For the fourth consecutive day, gold prices are seeing a rise and the prices have crossed $ 1820. At the same time, the effect of rising tensions between Russia and Ukraine has started showing on FMCG companies. Companies have increased the stock of sunflower oil. Meanwhile, the price of crude has come down to $93.
Now the crisis on sunflower oil increased
The effect of rising Russia-Ukraine tensions is being seen on sunflower oil imports. FMCG companies have increased the stock of Sunflower Oil. FMCG companies have created stock to meet the demand by the end of March. Companies are holding stock for at least 100 days. There is a possibility of a shortfall in the supply of sunflower oil. FMCG companies are looking at importing from Argentina. Let us tell you that Ukraine is the largest producer of sunflower oil and Indian companies depend on imports for sunflower oil. Significantly, in 2021, 74% of the total imports came from Ukraine only. The rest was imported from Russia and Argentina. Ships are unable to bring sunflower oil due to tension
Brent came down to $ 93
The price of crude has come down to $ 93. Brent is down more than 0.75 per cent in 3 days. The price of WTI has also slipped below $ 92. WTI is down more than 1% in 3 days. On MCX, the price of crude oil has slipped below 6900.
If we look at the reasons for the fall in crude oil prices, talks on the US-Iran nuclear deal are seeing a boom. The US has lifted some sanctions on Iran. Meanwhile, the US can also lift more sanctions on Iran. Supply will increase as Iran’s crude enters the market. Investors fear more supply than demand.
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What will be the price?
Let us tell you that the investors are expecting further rise in crude oil prices. Experts say that the price of crude oil is expected to reach $100. Saudi raised prices for Asia. For March, the prices of all types of crude have been increased. OPEC+ is not producing as per the target, which can have an impact on the prices.
increased gold and silver luster
The price of gold on Comex has crossed $1820. Gold prices are seeing a rise for the fourth consecutive day. The price of gold has risen by 1% in 4 days. At the same time, silver has reached near $ 23 on Comex. Gold is seen above 48200 on MCX, while in 3 days it has seen an increase of about 1 percent. Silver has exited above 61600 on MCX.
If we look at the reasons for the rise in gold and silver, then hedging against inflation is seeing an increase in gold prices. Investors are waiting for US inflation data. Investors expect inflation in the US to rise. The effect of Russia-Ukraine crisis is also being seen on prices.
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