Crude oil futures traded lower on Monday morning as the US hinted at a diplomatic solution to the Russia-Ukraine war. May Brent oil futures were at $110.40 down by 2.01 per cent; and April crude oil futures on WTI at $106.61, down by 2.49 per cent.
March crude oil futures were trading at ₹8,175 on Multi Commodity Exchange (MCX) in the initial hour of Monday morning against the previous close of ₹8,335, down by 1.92 per cent; and April futures were trading at ₹8,002 against the previous close of ₹8,126, down by 1.53 per cent.
This followed a statement by a US official on the possible diplomatic solution to the Russia-Ukraine war. On Sunday, the US Deputy Secretary of State, Wendy Sherman, said Russia is showing signs it might be willing to have substantive negotiations over Ukraine.
The Brent crude oil prices had touched a 14-year high of $139 a barrel in the previous week. However, the prices came down sharply during the week as the market analysed the likely improvements in the supply outlook. On MCX, March natural gas futures were trading at ₹358.80 in the initial hour of Monday morning against the previous close of ₹364.40, down by 1.54 per cent.
Futures of other commodities such as aluminium and copper also traded lower on Monday morning. March aluminium contracts were trading at ₹281.35 on MCX in the initial hour of Monday morning against the previous close of ₹282.65, down by 0.46 per cent. On MCX, March copper futures were trading at ₹805.80 in the initial hour of Monday morning against the previous close of ₹810.40, down by 0.57 per cent.
NCDEX
On the National Commodities and Derivatives Exchange (NCDEX), March guargum futures were trading at ₹11,317 in the initial hour of Monday morning against the previous close of ₹11,164, up by 1.37 per cent; and April guargum futures were trading at ₹11,520 against the previous close of ₹11,371, up by 1.31 per cent.
April steel long futures were trading at ₹59,940 on NCDEX in the initial hour of Monday morning against the previous close of ₹60,080, down by 0.23 per cent.