The war between Russia and Ukraine has reached the 13th day. In such a situation, due to the possibilities of imposing sanctions on Russia’s energy basket and the rhetoric of America and Russia, crude is seeing a rise again. Brent is out above $125. On the other hand, due to the pressure created from the upper levels in gold, there is a slight decline in gold. Nickel prices on LME have climbed up to 70% in one day. On the other hand, wheat prices in Chicago continued to rise.
Base metals fluctuate
Between Russia and Ukraine, the prices of base metals are witnessing huge volatility. The prices of aluminum, copper have fallen on LME. On the LME, Copper is down 2.69%, Aluminum 2.62% while Nickel has gained tremendously. Nickel prices on the LME are up 62%. The price of nickel has reached $40,000 per tonne.
Commodity market experts say that the fall in the prices of aluminum, copper has been seen due to profit booking. Experts say that the rise in crude prices is not good for the economy. The fear of falling demand due to rising inflation has led to a fall in the price of copper. Meanwhile, Germany has recommended not to impose sanctions on Russia’s energy basket.
Russia’s Nickel Connection
Looking at Russia’s nickel connections, Russia is the world’s third largest producer. Russia accounts for 6% of the global nickel demand.
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Crude will be $150?
The price of crude oil has crossed $125. Brent has touched the level of $127.16 today. Let us tell you that the price of Brent has been climbing continuously for 4 months. Brent has gained over 62% in the last 4 months. Brent’s sentiment has risen by about 24% in March itself. The price of WTI has also crossed $120. The price of WIT has risen by about 66% in 4 months. WIT prices have gone up 26% in March alone. Meanwhile, the price of crude on MCX has reached near 9300. Crude oil on MCX is up 70% in 4 months.
Why is there fire in crude?
If we look at the reasons for the rise in crude oil prices, all commodity market experts say that the US can impose sanctions on Russia’s oil basket. Russia says that if this happens, the crude will be worth $ 300. Germany buys most of the crude from Russia. Explain that Russia exports 7 million BBL crude.
sleeping under light pressure
After yesterday’s record rally, there has been a slight profit-booking in gold. The price of gold on COMEX is still close to $2000 while the price of silver is close to $26. On the other hand, the price of gold on MCX has crossed 53500, while the price of silver on MCX has crossed 70000. In the last 2 weeks, gold has climbed 3500 in the spot. Silver has climbed 7000 in the spot in the last 2 weeks.