Commodity Market: Crude prices have once again crossed $ 111 after the deepening of the crisis between Russia and Ukraine and the statement of Ukrainian President Zelensky. At the same time, gold is trading below $ 2000 for 7 consecutive days. Base metals continue to rally on LME. At the same time, refined castor oil futures have started on NCDEX.
castor oil futures launch
Refined Castor Oil Futures has been launched on NCDEX. Will be delivery in cash. Trade in Castor Oil will be on NCDEX. Its tick size is 50 paise. The contract will expire on 20th of every month.
Where is India in castor oil production?
Looking at the production of castor oil in India, the production in India is the highest in the world. India accounts for 90% of the world’s total production. The demand for castor seed products is increasing. Castor seed products are biodegradable. Castor seed products are eco friendly. Gujarat accounts for 75% of the oil production.
castor oil use
It is used in lubrication, hydraulic brake fluid, paints, coatings, inks, frostproof plastics, waxes and polishes, nylon, pharmaceuticals, dyes and perfumes.
Where does production take place?
Castor oil is produced in Gujarat, Andhra Pradesh, Rajasthan and Karnataka.
What is the current situation?
Looking at the current situation, castor oil has been sown 10% less in 2021-22. Sowing has been done in 6.96 lakh hectares. In Gujarat, 5.39 lakh hectares have been sown. Castor oil exports grew by 6.82% in February 2022.
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Crude will be $300?
The price of crude oil has crossed $110. Brent has gained more than 13% in 4 days. The price of Brent was down more than 8% in the last 2 weeks. WTI is also trading above $106. In 4 days, the price of WTI has increased by 12%. Crude on MCX has also come out above 8200. Crude oil on MCX is up 12% in 3 days.
Why did the price jump?
If we look at the continuing rise in crude oil prices, the Russo-Ukraine war has been going on for 26 consecutive days. Tensions between Russia and Ukraine have deepened. Russia-Ukraine talks have so far been fruitless. The price has gone up due to the possibility of shortfall in supply. Meanwhile, cases of corona are increasing rapidly in China. IEA says that there is a possibility of short supply in the market. Production in some of the OPEC+ countries has been lower than expected.
faded gold glitter
Gold has slipped below $2000 for the 7th consecutive day. Gold on COMEX has fallen more than 3.50% in 8 days. Gold on COMEX has reached June 2021 levels. Gold is below 52000 on MCX for the fourth consecutive day.
silver in the realm
Silver is trading above $25 on COMEX. Silver is trading above $25 for 6 consecutive days. Silver has fallen more than 4% last week. Silver price on MCX is trading above 68000.
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