OPEC Struggles For Deal To Ease Supply Cuts As Iran Resists

OPEC will seek agreement on Friday to raise oil production despite opposition from Iran, which has threatened to block the move as it faces export-crippling U.S. sanctions.
OPEC’s de facto leader Saudi Arabia and non-OPEC Russia have said a production increase of about 1 million barrels per day (bpd) or around 1 percent of global supply had become a near-consensus proposal for the group and its allies.
The Organization of the Petroleum Exporting Countries will be gathering in Vienna amid calls from top consumers the United States, China and India to cool down the price of crude and prevent an oil shortage that would hurt the global economy.
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Nickel Futures Up On Increasing Demand

Nickel futures were trading higher during the noon trade in the domestic market on Friday as participants widened their bets, driven by pick-up in demand in the spot market. Analysts attributed rise in nickel futures to building-up of positions by traders due to pick up in demand from alloy- makers in the spot market.

At the MCX, nickel futures for June 2018 contract is trading at Rs 1025.90 per kg, up by 0.76 per cent, after opening at Rs 1020.10, against a previous close of Rs 1018.20. It touched the intra-day high of Rs 1029.40.
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Oil Prices Drop As Iran Signals Support For OPEC Output Rise

Oil prices fell on Thursday as Iran signalled it could be won over to a small rise in OPEC crude output, potentially paving the way for the producer cartel to agree a supply increase during a meeting on Friday.

However, prices were prevented from dropping further by record refinery runs in the United States and a large decline in crude inventories, a sign of strong fuel demand in the world’s biggest economy.
Brent crude futures were at $74.51 per barrel at 0152 GMT, down 23 cents, or 0.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $65.64 a barrel, down 7 cents, or 0.1 percent.
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Gold Prices Drop To Six-Month Low On Strong Dollar, U.S. Rate Outlook

Gold prices posted a six-month low on Thursday, weighed down by a firm dollar and as the U.S. Federal Reserve Chair kept its outlook for higher interest rates.

Spot gold fell 0.4 percent to $1,262.88 an ounce by 0637 GMT. It hit its lowest since Dec. 20 at $1,261.36 earlier, having lost about 3 percent over the last five sessions.
U.S. gold futures for August delivery were down 0.8 percent at $1,264.50 per ounce.
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Lead Futures Down On Subdued Demand

Lead futures were trading lower during the afternoon trade in the domestic market on Thursday 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 July 2018 contract is trading at Rs 164.55 per kg, down by 0.09 per cent, after opening at Rs 164.80, against a previous close of Rs 164.70. It touched the intra-day low of Rs 164.55.
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Nickel Futures Up On Increasing Demand

Nickel futures were trading higher during the noon trade in the domestic market on Thursday as participants widened their bets, driven by pick-up in demand in the spot market. Analysts attributed rise in nickel futures to building-up of positions by traders due to pick up in demand from alloy- makers in the spot market.

At the MCX, nickel futures for June 2018 contract is trading at Rs 1021.60 per kg, up by 0.69 per cent, after opening at Rs 1017.50, against a previous close of Rs 1014.60. It touched the intra-day high of Rs 1024(at 13:03 hours).
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Zinc Futures Dip On Easing Demand

Zinc futures were trading lower during the afternoon trade in the domestic market on Thursday 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 June 2018 contract was trading at Rs 206.30 per kg, down by 0.07 per cent, after opening at Rs 207.20, against a previous close of Rs 206.45. It touched the intra-day low of Rs 205.85(at 14:06 hrs).
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