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Copper is also trading at a two-year high on the London Metal Exchange (LME), while the CME, Shanghai and the Indian markets have seen the metal touch record highs after posting strong gains in April and May so far.
According to Geojit, India's vegetable oil imports rose 26% on year to 1.32 mln tn in April from 1.05 mln tn last year, the Solvent Extractors' Association of India said in a release today.
Brent crude futures were up 34 cents, or 0.4% at $82.71 a barrel. U.S. West Texas Intermediate crude futures (WTI) rose 38 cents, or 0.5%, to $78.39 a barrel by 0016 GMT.
According to Geojit, The government's wheat stocks with Food Corp of India were down 17.3% on year but up a massive 245.8% on monthat 26 mln tn as of May 1, data from the nodal food procurement agency showed.
U.S. West Texas Intermediate crude futures rose 18 cents to $79.30 a barrel by 1224 GMT. Brent crude futures gained 19 cents, reaching $83.55 a barrel.
According to Geojit, There is a 49% chance that La Nina conditions, considered favourable for the southwestmonsoon, may develop over the equatorial Pacific, according to the Climate Prediction Center of the US-based National Weather Service.
Akshaya Tritiya, the second-biggest gold-buying festival after Dhanteras, was celebrated on Friday.
Brent crude futures slid 26 cents, or 0.3%, to $82.53 a barrel by 0025 GMT while U.S. West Texas Intermediate crude futures was at $78.03 a barrel, down 23 cents, or 0.3%.
Commodity traders will closely monitor key indicators from China for insights into April's economic activity, following favourable trade figures.
According to Geojit, India received 8.8 mm of rainfall in the week ended Wednesday, 25% below the normal weighted average of 11.8 mm for the period, according to the India Meteorological Department.
Spot gold gained 0.2% at $2,350.87 per ounce by 0212 GMT after hitting a more than two-week high earlier. Prices have risen 2.2% so far this week.
According to Geojit, The area under summer crops in Maharashtra was up 2.6% on year at 414,977 ha as of Monday, according to the final summer acreage data for 2023-24 (Apr-Mar) released by the government of Maharashtra on Tuesday.
Brent crude futures for July rose 23 cents to $83.81 a barrel by 0033 GMT. U.S. West Texas Intermediate crude for June was up 29 cents to $79.28 per barrel.
According to Geojit, Farmers in Gujarat have sown crops across 1.15 mln ha as of Monday, slightly lower than 1.16 mln ha a year ago, according to the final summer acreage data for 2023-24 (Apr-Mar) released by the government of Gujarat today.
According to Geojit, Farmers in Gujarat have sown crops across 1.15 mln ha as of Monday, slightly lower than 1.16 mln ha a year ago, according to the final summer acreage data for 2023-24 (Apr-Mar) released by the government of Gujarat today.
Brent crude futures were up 46 cents, or 0.55%, at $83.79 per barrel at 0010 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 46 cents, or 0.59%, to $78.94 a barrel.
Spot gold rose 0.4% at $2,310.89 per ounce, as of 0244 GMT. U.S. gold futures gained 0.6% to $2,322.30 per ounce.
According to Geojit, Farmers in the country have sown summer crops across 7.27 mln ha as of Friday, up nearly 7.2% from 6.78 mln ha last year, data from the agriculture ministry showed.
Brent crude futures climbed 28 cents, or 0.3%, to $83.24 a barrel at 0119 GMT, while U.S. West Texas Intermediate crude futures were at $78.40 a barrel, up 29 cents, or 0.4%.
Oil prices may remain under pressure as Hamas reportedly studies a proposal for a temporary cease-fire with Israel and plans to send a delegation to Egypt to continue negotiations.
According to Geojit, Farmers in Gujarat have sown crops across 1.15 mln ha as of Monday, slightly down from 1.16 mln ha sown a year ago, according to data from the state agriculture department.
Oil prices have fallen roughly 10% from a five-month high that it hit mid-April, possibly due to a curtailed impact of Iran-Israel tensions, and renewed efforts to resolve the conflict in Gaza.
Gold prices were set for a second consecutive weekly fall, even as bullion traded almost flat on Friday as investors refrained from taking big..
Brent crude futures for July rose 16 cents to $83.83 a barrel by 0008 GMT. U.S. West Texas Intermediate crude for June was up 19 cents to $79.14 per barrel.
According to Geojit, Farmers in the country have sown summer crops across 6.8 mln ha as of Friday, up nearly 6% from 6.4 mln ha last year, data from the agriculture ministry showed.
