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