CRUDE OIL: A meeting between members and non members of the Organization of the Petroleum Exporting Countries on Wednesday didn't produce an agreement about production cuts.
In a bid to defend their market share, OPEC members, and other oil heavyweights like Russia, have refused to trim production, despite the oversupply. The anticipated resumption of Iranian oil exports, most likely later this year, is also exacerbating concerns of a longer global glut and depressed prices.
The market is looking at a Dec. 4 policy-setting meeting of the Organization of the Petroleum Exporting Countries which is expected to "provide vital clues about price development in the medium term.
OPEC, which includes Saudi Arabia, Kuwait and the United Arab Emirates, has maintained high production levels despite the oil price decline, as members try to maintain market share.
COPPER: Copper prices are not likely to rise strongly over the next one to two years in international and Chinese markets as global mines are reaching peak production, said the president of China Non-ferrous Metals Industry Association on Thursday.
Production from global copper mines is expected to rise 5.1 percent in 2016 from this year, Zhou said. Refined copper production in the global market may rise 0.9 percent next year, he also said, with the lower growth rate in refined copper production possibly creating a surplus of ore.
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