Cyprus remains in the middle of the action for global investors. The massive losses suffered by savers in the island's two largest banks in the first Euro zone rescue package to punish larger depositors has been the most worrisome aspect of the bailout deliberations. Big depositors in largest lender Bank of Cyprus face losses of up to 60 percent, while those in second lender Laiki will have to wait years to see any of their money as the bank is wound up with the loss of thousands of jobs. US dollar consolidated just above 1.2800 levels against the Euro, continuing to linger off its five-month highs.
NYMEX light sweet Crude Oil for May delivery gained nearly 4% in the last week. Recovering risk appetite in the world resulted in the rise of Crude oil futures even as the inventories moved up in the holiday-shortened week. The prices in coming days will be riding on further clarity of bailouts in other Eurozone countries and the rising Crude oil stockpiles.
Meanwhile, the global economic data out today was quite supportive for crude. The official Chinese purchasing managers' index, a government survey of manufacturers, rose to 50.9 in March from 50.1 in February. It was the highest reading since April last year, indicating that growth in manufacturing activity accelerated.
The business sentiment among Japanese manufacturers improved for the first time in three quarters, according to the Bank of Japan's quarterly Tankan survey. However, the sentiment remained broadly pessimistic in the January-March period, though less so than in the previous quarter. The closely watched survey's headline diffusion index rose to minus 8, up from minus 12 in the October-December tankan.
MCX Crude oil futures had managed to test Rs 5400 per barrel level in earlier session and dropped quite quickly today, tumbling to a low of Rs 5274 per barrel. The counter currently trades at Rs 5284, down Rs 116 per barrel or 2.15% on the day with a massive 18.50% drop in the open interest.
Source by Commodity Insights
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