Comments
Crude oil gained on the Multi Commodity Exchange (MCX), while guar gum was up on the National Commodities and Derivatives Exchange (NCDEX), as crude oil prices increased in the global market on Thursday.
Crude palm oil (CPO) futures traded flat on MCX in the initial hour of Thursday morning.
Crude oil December futures were trading at ₹5,508 against the previous close of ₹5,468, up by 0.73 per cent.
Concerns have eased over the impact of the Omicron variant of coronavirus on the economy, helping the global oil market stay optimistic about demand. Meanwhile, some global pharma companies have announced that a three-dose course of their vaccine would help protect against Omicron.
Crude oil has to top ₹5,600 to turn bullish
However, the gains were muted following the reimposition of curbs by countries such as the UK and Denmark, among others.
February Brent oil futures were trading at $76.27, up by 0.59 per cent; the January crude oil futures on WTI were trading at $72.95, up by 0.82 per cent.
December CPO futures were trading at ₹1,119 on MCX in the initial hour of trading on Thursday morning, against the previous close of ₹1,114, up by 0.41 per cent. One of the reasons for this is the forecast for heavy rainfall in the major CPO-producing nations.
There were reports that major CPO producers such as Indonesia and Malaysia were likely to face heavy rainfall during January to March of next year, following an intensified La Nina weather condition. Market participants felt that the flooding associated with the heavy rainfall may affect operations in palm oil plantations during the first quarter of next year.
Stability in crude to augur well for paint cos, FMCG may continue to face headwinds
December nickel futures were trading at ₹1,569.50 on MCX on Thursday morning, as against the previous close of ₹1,574.20, down by 0.30 per cent.
NCDEX
The December futures of guar gum were trading at ₹10,541 on NCDEX in the initial hour of Thursday morning, against the previous close of ₹10,331, up by 2.03 per cent.
Guar gum gains when crude oil prices rise as it is used in oil extraction.
The December futures of turmeric (unpolished) were down by 1.31 per cent in the Thursday morning trading. The December futures of turmeric (unpolished) were trading at ₹7,860 on NCDEX on Thursday morning, against the previous close of ₹7,964.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.