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Concerns that rate cuts could be delayed has come to haunt metal traders, as most base and precious metals trade at the lower range. Funds show that there is only a 40% probability that fed will cut rates in May.- Metals have got hammered since, Copper prices down 5.5% vs Jan 31 highs. Aluminium prices down 4.8% in 2024 till date. While Gold trades at 2 month lows & silve is down 5% in 2024. Watch Manisha Gupta discuss whats concerning metal prices with Kunal Shah, Head of Research Commodities, Nirmal Bang on Commodities Corner
Brent crude futures fell 34 cents, or 0.4%, to $81.26 a barrel at 0135 GMT, while U.S. West Texas Intermediate crude futures declined 36 cents, or 0.5%, to $76.28 a barrel.
According to Geojit, The area under summer crops in Karnataka fell 57.7% on year to 137,000 ha in the current season as of Monday, according to the state agriculture department's report.
Brent futures fell 29 cents, or 0.4%, to $82.48 when the market opened at 0000 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 22 cents, or 0.3%, to $77.65 a barrel.
According to Geojit, India's vegetable oil imports fell 28% on year to 1.2 mln tn in January from 1.6 mln tn last year, the Solvent Extractors' Association of India said today.
Brent futures edged 1 cent lower $81.99 a barrel. U.S. West Texas Intermediate (WTI) crude rose 1 cent to $76.93 a barrel.
According to Geojit, The National Commodity and Derivatives Exchange is considering launching options on futures in a few spices and other commodities.
Brent crude futures were down 43 cents, or 0.5%, at $81.76 a barrel, while U.S. West Texas Intermediate crude futures were 46 cents, or 0.6% lower, at $76.38 a barrel at 0135 GMT.
LME base metals faced challenges amid persistent deflation pressures in China and a regional increase in inventories ahead of China's Lunar New Year holiday.
Brent crude futures were up 22 cents, or 0.28%, at $79.43 a barrel at 0132 GMT. U.S. West Texas Intermediate crude futures rose 19 cents, or 0.26% to $74.05 a barrel.
According to Geojit, The area under rabi crops in Telangana was 4.93 mln acres (1 acre = 0.40 ha) as of Wednesday, 13.4% lower than 5.70 mln acres a year ago, according to data from the state government.
Brent crude futures rose 38 cents, or 0.5%, to $78.97 a barrel as of 0013 GMT, while U.S. West Texas Intermediate crude climbed 41 cents, or 0.6%, to $73.72. Both contracts had gained slightly on Monday.
While conventional sources of information have their place in analysing price trends, unconventional sources can prove to be equally useful
According to Geojit, The area under rabi crops in Telangana was 4.93 mln acres (1 acre = 0.40 ha) as of Wednesday, 13.4% lower than 5.70 mln acres a year ago, according to data from the state government.
On Monday, gold prices experienced a decline as the U.S. dollar and Treasury yields surged following a strong jobs report that dashed expectations of imminent interest rate cuts from the Federal Reserve. At 0556 GMT, spot gold was down 0.5% at $2,029.03 per ounce, while U.S. gold futures fell 0.4% to $2,045.50 per ounce. Catch Manisha Gupta with more details
According to Geojit, The area under rabi crops across the country was 70.93 mln ha as of today, marginally higher than 70.91 mln ha a year ago, according to final area under coverage data from the Ministry of Agriculture and Farmers Welfare.
As geopolitical tensions in the Middle East continue to simmer, oil prices are expected to remain highly volatile, posing a potential threat to global supply.
Other precious metals were also trading flat, with spot silver at $23.18 per ounce, platinum at $913.18, and palladium at $962.50.
Spot gold was flat at $2,053.09 per ounce by 0211 GMT. Still, the contract has climbed 1.8% so far this week, set for its best weekly gain since late-December, if gains hold.
According to Geojit, Farmers in Andhra Pradesh have sown rabi crops over 1.39 mln ha as of Jan 31, down 14.5% from 1.63 mln ha a year ago, according to state government data.
According to Geojit, The area under rabi crops in Maharashtra fell 4.8% on year to 5.68 mln ha as of Monday, according to data published by the state agriculture department.
Brent crude futures rose 46 cents, or 0.6%, to $81.03 a barrel and U.S. West Texas Intermediate crude futures gained 47 cents, or 0.6%, to $76.33 at 0140 GMT, after falling by more than $2 a barrel in the previous session.
With the Union Budget 2024 just around the corner, all eyes are on the Finance Minister Nirmala Sitharaman's ‘bahi khata’ to see what it holds for commodities sector. Will this budget provide relief to farmers and agriculture sector.. Catch Manisha Gupta as she breakdowns what commodities market expect from upcoming Budget 2024.
According to Geojit, The government of Gujarat released final data of rabi acreage for 2023-24 season Monday. According to the data, the area under rabi crops in the state stands at 4.60 mln ha in the current season, up 2.9% from 4.47 mln ha last year.
March Brent crude futures, which expire on Wednesday, rose 47 cents to settle at $82.87 a barrel. The more active April contract settled up 67 cents at $82.50.
