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Commodity Alert: NYMEX crude oil up as snowstorm in US disrupts supply
NEW DELHI–0842 IST–Crude oil prices on NYMEX rose in Asian trade today as a winter storm across the US has affected logistics and production of petroleum products.
Last week, Russia said it might cut production of crude oil by 500,000-700,000 barrels per day. This also supported crude prices today. The decision comes after the Group of Seven countries and the European Union imposed a price cap of $60 a bbl on Russian oil exports to hurt Moscow’s economy.
The most active February crude oil contract on NYMEX was at $80.37 per barrel, up 0.8% from the previous close.
Most crude oil supplies from Russia have been routed towards Asia this year, as countries such as India and China significantly raised imports from Moscow due to attractive discounts. (Arunima Bharadwaj)
Commodity Alert: Japan rubber rises tracking gains in crude oil
MUMBAI–0840 IST–Futures contracts of natural rubber on Japan’s Osaka Exchange rose sharply, tracking gains in crude oil.
Prices of rubber take cues from crude oil prices as the latter is used in the process of making synthetic rubber.
The most-active May contract on Japan’s Osaka Exchange rose by 2.8 yen to 219.8 yen (137 rupees) per kg.
The gains today were after prices fell to a three-week low of 215.6 yen (134 rupees) per kg. (Mridula Lathan)
Commodity Alert: Bursa CPO rises tracking NYMEX crude oil contracts
MUMBAI–0833 IST–Futures contracts of crude palm oil opened higher on the BMD, tracking gains in crude oil contracts on NYMEX. Crude palm oil prices take cues from crude oil as both are used in biodiesel mixes.
The March contract of crude palm oil rose by 250 ringgits to 4,082 ringgits (76,288.84 rupees) per tn.
Crude palm oil prices are expected to rise further in the medium term due to supply concerns amid labour shortage in Malaysia. (Chinmay Mungse)
Commodity Alert: Base metal prices unavailable as LME closed today
MUMBAI–0828 IST–Base metal prices were unavailable on the LME as the exchange was shut for Boxing Day Holiday.
The market will resume trade on Wednesday. (Sandeep Sinha)
Commodity Alert: COMEX gold rises on fall in US bond yields, dollar
MUMBAI–0812 IST–Gold contracts on the COMEX traded higher in Asian trade today due to a fall in US Treasury yields.
As yields on US bonds fall, returns for investors decline. This makes gold more attractive for buyers.
Weakness in the dollar against major currencies also supported gold prices today.
The February gold contract on the COMEX was at $1,813 per ounce, up 0.5% from the previous close. (Chinmay Mungse)
US$1 = 82.65 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
BMD: Bursa Malaysia Derivatives
CBOT: Chicago Board of Trade
CFTC: Commodity Futures Trading Commission
CME: Chicago Mercantile Exchange
COMEX: Commodity division of New York Mercantile Exchange
DME: Dubai Mercantile Exchange
EIA: Energy Information Administration
ICE: Intercontinental Exchange
ICEX: Indian Commodity Exchange
IEA: International Energy Agency
LME: London Metal Exchange
MCX: Multi Commodity Exchange of India
NBOT: National Board of Trade
NCDEX: National Commodity and Derivatives Exchange
NYMEX: New York Mercantile Exchange
OPEC: Organization of the Petroleum Exporting Countries
SEBI: Securities and Exchange Board of India
TOCOM: Tokyo Commodity Exchange
USDA: US Department of Agriculture
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