Asian stock markets were higher on Wednesday, meanwhile, following a newspaper report that the EU may bolster the firepower of its rescue funding. EU officials were discussions on the possibility of allowing the euro zone's 440 billion euro ($590 billion) bailout fund to remain in operation when a new 500 billion facility comes into force in 2012, the Financial Times reported.
Leaders from the European Union countries are due to meet Friday in Brussels to discuss plans for tighter fiscal regulations and treaty changes.
Light, sweet crude-oil futures for January delivery inched up 16 cents to $101.46 per barrel on New York Mercantile Exchange. The European news flow turned negative on Tuesday, dampening sentiment across equity and commodity markets. Investors held hope, however, that the Dec. 9 euro-zone summit would bring better news for the bloc.
Also supporting crude-oil prices, Asian stocks and U.S. index futures were trading higher. While benchmark stock indexes in Japan, South Korea, Hong Kong and Australia were up between 0.8% and 1% by midday.
MCX benchmark crude futures may open today's session above Rs 5190 levels with resistance near Rs 5220 levels and support near Rs 5170 levels.
Overall movement in the financial markets was cautious today as traders focused on the European leader's summit this week to discuss proposals for more stringent fiscal regulations and treaty changes.
Asian stock markets were higher on Wednesday, meanwhile, following a newspaper report that the EU may bolster the firepower of its rescue funding. EU officials were discussions on the possibility of allowing the euro zone's 440 billion euro ($590 billion) bailout fund to remain in operation when a new 500 billion facility comes into force in 2012, the Financial Times reported.
Leaders from the European Union countries are due to meet Friday in Brussels to discuss plans for tighter fiscal regulations and treaty changes.
Light, sweet crude-oil futures for January delivery inched up 16 cents to $101.46 per barrel on New York Mercantile Exchange. The European news flow turned negative on Tuesday, dampening sentiment across equity and commodity markets. Investors held hope, however, that the Dec. 9 euro-zone summit would bring better news for the bloc.
Also supporting crude-oil prices, Asian stocks and U.S. index futures were trading higher. While benchmark stock indexes in Japan, South Korea, Hong Kong and Australia were up between 0.8% and 1% by midday.
MCX benchmark crude futures may open today's session above Rs 5190 levels with resistance near Rs 5220 levels and support near Rs 5170 levels.
Base metals ended mostly lower on Tuesday, 6th December as most of the investors traded in sidelines amidst the Standard & Poor's Ratings Services warning that it may downgrade the ratings of 15 euro-zone nations, including Germany and France citing the worsening European debt crisis situation and the regions nation's approval to tougher fiscal rules at summit on Dec 9th.
Comex Copper future for most active March contract settled at $3.5755 a pound, down 1.11% (4 cents). Benchmark Copper at LME ended lower at $7795 per tonne, down 1.02% ($80). Likewise at mcx tips free , Copper for delivery in February slumped by 0.84% or Rs 3.45 at Rs 408.4 per kg with its high at Rs 410.9 per kg and low at Rs 405.05 per kg.
Most of the metals traded in the negative territory as investors could not digest the Standard & Poor's moves to put France, Germany and 13 other euro-zone nations on review for credit downgrades. S&P also placed the long-term credit rating of the European Financial Stability Facility on credit watch negative.
But later during the late session the newspapers report that European officials are in negotiations to implement two separate bailout funds, which would nearly double the firepower of the region's financial rescue system and help to stem the sovereign-debt crisis spurred the investors confidence and curbed huge losses in the metals.
Investors are awaited for the meeting of the 27 European Union leaders in Brussels on Friday where proposals by German and French leaders earlier this week for tougher fiscal rules and treaty changes will be discussed.
The dollar index edged down by 0.04% at 78.54 against the basket of 6 major currencies as the slightly rise in euro ahead of European summit on Friday pressurized the dollar.
Among other metals at MCX, Aluminium shed by 0.55% or Rs 0.6 at Rs 108.95 per kg and touched an intraday tips get high of Rs 109.45 per kg and low of Rs 108.5 per kg. Lead gained by 0.56% or Rs 0.6 at Rs 108.65 per kg and Zinc rose by 0.1% or Rs 0.1 at Rs 105.05 per kg. Nickel for delivery in December ended flat at Rs 946.4 per kg.
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