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Crude looks set for a downturn

Precious metals witnessed a strong rally last week, and as a result, the iCOMDEX, the composite index of the Multi Commodity Exchange (MCX), gained nearly 3 per cent.

While most of the metals were up, energy commodities turned out to be a drag. Gold, silver, and zinc (together contributing 33 per cent to the index) were the top performers in the past week, gaining over 5 per cent each.

MCX-Crude (₹3,023)

The price of crude oil rose in May and June, and subsequently entered a consolidation phase.

The August futures of crude oil on the MCX has largely been ...

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