Crude oil MCX at all time high in early trade

Crude oil hit an all time high in early trade on Multi Commodity & Derivatives Exchange due to continued weakness in the rupee. 

 

Crude oil on MCX hit an all time high of Rs 6971 per barrel. 

 

Today rupee is also down against the dollar and hit a low of  Rs 65.43 per dollar, last week, rupee was at life time low against the dollar at Rs 65.55 per dollar.

 

Crude oil has also gained due to supportive data from China and US which has provided good support to the commodity.

 

"Unrest in Syria has also caused crude oil to gain support on the international market which is also positive for the commodity," said Ajay Keida, MD of Kedia Commodities. 

 

Copper continues to trade near all time high levels as rupee is pushing prices on the upper side. In early trade it has made a high of Rs 479.60 per kilogram, it hit an all time high last week at Rs 483.32 per kilogram. 

 

Silver is also taking cues from base metals and continues to trade near six month high levels. Rupee depreciation has also caused silver prices to move up. 

Gold on MCX is currently trading close to all time high, purely due to weakness in the Indian currency, in early trade it has made a high of Rs 32,426 per 10 grams. 

 

"There is a possibility for gold to make a new high this week as depreciation in the Indian currency is still weak," said Dharmesh Bhatia, AVP, Kotak Commodity Service.