Crude and Copper Updates For Today
Crude oil prices gained on Monday as investors eyed a shaky cease fire in Ukraine. On the NYMEX, crude oil for delivery in March gained 0.56% at $53.97 a barrel. Last week, crude oil futures rallied sharply on Friday, with prices continuing to recover from recent lows amid speculation productions cuts by drillers in the U.S and global oil companies will alleviate a glut in supplies. NYMEX oil soared $2.37, or 4.85%, to end at $51.21 a barrel, after Russian President Vladimir Putin confirmed that a cease fire deal with Ukraine starting February 15 had been reached, following months of violence. Crude oil prices dipped slightly as a volatile week heads to a close in Asia on Friday. On the New York Mercantile Exchange, crude oil for delivery in March fell 0.13% to $51.15 a barrel.Copper Updates
LME Inventory for Aluminium declined by 5925 tonne on Friday. Copper held steady near a three-week top on Monday, underpinned by a slightly weaker dollar, as volumes dwindled ahead of Chinese New Year and with a holiday in the United States. Copper on the LME drifted 0.2 percent to $5,725 a tonne, from the previous session when it hit its highest since Jan. 21 at $5,793.50 a tonne. Total LME benchmark volumes across major contracts were less than 1000 lots. Chinese authorities will cut interest rates, increase liquidity and tolerate some currency weakness to ensure the economy grows around 7 percent this year, as they try to head off deflation and keep employment strong enough to push on with reforms, policy insiders say.