at futures trade. At the MCX, silver futures for July 2017 contract closed at Rs 39,815 per kg, up by 1.80 per cent, after opening at Rs 39.177, against a previous close of Rs 39,111. It touched the intra-day high of Rs 39,920.
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Gold Steady Following Manchester Blast; U.S. Political Woes Support

Gold was steady on Tuesday with investors staying on the sidelines following an explosion in the English city of Manchester that left at least 19 people dead and over 50 injured.
The explosion occurred at the end of a concert by U.S. singer Ariana Grande on Monday, in what two U.S. officials said was a suspected suicide bombing.
Prime Minister Theresa May said the incident was being treated as a terrorist attack.
“Right now, precious metals prices are relatively quiet, this despite tragic news coming out of Manchester, England,” said INTL FCStone analyst Edward Meir.
“We suspect that gold will respond more forcefully going into Tuesday’s session as geopolitical tensions start to rise again.”
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Crude Oil Rises As OPEC Production Cut Likely

Crude oil futures closed higher in the domestic market on Monday as expectations grow for an extension to the OPEC-led production cut agreement into the first quarter of next year. Major oil producers will join members of the Organization of the Petroleum Exporting Countries in Vienna this week to discuss extending the six-month agreement to cut production by 1.8 million barrels a day set to expire in June.
There is near unanimity among watchers that the deal will be extended, with the only real questions centered on length and severity of cuts. At the MCX, crude oil futures for June 2017 contract closed at Rs 3308 per barrel, up by 0.95 per cent, after opening at Rs 3299, against a previous close of Rs 3277. It touched the intra-day high of Rs 3330.
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Aluminium Futures 0.40% Down

On Tuesday morning, Aluminium future is trading lower in domestic spot market. This fall is due to trimming of position by traders in the spot market which influence aluminium prices. Investors and speculators remained on the sidelines in the industrial metal amid subdued physical demand.
MCX states, for May 2017 Aluminium future contract is trading on Rs 124.75/Kg which is down by 0.40 %. Previous close was Rs 125.25 and now opening at Rs 125 which is low at intra-day trading of Rs 124.65.
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Lead Futures Little Changed On Sluggish Demand

Lead futures were little changed during morning trade in the domestic market on Monday as investors and speculators remained on the sidelines in the industrial metal on subdued physical demand for lead, from battery-makers, in the domestic spot market.
Further, a fall in physical demand from battery-makers in the domestic spot market, influenced prices of lead at futures trade.
At the MCX, lead futures for May 2017 contract is trading at Rs 135.60 per kg, down by 0.07 per cent, after opening at Rs 135.50, against a previous close of Rs 135.70. It touched the intra-day low of Rs 135.15 (at 11:09 hours).
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