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Business News/ Markets / Live Blog/  Sensex tanks 568 pts, Nifty ends below 16,450; Titan, DRL drag, NTPC shines

Sensex tanks 568 pts, Nifty ends below 16,450; Titan, DRL drag, NTPC shines

Market Closing: Indian indices on Tuesday extended losses for another session ahead of RBI's key rate decision, dragged by heavy selling pressure in realty, FMCG, consumer durables, and IT stocks.

Market Closing: Indian indices on Tuesday declined sharply amid weak Asian trends. (Hemant Mishra/Mint)Premium
Market Closing: Indian indices on Tuesday declined sharply amid weak Asian trends. (Hemant Mishra/Mint)

Indian indices on Tuesday ended in the red as both the Sensex and Nifty dropped around 1% each amid weak global sentiments. Indian investors turned cautious, expecting RBI to hike interest rate to curb inflation, while global investors are keeping an eye on US inflation data and key rate decision in Europe. Globally, stock markets were mixed on Tuesday after a bond sell-off on Wall Street fuelled anxiety about a possible US economic slowdown, while oil prices were stable on China easing Covid curbs. Shares rose marginally in Japan and Shanghai, while it fell in Hong Kong, South Korea, and Australia.

07 Jun 2022, 03:43:11 PM IST

Sensex slides 568 pts, Nifty ends below 16,450; FMCG, IT, realty bleed, oil & gas, power stocks rise

Indian indices on Monday closed significantly lower, extending run of losses, dragged by heavy selling pressure in consumer durables, capital goods, and realty stocks.

The Sensex fell 567.98 points, or 1.02%, to close at 55,107.34, while Nifty50 declined 153.20 points to end at 16,416.35. Sectorally, IT, realty, pharma, consumer durables, among others, came under heavy selling pressure, while energy, oil & gas, and power sectors ended in the green.

On the 30-stock index, the most gains were made by NTPC and Maruti, while Titan, DRL, HUL, and L&T were among the biggest losers.

On Nifty50, ONGC, Coal, India, and NTPC ended higher, while Titan, DRL, and UPL were among the biggest laggards.

Sensex at close
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Sensex at close
07 Jun 2022, 03:28:47 PM IST

Sectoral indices before closing bell

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07 Jun 2022, 03:20:19 PM IST

Global stock markets mixed after Wall St bond sell-off

Global stock markets were mixed Tuesday after a bond sell-off on Wall Street fuelled anxiety about a possible U.S. economic slowdown and Australia raised interest rates.

London, Shanghai and Hong Kong declined. Frankfurt opened higher and Tokyo gained.

The yen, trading at two-decade lows, fell further to almost 133 to the dollar.

Wall Street futures were lower after the benchmark S&P 500 index rose 0.3% on Monday and the market price of a 10-year Treasury bond fell. That increased its yield, or the difference between the day's price and the payout at maturity.

07 Jun 2022, 03:18:39 PM IST

Oil prices stable as market juggles risk sentiment with tight supplies

Oil prices were stable on Tuesday as the market balanced risk sentiment with supply concerns and the prospect of higher demand as China relaxes its COVID curbs.

Brent crude futures were down 38 cents, or 0.3%, at $119.13 barrel at 0926 GMT.

U.S. West Texas Intermediate (WTI) crude futures were down 25 cents, or 0.2%, at $118.25 a barrel, having risen by over $1 per barrel earlier in the session.

07 Jun 2022, 03:02:19 PM IST

Asian stock valuations dip to 26-month low on slowdown worries

Asian equities' valuations dropped to a more than two-year low at the end of May, as regional shares were hit by concerns over monetary tightening measures by major central banks and supply chain disruptions.

The MSCI Asia-Pacific index's forward 12-month price-to-earnings ratio (P/E) stood at 12.6 at the end of last month, the lowest since March 2020, according to Refinitiv data.

Regional shares have faced bigger declines this year, as higher inflation levels stoked recession worries and lockdowns in China pushed manufacturers in countries ranging from Japan to South Korea to slow production activity.

The data showed the MSCI World index's P/E stood at 15.3 at the end of last month, pushing its valuation premium over the MSCI Asia-Pacific to 21%, much higher than the 10-year average of 14.8%.

07 Jun 2022, 02:53:32 PM IST

JPMorgan downgrades Indian IT sector but bullish on these 4 IT stocks

Since analysts at JPMorgan downgraded its Indian IT sector stance to underweight on 18 May, 2022, India IT performance has been volatile. Despite the recent sharp correction seen in IT stocks, Indian IT companies are still trading at around 40% premium to pre-Covid average multiples.

07 Jun 2022, 02:50:50 PM IST

Crude oil futures gain on spot demand

Crude oil prices on Tuesday rose by 14 to 9,239 per barrel as participants widened positions on a firm spot demand.

On the Multi Commodity Exchange, crude oil for June delivery traded higher by 14 or 0.15 per cent at 9,239 per barrel in 12,582 lots.

Analysts said the raising of bets by participants kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude oil was up by 0.37 per cent at USD 118.94 per barrel, while Brent crude traded 0.33 per cent higher at USD 119.90 per barrel in New York.

07 Jun 2022, 02:27:18 PM IST

Cottonseed oil cake futures rise on fresh bets

Cottonseed oil cake prices on Tuesday increased by 40 to 2,910 per quintal in futures trade as speculators created fresh positions driven by a firm spot demand.

On the National Commodity and Derivatives Exchange, cottonseed oil cake for June delivery traded up by 40 or 1.39 per cent at 2,910 per quintal with an open interest of 57,150 lots.

Marketmen said raising of positions by participants amid a rising demand from cattle-feed makers mainly influenced cottonseed oil cake prices.

07 Jun 2022, 02:19:32 PM IST

Dollar hits 2-decade high vs yen, pound near 3-week low

The U.S. dollar rose to a two-week high as rising U.S. Treasury yields supported the greenback, pushing the Japanese yen to its lowest level against the dollar in two decades.

The yen dropped to a 20-year low of 133 per dollar, levels that had previously been highlighted as intervention territory, a day after central bank governor Haruhiko Kuroda reiterated an unwavering commitment to "powerful" monetary stimulus.

The yen is sensitive to interest rate differentials between Japanese debt and U.S. bonds.

Benchmark 10-year Treasury yields had climbed as high as 3.064% in Tokyo trading for the first time in almost four weeks, before slipping back to 3.0307%. Spreads between 10-year U.S. and Japanese debt held at 278 bps, not far from a 3-1/2 year high of 292 bps hit last month.

07 Jun 2022, 02:18:54 PM IST

Stocks drop with US futures in risk-off mood

European stocks fell with U.S. futures Tuesday as investors dumped risk assets as central banks resolute on tightening policy fanned growth fears. The dollar advanced and bond yields stabilized.

The Stoxx Europe 600 Index slipped as telecom and technology stocks weighed. In the UK, the export-heavy FTSE 100 was little changed as the pound slid on concerns about the nation’s growth and risks to Boris Johnson’s leadership.

Investors are reluctant to take on risk and volatility remains elevated. Equities are struggling to mount a sustainable rebound amid fears policy makers need to be even more aggressive in their withdrawal of stimulus to rein in inflation, hurting the economy and corporate earnings.

07 Jun 2022, 02:00:29 PM IST

FMCG stocks slip 1.6%; Major firms such as HUL, Britannia, Marico, Nestle, Tata Consumer, Dabur, Godrej Consumer all in the red

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07 Jun 2022, 01:52:57 PM IST

Retail investors have come in a big way: FM Sitharaman on stock market volatility

Finance Minister Nirmala Sitharaman on Tuesday said retail investors seem to act as shock absorbers even when foreign portfolio investors continued to pull away amid volatility in stock market as there has been a very significant increase in retail investor numbers during the pandemic.

07 Jun 2022, 01:44:32 PM IST

Zerodha introduces iceberg orders for investors to reduce impact costs. How it works

Traders lose more to impact costs than to brokerage and taxes when trading large quantities, therefore online brokerage firm Zerodha has introduced Iceberg orders which aims to help reduce impact costs.

07 Jun 2022, 01:26:55 PM IST

Oil & Gas stocks rise 1.3%; ONGC, GAIL top gainers, Gujarat Gas top loser

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07 Jun 2022, 01:19:46 PM IST

Sensex at 01:20 pm: Trades 600 points lower as investors turn cautious ahead of RBI's interest rate decision

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07 Jun 2022, 12:54:54 PM IST

Why gold prices could rise sharply this year

Gold could be heading for another rally, with warnings over a global economic slowdown paving the way for a fresh push toward $2,000 an ounce. A potent mix of decades-high inflation, geopolitical turmoil and growing talk of recession should be bullish for the traditional haven, according to speakers interviewed ahead of a precious metals conference in Singapore this week.

07 Jun 2022, 12:51:50 PM IST

Pakistan commits to stream gas pipeline project with Russia

Pakistan's ambassador to Russia Shafqat Ali Khan said his country is committed to the Pakistan Stream gas pipeline project with Moscow, adding that legal discussions are underway between the two countries.

This comes amid the declining Russian energy exports amid the Ukraine conflict. The European Union last week banned the import of Russian oil into the EU, thereby cutting a massive source of revenue for Russia.

07 Jun 2022, 12:39:46 PM IST

Insurance stock trades ex-dividend, shares fall

While announcing its earnings for the quarter ending March 2022, the General Insurance Corporation of India (GIC) said that its board has approved declaration of interim dividend Rs. 2.25 per equity share (subject to deduction of TDS) on the face value of 5 each (i.e. 45% of paid-up equity share capital), for the financial year 2021-22.

07 Jun 2022, 12:25:37 PM IST

Policybazaar tanks as CEO Yashish Dahiya mulls share sale

Policybazaar share price today crashed over 13 per cent after the company informed about its Chairman & CEO Yashish Dahiya's plans to offload over 37.69 lakh shares. Policybazaar shares opened with downside gap and went on to hit intraday low of 568.60 on NSE, around 13 per cent lower from its yesterday's close of 658.75 per share on NSE.

07 Jun 2022, 12:12:31 PM IST

Tamilnad Mercantile Bank IPO gets Sebi's nod

Private sector lender Tamilnad Mercantile Bank has received capital markets regulator Securities and Exchange Board of India's (SEBI) to launch and raise funds through an initial public offering (IPO).

07 Jun 2022, 11:48:32 AM IST

Top BSE losers: Titan, LIC Housing Finance, Greaves Cotton slip

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07 Jun 2022, 11:43:39 AM IST

Asian markets mixed after Wall St bond sell-off

Asian stock markets were mixed Tuesday after a bond sell-off on Wall Street fueled anxiety about a possible U.S. economic slowdown and Australia raised interest rates.

Shanghai and Tokyo advanced while Hong Kong and Seoul declined. The yen, trading at two-decade lows, fell further to below 132 to the dollar.

Wall Street's benchmark S&P 500 index rose 0.3% on Monday and the market price of a 10-year Treasury bond fell. That increased its yield, or the difference between the day's price and the payout at maturity.

07 Jun 2022, 11:39:55 AM IST

In this multibagger penny stock, Nomura, Forbes EMF buy stakes

Multibagger stock: Foreign portfolio institutions (FPIs) — Nomura Singapore Limited, Forbes EMF and AG Dynamic Funds Limited have bought stake in multibagger penny stock Vikas Lifecare. Out of of 12,50,00,000 equity shares offered by the company in its 50 crore fund raise drive, the board of directors of the company approved allotment of 5,40,00,000 shares to Forbes EMF, 4,40,00,000 shares to Nomura Singapore Ltd and 2,70,00,000 shares to AG Dynamic Funds Limited.

07 Jun 2022, 11:24:02 AM IST

Bond yields signals aggressive RBI rate hikes. What it means for your investment

India's benchmark 10-year bond yield rose to its highest levels in three years ahead of RBI policy announcement due tomorrow. India's benchmark 10-year bond yield rose to 7.53%, up 4 basis points from its previous close, the highest since March 2019. Bond yields are inversely related to yields. After raising its key lending rate or the repo rate by 40 basis points last month, the RBI is widely expected to sharply hike the rate again tomorrow.

07 Jun 2022, 11:23:19 AM IST

HDFC Bank hikes lending rates across loan tenors, EMIs to go up

India's largest private sector lender HDFC Bank has hiked its marginal-cost based lending rate (MCLR) on loans for all tenors by 35 basis points (bps). The hike comes amid widely expectations of sharp rate hike by the Reserve Bank of India (RBI) tomorrow.

07 Jun 2022, 10:59:10 AM IST

Top BSE gainers: Chennai Petroleum,  MRPL, Time Technoplast lead

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07 Jun 2022, 10:54:53 AM IST

Gold prices in check as central banks rev up policy tightening

Gold prices held near one-week lows on Tuesday as investors wagered that aggressive tightening plans by major central banks would keep interest rates elevated for an extended period, boosting U.S. Treasury yields and in turn the dollar.

Spot gold was little changed at $1,842.46 per ounce, as of 0442 GMT, trading in a tight $5 range.

Earlier in the session, bullion touched $1,836.10, its lowest since June 1. U.S. gold futures were steady at $1,844.90.

07 Jun 2022, 10:42:29 AM IST

Paytm shares: JPMorgan remains overweight, sees over 60% upside

Analysts at JPMorgan believe a sustained improvement in the profit margin contribution (Q4F22 35%) at Paytm seen over the last 2Qs sets the stage for operating leverage Q2F23 onwards as indirect costs moderate - resulting in a consistent downtrend in Adjusted EBITDA loss and an eventual path to breakeven.

07 Jun 2022, 10:40:50 AM IST

This small finance bank to soon turn ex-bonus stock. Details here

Board of director of AU Small Finance Bank has fixed record date for finalising eligible shareholders for issuance of bonus share of 1:1. The small finance bank informed Indian bourses that record date for bonus share issuance is 10th June 2022.

07 Jun 2022, 10:17:49 AM IST

Multibagger stock: Aarti Industries share hits 52-week low. Right time to buy?

Multibagger stock: After giving strong rebound in post-Covid rally, Aarti Industries share price has been under consolidation after scaling to its life-time high in October 2021. On Monday, this multibagger stock hit its 52-week low of 708.40 on NSE. According to stock market experts, sell-off in Aarti Industries shares is due to the weak global sentiments as the chemical company has reported 45 per cent year-on-year (YoY) rise in revenue and 42 per cent YoY rise in PAT (Profit After Tax).

07 Jun 2022, 10:11:41 AM IST

Cryptocurrency prices today: Bitcoin, ether, dogecoin, Shiba Inu fall up to 7%

In cryptocurrencies, Bitcoin price today fell below $30,000 after advanced back above the $31,000 mark in the previous session. The world's largest and most popular cryptocurrency plunged more than 4% and was trading at $29,370.

07 Jun 2022, 10:06:12 AM IST

SBI Card to raise ₹2,500 cr via NCDs

SBI Cards and Payment Services (SBI Card) on Monday said its board has approved a proposal to raise 2,500 crore by issuing non-convertible debentures (NCDs) to fund business growth.

The fund would be raised in one or more tranches, SBI Card said in a regulatory filing.

The NCD issuance would be done on a private placement basis, it added.

07 Jun 2022, 10:01:15 AM IST

Rakesh Jhunjhunwala portfolio: Tata group stock at 52-week low. Should you buy?

Rakesh Jhunjhunwala portfolio: In recent sell-off, a good number of quality shares in the Indian stock market have undergone heavy correction. Tata Communications shares are one of them. This Rakesh Jhunjhunwala stock is close to its 52-week low that can be an attraction for the positional investors who are looking for a quality shopping at reasonable price. According to stock market experts, Tata Communications share price looks positive for long term positional investors as its order book has improved and the company has recently expressed confidence in its revenue growth recovery.

07 Jun 2022, 09:50:06 AM IST

Copper eases on firmer dollar; China demand hopes offer support

Copper prices slipped on Tuesday, weighed down by a stronger dollar, although demand revival hopes as top consumer China relaxed COVID-19 curbs, and declining inventories limited losses.

Three-month copper on the London Metal Exchange was down 0.6% at $9,682.50 a tonne, as of 0344 GMT. The most-traded July copper contract in Shanghai was down 0.1% at 72,690 yuan ($10,909.50) a tonne by the midday break.

07 Jun 2022, 09:45:36 AM IST

Rupee slips 5 paise to 77.71 against US dollar in early trade

The rupee depreciated 5 paise to 77.71 against the US dollar in opening trade on Tuesday, as heavy selling pressure in domestic equities and a strong greenback in the overseas market weighed on investor sentiments.

In addition, investors remained concerned over rising crude prices and sustained foreign capital outflows, forex dealers said.

At the interbank foreign exchange, the rupee opened weak at 77.72 against the US dollar, then recovered slightly to quote 77.71, registering a decline of 5 paise from the last close.

In the previous session, the rupee had closed at 77.66 against the US dollar.

On the domestic equity market front, the 30-share Sensex was trading 532.74 points or 0.96 per cent lower at 55,142.58, while the broader NSE Nifty declined 157.50 points or 0.95 per cent to 16,412.05.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.15 per cent to 102.59.

Global oil benchmark Brent crude futures advanced 0.73 per cent to USD 120.38 per barrel.

Foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth 2,397.65 crore, as per exchange data.

07 Jun 2022, 09:39:04 AM IST

Weak early start for BSE indices; Sensex drops over 450 points

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07 Jun 2022, 09:25:44 AM IST

Nifty50 opens below 16,450; ONGC, Coal India top gainers, Titan, HUL, Asian Paints top losers

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07 Jun 2022, 09:20:49 AM IST

Sensex opens over 450 points lower amid weak Asian cues; Titan drops 4%, Asian Paints 2.3%

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07 Jun 2022, 09:11:58 AM IST

Pre-open: Nifty50 slips below 16,500; ONGC rises 0.55%, Bajaj Auto, HUL, Maruti, TechM top losers

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07 Jun 2022, 09:10:05 AM IST

Pre-open: Sensex tumbles over 300 points amid mixed global cues; All the 30 stocks flat or negative 

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07 Jun 2022, 08:53:42 AM IST

Japan's Nikkei hits over 2-month high on automakers boost

Japan's Nikkei index touched a more than two-month high on Tuesday, as automakers led gains after the U.S. dollar hit fresh 20-year highs.

The Nikkei share average was up 0.4% at 28,024.40 by 0217 GMT, rising above the 28,000 level for the first time since March 31. The broader Topix rose 0.72% to 1,952.96.

"Automakers pushed the Nikkei above the 28,000-mark but it seems only limited amount of money is circulating around the market these days," said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.

"The market has been struggling to rise in a broad rally and investors are targeting different sectors each day."

07 Jun 2022, 08:53:00 AM IST

Gold’s haven appeal burnished by drumbeat of growth warnings

Gold could be heading for another rally, with warnings over a global economic slowdown paving the way for a fresh push toward $2,000 an ounce.

A potent mix of decades-high inflation, geopolitical turmoil and growing talk of recession should be bullish for the traditional haven, according to speakers interviewed ahead of a precious metals conference in Singapore this week.

Bullion is down about 10% from a peak in mid-March, after the concerns that Russia’s invasion of Ukraine might sprawl into a broader conflict dissipated. But with top banking executives now warning about fresh economic shocks, the situation is ripe for stagflation, which would be bullish for gold.

07 Jun 2022, 08:44:43 AM IST

India’s rate hike is just a matter of how much

As India’s monetary policy makers huddle to find ways to tame inflation, the question for them is not whether to raise borrowing costs, but by how much.

The six-member Monetary Policy Committee will probably raise the benchmark interest rate by 40 basis points to 4.8% on Wednesday, according to the median in a Bloomberg survey of 37 economists. As of Monday, the poll returned what is easily the most varied number of predictions for hikes, ranging from 25 basis points to 75 basis points.

With Wednesday’s policy decision following May’s surprise 40 basis-point off-cycle hike, expectations have narrowed down to the size of increase to tame inflation that’s been running above the central bank’s 2%-6% target band since the beginning of this year. Wholesale prices have gained at the fastest pace in over three decades, adding pressure on businesses to pass on high costs to consumers.

07 Jun 2022, 08:41:17 AM IST

Day trading guide for Tuesday

7 stocks to buy or sell today — 7th June

07 Jun 2022, 08:40:09 AM IST

Asian wealth managers seen wary of digital assets despite soaring demand

Wealth managers in Asia are holding back from offering digital assets to investors despite soaring demand due to a lack of understanding of these assets, according to an industry survey by consulting firm Accenture published on Monday.

Global banks have been cautiously moving into crypto for several years, some building it within existing operations and others setting up new businesses.

"Currently, 52 percent of affluent investors in Asia hold digital assets of some sort. Accenture's research indicates this could reach 73 percent by the end of 2022," Accenture said on Monday.

"Digital assets represent 7% of surveyed investors' portfolios — making it the fifth-largest asset class in Asia — more than they allocate to foreign currencies, commodities or collectables. Yet two-thirds of wealth management firms have no plans to offer digital assets," Accenture said.

The findings were part of Accenture's report on the future of Asia's wealth management industry based on two surveys - one of about 3,200 investors and another of more than 500 financial advisors at wealth management firms in Asia. The surveys were done in December 2021 and January 2022.

07 Jun 2022, 08:33:10 AM IST

India's May palm oil imports surge to 7-month high despite Indonesia's ban-dealers

India's palm oil exports in May were its highest in seven months and up 15% on April as the country overcame curbs on Indonesian exports by sourcing more of the commodity from Malaysia, Thailand and Papua New Guinea, five industry officials said.

Higher purchases by India, the world's biggest importer of vegetable oil, could support Malaysian palm oil prices, which are trading near a record high.

India imported 660,000 tonnes of palm oil in May, up from 572,508 tonnes in April, according to the average estimate from five dealers.

Indian imports from Indonesia fell in May, but refiners managed to buy more from Malaysia, Thailand and Papua New Guinea, said Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil brokerage and consultancy.

07 Jun 2022, 08:22:53 AM IST

Dollar extends 20-year high vs yen amid inflation jitters; Aussie slips before RBA

The dollar continued its overnight rally into Asian trading hours on Tuesday, hitting fresh two-decade highs versus the yen, as worries about persistent inflation pushed up U.S. bond yields.

The greenback also edged higher versus the euro, sterling and Swiss franc. It crept up, too, versus the Australian dollar, with the market split on whether the country's central bank will hike Australia's key interest rate later in the day by a quarter point or opt for something bigger.

The Aussie weakened 0.15% to $0.7183, continuing its retreat from a six-week peak at $0.72825 reached last Friday.

The dollar pushed as high as 132.305 yen on Tuesday - a level not seen since April 2002 - buoyed by the 10-year Treasury yield's rise to 3.05% for the first time in nearly four weeks. The currency pair last traded 0.17% higher at 132.12.

07 Jun 2022, 08:22:39 AM IST

Bonds slide, yen dumped as interest rate hikes loom

Asia's stock markets edged lower on Tuesday, the yen hit a 20-year low and bond markets wavered as investors nervously awaited U.S. inflation figures and central bank meetings in Australia, Europe and, next week, in the United States.

British Prime Minister Boris Johnson survived a no-confidence vote among his Conservative Party's lawmakers on Monday, but gilts and Treasuries nursed losses from selling that began as talk of a move to replace him gathered steam through London and New York trade.

The 10-year Treasury yield rose 9.9 basis points (bps) overnight and hit 3.0580% early in the Asia session. The move has pulled the dollar higher and poured cold water on initial optimism about China's emergence from COVID lockdowns.

07 Jun 2022, 08:15:20 AM IST

London copper prices ease on stronger dollar, profit-taking

London copper slipped on Tuesday, weighed down by a stronger dollar and as some investors took advantage of a sharp price rise in the previous session to book profits.

* Three-month copper on the London Metal Exchange was down 0.5% at $9,692 a tonne, as of 0145 GMT, after rising 4.4% to its highest since April 27 at $9,916.19 on Monday.

* The most-traded July copper contract in Shanghai was flat at 72,700 yuan ($10,909.85) a tonne.

07 Jun 2022, 07:58:26 AM IST

Oil prices edge higher on relaxed China Covid curbs, tight supplies

Oil prices inched higher on Tuesday on expected demand recovery in China as it relaxed tough COVID curbs and doubts a higher output target by OPEC+ producers would ease tight supply.

Brent crude futures were up 19 cents, or 0.2%, at $119.70 barrel at 0050 GMT.

U.S. West Texas Intermediate (WTI) crude futures were up 25 cents, or 0.2%, at $118.75 a barrel. The benchmark hit a three-month high of $120.99 on Monday.

Easing travel restrictions in China are expected to boost demand for oil in the coming weeks, analysts from ANZ Research said in a note.

Beijing and the commercial hub Shanghai have been returning to normal in recent days after two months of painful lockdowns to stem outbreaks of the Omicron variant. Traffic bans were lifted and restaurants were opened for dine-in service on Monday in most parts of Beijing.

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