MCX and AGRI commodity tips and trend today

US crude tumbled below $27 a barrel in Asia today as the oversaturated market struggled to cope with high inventories in the United States and an increased output from OPEC.

The decline came despite the weekly US Department of Energy report showing US Oil stocks fell about 800,000 barrels for the week ending February 5, with traders seeing inventories still at high levels.

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Nickel Prices edged up by 0.15% to Rs 548.50 per kg in futures trade today as traders built up fresh positions, driven by a firming trend overseas and pick-up in demand at the domestic spot markets.

At Multi Commodity Exchange, nickel for delivery in far-month March moved up by 80 paise, or 0.15%, to Rs 548.50 per kg, in a business turnover of 219 lots.

Copper Prices fell further by 0.46% to Rs 302.75 per kg in futures trading today as participants engaged in reducing their positions, tracking a weak trend at spot market on low demand even as the metal strengthened overseas.

At the Multi Commodity Exchange, copper for delivery in February declined by Rs 1.40, or 0.46%, to Rs 302.75 per kg, in a business turnover of 2,099 lots.

Cardamom Prices gained 1.26% to Rs 722.90 per kg in futures trading today as speculators enlarged positions amid rising demand in the spot market.

At the Multi Commodity Exchange, cardamom for delivery in March gained Rs 9, or 1.26%, to Rs 722.90 per kg, in a business turnover of 192 lots.