Crude oil gains on stimulus hopes; copper, gold fall

KOCHI: Oil traded near the highest level in a week in New York on speculation US and European policy makers will act to boost growth and concern that unrest in the Middle East may spread and disrupt supplies.

Crude for September delivery was at $90.25 a barrel, up 12 cents, in electronic trading on the New York Mercantile Exchange. The contract climbed 0.8% to $90.13 on July 27 for a fourth day of gains and the highest close since July 20. Prices are up 6.2% this month. Brent oil for September settlement was at $106.20 a barrel, down 26 cents, on the London-based ICE Futures Europe exchange.

Copper fell in London for a first session in five before meetings this week of central bankers that may result in fresh steps to counter the euro-area debt crisis and economic slowdown that threaten demand. Copper for three-month delivery slid 0.5% to $7,525 a tonne on the LME. The September-delivery contract fell 0.4% to $3.412 a pound on the Comex in New York.

Gold eased below $1,620 an ounce on Monday, taking its cue from a weaker euro. Spot gold was down 0.3% at $1,618.80 an ounce, while US gold futures for August delivery were down 20 cents an ounce at $1,617.80. Indian gold prices were steady.

The most-active gold for August delivery on the MCX was 0.01% lower at Rs 29,792 per 10 gm after trading flat for three sessions in a row. In the rubber market, the most active contract on Tokyo Commodity Exchange January 2013 slid by 2.6% to 232 yen per kg. Traders are still waiting for fresh measures from top producer Thailand to help prevent prices from falling further.

Spices futures in NCDEX except pepper showed a downward trend. The August contract of chilli was down by 2.5% to Rs 5,530 per quintal. Chana for August delivery looked up by 2.6% to Rs 4,624 per quintal.