Crude oil is falling; guar gum on NCDEX


December CPO (crude palm oil) futures gained 0.34% on the Multi Commodity Exchange (MCX) in the first hour of trading on Friday. December CPO futures were trading at 1,107 from the previous close of 1,103.30.

In its Agricultural Outlook 2021-2031, the European Commission predicted that the use of biodiesel in road transport in the European Union (EU) would peak at 18.9 billion liters in 2023. This is seen as the trigger for the rise in futures contracts.

However, he also noted that road transport in the EU will move away from fossil fuels by 2031. As a result, the use of biofuels in road transport will also decrease by 2031.

December crude oil futures were trading at 5,371 yen, down 0.65% on MCX in the first hour of trading on Friday from the previous close of 5,406 yen as traders opted to book the profits after a strong uptrend during the week. Allaying concerns about the impact of the omicron variant of the corona virus on the economy had helped push the price of crude oil up during the week.

February Brent oil futures were trading at $ 74.31, down 0.15%; and January crude oil futures on WTI were trading at $ 70.89, down 0.07%.

NCDEX

In line with the fall in crude oil futures prices, guar gum futures also fell on Thursday morning.

December’s guar gum was trading at 10,110 yen, down 2.54% on the National Commodities and Derivatives Exchange (NCDEX) in the first hour of Friday morning from the previous close of 10,373 yen .

Guar gum drops when crude oil prices fall because the product is used in petroleum extraction.

December turmeric (unpolished) futures rose 0.21 percent in Friday morning trading. Turmeric (unpolished) December futures were trading at 7,770 on NCDEX from the previous close of 7,754.


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