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Crude oil futures traded lower on Tuesday morning as trade data from China disappointed the market. China is a major consumer of crude oil in the world market.
At 9.53 am on Tuesday, January Brent oil futures were at $84.75, down by 0.50 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $80.47, down by 0.43 per cent.
November crude oil futures were trading at ₹6,711 on the Multi Commodity Exchange (MCX), against the previous close of ₹6826, down by 1.68 per cent; and December futures were trading at ₹6,718 as against the previous close of ₹6,828, down by 1.61 per cent.
Trade surplus at 17-month low
Exports from China witnessed a year-on-year decline of 6.4 per cent in October, the sixth consecutive month of decline in exports. The market was expecting the decline to be at 3.3 per cent. China’s exports declined by 6.2 per cent in September.
China’s October trade surplus declined to $56.53 billion from $82.35 billion in October 2022. The market was expecting the trade surplus to be at $82 billion in October this year. The trade surplus of $56.53 billion was the smallest in the last 17 months. The previous low was at $51.12 billion in April 2022.
Dhaniya, jeera gain
One of the reasons for the disappointing trade surplus was the decline in exports and increase in imports. China’s imports went up by 3 per cent, while the market was expecting it to decline by 4.8 per cent. These figures indicate weak demand for Chinese products in the overseas markets.
November natural gas futures were trading at ₹274 on MCX in the initial trading hour of Tuesday morning, against the previous close of ₹272, up by 0.74 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), November jeera contracts were trading at ₹43,115 in the initial trading hour of Tuesday morning, against the previous close of ₹42,540, up by 1.35 per cent.
November dhaniya futures were trading at ₹7,570 on NCDEX in the initial trading hour of Tuesday morning, against the previous close of ₹7,518, up by 0.69 per cent.
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