A more powerful dollar made petroleum futures trade lower on Wednesday. On the other hand, the current GDP numbers from China revealed development in Q4 of 2023.
At 9.50 am on Wednesday, March Brent oil futures were at $77.75, down by 0.69 percent, and March petroleum futures on WTI (West Texas Intermediate) were at $71.92, down by 0.83 percent.
January petroleum futures were trading at 5975 on Multi Product Exchange (MCX) throughout preliminary trading versus the previous close of 6003, down by 0.47 percent, and February futures were trading at 6019 as versus the previous close of 6037, down by 0.30 percent.
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Lower-than-expected.
The United States dollar reached a near one-month high following the remarks of the United States Federal Reserve Guv Christopher Waller that the Fed might not cut rates as strongly as the marketplace anticipates. A more powerful dollar makes petroleum costly for those holding other currencies.
On the other hand, China’s GDP (gdp) saw a 5.2 percent development in the 4th quarter of 2023 versus 4.9 percent in the 3rd quarter of 2023. Nevertheless, the marketplace was anticipating the development to be around 5.3 percent in the 4th quarter of 2023.
For the whole 2023, the GDP development was at 5.2 percent, beating the Chinese federal government’s target of 5 percent for the year. This development of 5.2 percent was because of numerous policy procedures by the Chinese federal government and a lower base for contrast. In 2022, the Chinese economy grew by around 3 percent. China is a significant customer of petroleum in the worldwide market.
Turmeric gleams, cottonseed oil cake slips.
January gas futures were trading at 234.10 on MCX versus the previous close of 243.70, down by 3.94 percent.
On the National Commodities and Derivatives Exchange (NCDEX), April turmeric (farmer polished) agreements were trading at 13,940 versus the previous close of 13,896, up by 0.32 percent.
February cottonseed oilcake futures were trading at 2,694 on NCDEX in the preliminary trading hour of Wednesday early morning versus the previous close of 2,700, down by 0.22 percent.
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