Petrol, diesel prices cut for 5th consecutive day

In a big relief to the people in this festive season, petrol and diesel price continued to decline for the fifth consecutive day on Monday.

Petrol prices were cut by 13 paisa per litre, while diesel prices were down by 12 paisa per litre in Delhi, Kolkata, Mumbai and Chennai.

According to the Indian Oil website, the petrol rates in Delhi, Kolkata, Mumbai and Chennai were: Rs 73.76/litre, Rs 76.40/litre, Rs 79.40/litre and Rs 76.61/litre, respectively.

The diesel rates in the four cities were: Rs 66.09/litre, Rs 69.27/litre, Rs 70.14/litre and Rs 71.68/litre.

The global crude oil prices also fell on Monday. The Brent crude rates were at $58.12 a barrel while the US West Texas Intermediate (WTI) crude was at $52.80 per barrel.

The fuel prices had seen a sharp rise after the September 14 drone attacks on a Saudi oil facility and a processing plant.

A day later, the Brent crude oil rates went up by $71.95/barrel. But, now the rates are gradually coming down and the Brent Crude rates have dipped by $14 per barrel.

MCX Commodity Live Tips

Read More

Jeera trading range for the day is 16515-17115

Jeera on NCDEX settled down by -1.06% at 16740 amid hopes of higher sowing in coming season and comfortable stocks. Further pressure seen due to anticipation of a rise in arrivals in coming weeks before the start of new season in October. Parched land of Gujarat got good rains recently and soil moisture along with higher prices will motivate farmers to grow jeera on higher area in the ensuing season.

Trading Ideas:

* Jeera trading range for the day is 16515-17115.

* Jeera prices dropped amid hopes of higher sowing in coming season and comfortable stocks.

* Further pressure seen due to anticipation of a rise in arrivals in coming weeks before the start of new season in October.

* As per data arrivals of jeera in Gujarat is about 22,200 tn compared to 12,000 tn last year same period.

* In Unjha, a key spot market in Gujarat, jeera edged down by -93.85 Rupees to end at 16927.6 Rupees per 100 kg.

MCX Commodity Live Tips

Read More