Petroleum futures traded lower on Tuesday early morning as trade information from China dissatisfied the marketplace. China is a significant customer of petroleum worldwide market.
At 9.53 am on Tuesday, January Brent oil futures were at $84.75, down by 0.50 percent, and December petroleum futures on WTI (West Texas Intermediate) were at $80.47, down by 0.43 percent.
November petroleum futures were trading at 6,711 on the Multi Product Exchange (MCX), versus the previous close of 6826, down by 1.68 percent; and December futures were trading at 6,718 as versus the previous close of 6,828, down by 1.61 percent.
Trade surplus at 17-month low.
Exports from China experienced a year-on-year decrease of 6.4 percent in October, the 6th successive month of decrease in exports. The marketplace was anticipating the decrease to be at 3.3 percent. China’s exports decreased by 6.2 percent in September.
China’s October trade surplus decreased to $56.53 billion from $82.35 billion in October 2022. The marketplace was anticipating the trade surplus to be at $82 billion in October this year. The trade surplus of $56.53 billion was the tiniest in the last 17 months. The previous low was at $51.12 billion in April 2022.
Dhaniya, jeera gain.
Among the factors for the frustrating trade surplus was the decrease in exports and boost in imports. China’s imports increased by 3 percent, while the marketplace was anticipating it to decrease by 4.8 percent. These figures show weak need for Chinese items in the abroad markets.
November gas futures were trading at 274 on MCX in the preliminary trading hour of Tuesday early morning, versus the previous close of 272, up by 0.74 percent.
On the National Commodities and Derivatives Exchange (NCDEX), November jeera agreements were trading at 43,115 in the preliminary trading hour of Tuesday early morning, versus the previous close of 42,540, up by 1.35 percent.
November dhaniya futures were trading at 7,570 on NCDEX in the preliminary trading hour of Tuesday early morning, versus the previous close of 7,518, up by 0.69 percent.
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