Crude oil, guar gum gain after Monday's fall

Crude oil futures opened higher on the Multi Commodity Exchange on Tuesday morning as the global market recovered from Monday’s fall. On MCX, January crude oil futures were trading at ₹5,267 during the initial hours of trading against the previous close of ₹5,148, up by 2.31 per cent. According to market reports, traders reassessed the outlook for fuel demand following the increase in Covid cases across the globe. Data regarding an oil production cut by OPEC+ countries showed production remained below the agreed targets for November. Reports said Moderna’s booster vaccine dose appeared to be protective against the new variant in laboratory testing. On the National Commodities and Derivatives Exchange , the January guar gum futures were trading at ₹11,024 in the initial hours of Tuesday morning, as against the previous close of ₹10,868, up by 1.44 per cent. This follows the Securities and Exchange Board of India suspending futures and options trading for one year in chana, mustardseed, CPO, moong, paddy , wheat and soyabean and its derivatives.