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Crude oil futures fell, despite an uptick in attacks on merchant boats in the Red Sea and a drop in China's five-year loan prime rate. Tuesday, April 9:53 a.m. saw a 0.12% decrease in Brent oil futures at $83.46, and a 0.18% increase in WTI (West Texas Intermediate) crude oil futures at $78.36.
Early trade saw March crude oil futures on the Multi Commodity Exchange (MCX) trading at ₹6,509, down 0.14% from the previous close of ₹6,518; April futures were trading at ₹6,512, down 0.11% from the previous close of ₹6519.
Market reports said four more merchant vessels faced drone and missile attacks from the Houthis in the Red Sea since Friday. Quoting Houthis, a Reuters report said the Belize-flagged, British-registered and Lebanese-managed Rubymar cargo vessel in the Gulf of Aden was in danger of sinking due to the attacks. Many commodities, including crude oil, that use the Red Sea for transportation of cargo are affected by the frequent attacks on merchant vessels in the route.
Meanwhile, the People’s Bank of China has reduced the five-year loan prime rate by 25 basis points to 3.95%. The market was expecting a rate cut of around 15 basis points. The loan prime rate is the reference for mortgages in China. This move of the Chinese central bank is seen as an effort to boost credit demand for properties in China.
Another factor that attracted the attention of the market was an increase in tourism revenue in China during the Lunar New Year holidays. Market reports said tourism revenues increased by 47.3% during the Lunar New Year holidays of 2024 compared to 2023’s Lunar New Year holidays. The revenues were above the pre-Covid revenues in 2019.
February zinc futures were trading at ₹214.60 on MCX against the previous close of ₹215.75, down by 0.53%. On the National Commodities and Derivatives Exchange (NCDEX), March cottonseed oilcake contracts were trading at ₹2,604 against the previous close of ₹2,622, down by 0.69%. April kapas futures were trading at ₹1,563 on NCDEX against the previous close of ₹1577, down by 0.92%.
Also Read : Futures for crude oil fall as China's imports reduce IEA lowers global oil-demand growth forecast for 2024
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