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Crude oil futures traded higher on Tuesday morning as the US prepared for the Presidential election later in the day.
At 9.53 am on Tuesday, January Brent oil futures were at $75.25, up by 0.23 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $71.63, up by 0.22 per cent.
November crude oil futures were trading at ₹6,031 on the Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday, against the previous close of ₹6,024, up by 0.12 per cent, and December futures were trading at ₹6,016, against the previous close of ₹6,008, up by 0.13 per cent.
The US is heading into one of the most closely contested Presidential elections later on Tuesday. Both Donald Trump and Kamala Harris are in a neck-and-neck race in this election. The market is eagerly awaiting the outcome of this election.
Apart from the US Presidential election, the market is also focusing on the outcome of the US Federal Reserve meeting later in the week. The market expects the Fed to cut interest rates by 25 basis points.
Meanwhile, the four-day meeting of the Standing Committee of the National People’s Congress (NPC) of China began on Monday. Market players feel the meeting is likely to approve more fiscal spending by the Chinese government.
Any move to provide a fiscal stimulus will help boost the demand for commodities such as crude oil in the global market. China is a major consumer of crude oil. However, slowing demand from China has impacted the price of the commodity in the global market.
November copper futures were trading at ₹858.70 on the MCX during the initial hour of trading on Tuesday, against the previous close of ₹852.70, up by 0.70 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), December turmeric (farmer polished) contracts were trading at ₹12,780 in the initial hour of trading on Tuesday, against the previous close of ₹12,732, up by 0.38 per cent.
November guarseed futures were trading at ₹5,212 on NCDEX in the initial hour of trading on Tuesday, against the previous close of ₹5,236, down by 0.46 per cent.
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