Are local crude traders more prescient than Western counterparts?

An interesting divergence was witnessed between crude futures traded on Nymex and on MCX, a mirror contract of the former.

A creation of fresh bullish bets has driven up generic crude contract on Nymex by 17.7% from a record closing low over the past six sessions through Thursday (Nymex had not updated OI for Fri).

Over the same time frame, the 19.2% price push on MCX happened because of short covering. Nymex crude rose on talks of Opec cartel and non-Opec suppliers like Russia likely reaching a pact to limit output.



MCX mirrored the price trend but traders here were more cautious than their counterparts in the West. Is it that they are more prescient than their counterparts. Only time will tell.