BAHAWALPUR, (UrduPoint / Pakistan Point News – 2nd Apr, 2024) The price of high-quality wheat was sold out at Rs 3,725 per mound in Ghalla Mandi (Grain Market) of Yazman tehsil of Bahawalpur district.

On Tuesday that fresh yield of wheat was sold at Rs 3,200 per mound in Bahawalpur, however, the price of high-quality wheat had surged to Rs 3,725 per mound in Ghalla Mandi (Grain Market) in Yazman tehsil of Bahawalpur.

The fresh yield of wheat is reaching Ghalla Mandi Yazman from nearby areas, especially from wheat fields of Cholistan.

However, average quality wheat was sold out at Rs 3,200 per mound in Bahawalpur.

Meanwhile, mustard which was sowed at large scale in Cholistan areas was sold out at Rs 6,300 to 6,700 per mound in Ghalla Mandi Yazman.

Desi Shakkar (Brown Sugar) was sold at Rs 5,300 to 6,000 while Gurr (Jaggery) at Rs 4,500 to 6,700 per 40 kilograms.

Ukrainian drones hit the primary refining unit of Russia’s third-largest refinery southeast of Moscow more than 800 miles from the front line, Reuters reported on Tuesday.

The Taneco refinery of Russian company Tatneft in Tatarstan, an industrialized region southeast of Moscow, was attacked by Ukrainian drones in the latest such attack from Ukraine on Russian refining infrastructure.

The refinery has a capacity to process 340,000 barrels per day (bpd) of crude. Its primary refining unit, with a capacity to process about 155,000 bpd, was hit in Tuesday’s attack, according to pictures seen by Reuters.

The unit caught fire, which was swiftly extinguished, Russian media report.

They also quote Ramil Mullin, the mayor of the city of Nizhnekamsk, where the refinery is located, as saying that there have been no injured people in the attack.

“There are no injuries or serious damage,” Mullin wrote on Telegram.

“The technological process of the enterprise has not been disrupted,” the mayor added.

A source with the Ukrainian intelligence in Kyiv told Reuters that Ukraine hit a major Russian oil facility in Tatarstan to reduce Russian oil revenues.

Ukraine has stepped up attacks on oil refineries in Russia in recent weeks, which have reduced Russian refining capacity, and which, reportedly, have the White House concerned about rising international prices.

The United States has repeatedly urged Ukraine to halt its drone attacks on Russian oil refineries due to Washington’s assessment that the strikes could lead to Russian retaliation and push up global oil prices, the Financial Times reported last month, citing sources familiar with the exchange.

According to Reuters estimates, the amount of Russian oil refining capacity that has been taken offline due to Ukrainian drone strikes is 14% of Russia’s total refining capacity.

Calculations show that 900,000 bpd of refining capacity have been taken offline by drone strikes, Reuters reported last week.   

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

The dollar continued to rise, reaching its highest level in more than four months, hitting as high as 105.07 on Monday, its highest level since November 15, making gold more expensive for holders of other currencies, while the 10-year U.S. Treasury yield also rose. The U.S. economic data is relatively stronger than that of other developed economies, and after…

Shares of Hindustan Copper, a state-owned company engaged in mining copper ore in India, have been on the bull run in recent months amid the upward trend in copper prices. Over the last five months, the shares have spiked from a level of ₹143.20 apiece to ₹312.80 apiece, translating into a stellar gain of 118%.

Looking at the last one year period, it delivered a return of 215%. In the previous trading session, the stock touched a 12-year high of ₹312 apiece by rallying 12.5%.

The company is poised to benefit from the surge in global copper prices. It is the only company mining copper ore in India with fully developed infrastructure facilities.

Also Read: This industrial metal can electrify India’s growth. But where are the ores?

Marching upwards

On Monday, copper prices surged following the expansion in China’s manufacturing activity for the first time in six months. In March, the manufacturing purchasing managers index (PMI) climbed to 50.8 from February’s 49.1, indicating growth in the world’s second-largest economy, according to experts.

Also Read: FY24 Stock Market Recap: BSE PSU index gains 92%, 37 stocks surge over 100%

The most-traded May copper contract on the Shanghai Futures Exchange saw its strongest daily increase in two weeks in the previous session, driven by improving demand prospects from China, the largest consumer of copper.

Furthermore, prices were bolstered by expectations of reduced supply as Chinese copper smelters moved toward a coordinated output cut due to lower ore supplies. Additionally, the copper market has been positively influenced by speculation that the Federal Reserve could soon end its cycle of interest rate hikes.

Also Read: Copper price soars as Chinese smelters explore production cut measures

Copper prices continued their rally on Tuesday as the May copper contract on the Shanghai Futures Exchange added 0.4% in the morning trade to 73,140 yuan ($10,115.48) per metric ton, not far from an all-time high of 73,530 yuan touched on March 22, Reuters reported.

Production numbers

On the production front, Hindustan Copper has shown notable progress. During the nine months ending December 2023, mine production of copper ore increased by approximately 21%, while metal-in-concentrate production saw a 5% rise compared to the same period last year.

Hindustan Copper holds a unique position as the sole public sector undertaking involved in the entire copper production process, from mining and beneficiation to smelting, refining, casting of refined copper metal, and converting it into saleable products.

Demand outlook

Copper demand in India is poised to grow in sync with the nation’s economic expansion. Increased demand from the power sector, driven by the government’s focus on renewable energy, along with rising consumer demand for durable goods, will boost the need for copper.

Also Read: Websol Energy or Insolation Energy – which solar stock is better?

Furthermore, the emergence of hybrid and electric vehicles (EVs) will significantly contribute to copper consumption, with EVs utilising four times more copper than traditional internal combustion engines.

The demand for copper spurred by the adoption of EVs is projected to surge by approximately 1.7 million tonnes by 2027. Moreover, copper demand is anticipated to rise in the healthcare sector due to its biocidal properties.

India’s per capita copper consumption is expected to rise from the current level of 0.6 kg to 1 kg in the coming years. In comparison, the average per capita copper consumption worldwide stands at 3.2 kg.

Disclaimer: We advise investors to check with certified experts before taking any investment decisions.

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“The prices soared to VND95,000 per kilogram in the domestic market, which has never seen before,” said Doan Huu Tue, CEO of My Viet International Group.

According to Tue, coffee supply was always plentiful this time last year, when harvesting had just finished. But now the inventory level at enterprises and the coffee volume stored by farmers are modest.

“We have to refuse orders for 600-700 tons of coffee beans, because we are not sure if we can collect coffee beans,” he said.

Analysts said that coffee prices have reached all-time high, but export companies signed future contracts some months ago at low prices. As a result, they now have only two choices, either collect coffee from farmers at high prices and incur losses, or cancel the deals and compensate for this.

The domestic prices were low at the times exporters signed contracts. But when they began collecting coffee from farmers, the prices began escalating. 

Some exporters said they placed orders with farmers and paid a deposit, but they still cannot collect coffee because farmers have broken the contracts.

Nguyen Ngoc Luan, founder of Meet More brand in HCM City, said that coffee prices have increased by twofold.

The current input coffee prices are at VND85,000-95,000 per kilogram, while enterprises signed contracts on collecting coffee at VND50,000-60,000.

“We dare not close deals with low-price contracts. The company is trying to hold out until June,” Luan said.

The director of a large coffee export company on March 22 told VietNamNet that he has canceled several contracts, because the more he exports, the bigger losses he will incur.

“The prices have skyrocketed, making it impossible to respond to the latest happenings,” he said. “The coffee volume stored in our warehouse is just enough to fulfill 60 percent of orders.”

Coffee prices have soared in the international market. On March 22, Robusta coffee with delivery in May 2024 surged by $70 per ton on the London trading floor to $3,385, while products with delivery in July surged by $67 per ton to $3,288.

In the domestic market, coffee bean prices hit the VND95,000 per kilogram peak.

Chair of the Vietnam Coffee and Cocoa Association (Vicofa) Nguyen Nam Hai said the prices were around VND40,000 per kilogram this time last year.

With the production cost of VND35,000-40,000 per kilogram and the current selling price of VND95,000 per kilogram, farmers can pocket big money.

In contrast, exporters are worried as prices have escalated. Importers don’t want to share risks and adjust buying prices.

Demand high

Asked about coffee price prospects, Hai said prices would stand high.

Hai said global coffee output has decreased because of climate change. El Nino has caused droughts in coffee growing areas, resulting in an output drop everywhere, including Vietnam. 

In addition, many farmers had chopped down coffee plants to cultivate other crops after coffee prices remained low for a long time.

The situation is also getting more serious because of geopolitical conflicts and the tensions in the Red Sea. Shipping freights and other costs have escalated, prompting financial investors to hoard for speculation. This has contributed to pushing coffee prices up.

The strong purchasing power of investors has triggered automatic buy orders, pushing coffee futures prices to new record highs.

Vietnam’s inventory level of 2022-2023 was the lowest in history. Signs of coffee shortages first appeared in August 2023 and since then, prices have been increasing.

According to Hai, Vietnam is the biggest Robusta coffee supplier in the world, and global roasters still have high demand for Robusta. However, inventories are not high.

“I think both farmers and exporters will run out of coffee by the end of April,” he said, adding that export companies need to assess the situation thoroughly when negotiating futures contracts. 

The General Department of Customs (GDC) reported that Vietnam exported 200,000 tons of coffee in the first half of March, up 119.5 percent over the same period last year, worth $320 million.

Tam An

Crude prices saw a modest 1% increase, reaching a five-month peak. This surge was fueled by anticipations of rising oil demand, prompted by upbeat economic updates from both the U.S. and China, on Monday.

Additionally, global supplies faced constraints due to OPEC+ production cuts and assaults on Russian refineries. Brent futures climbed by 73 cents (0.8%) to $87.73 per barrel, while U.S. West Texas Intermediate (WTI) crude rose by $1.04 (1.3%) to $84.21 by 12:12 p.m. EDT (1612 GMT).

Both contracts were poised to achieve their highest closes since October 27th. The rise in U.S. crude futures caused a decline in the U.S. diesel crack spread, indicating refining profit margins, marking its lowest level since May 2023 for the second consecutive day.

What’s weighing on oil prices?

• According to data released by the Commerce Department, the Personal Consumption Expenditures (PCE) price index in the United States, considered the Federal Reserve’s favored measure of inflation, eased in February. This moderation was driven by a notable slowdown in the costs of services excluding housing and energy. Analysts interpret this trend as potentially leaving room for a Federal Reserve interest rate cut in June. Lower interest rates tend to lower the expense of purchasing goods and services, potentially stimulating economic expansion and driving up demand for oil.
• Manufacturing activity in China saw its first expansion in six months in March, according to an official factory survey. This development bolsters oil demand in the world’s largest importer of crude. Additionally, China has pledged to increase its import of high-quality products and services from France. This commitment follows a European investigation into Chinese electric vehicle exports, backed by Paris, which had the potential to escalate into a trade dispute between the two nations.
• A central bank survey revealed that optimism within Japan’s services sector reached its highest point in 33 years during the first quarter. This surge is attributed to the booming tourism industry and increased profits resulting from price hikes.
• In Russia, as part of OPEC+, Deputy Prime Minister Alexander Novak announced that the nation’s oil companies will prioritize reducing production over exports during the second quarter. This strategy aims to ensure a balanced distribution of production cuts among OPEC+ members, which includes both the Organization of the Petroleum Exporting Countries and allied producers.
• Ukrainian drone strikes have taken down multiple Russian refineries, leading to an anticipated decline in Russia’s fuel exports. Approximately 1 million barrels per day (bpd) of Russian crude processing capability has been rendered inactive due to these strikes. This disruption is impacting Russia’s exports of high-sulfur fuel oil, which are typically processed at refineries in China and India.

(With inputs from Reuters)

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Demonstrations begin Monday at locations across Canada, and are planned to continue until tax is rescinded

Published Apr 01, 2024  •  Last updated 50 minutes ago  •  5 minute read

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Dozens of people gathered on the Trans-Canada Highway at Highway 22 west of Calgary as part of a nationwide protest against the federal carbon tax, which increased Monday.

Protesters called for the tax — levied on individuals, families, small and medium-sized businesses, First Nations and public institutions such as cities and schools — to be abolished.

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The demonstration was one of several across the country Monday, with plans to continue them until the tax is rescinded, organizers said.

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Shaun Derman was one of many who stood at the side of the highway, holding a sign that read, “Axe the tax.”

“It’s a nationwide carbon tax protest, but they’re going to have to have petitions and everything to try and stop the carbon tax,” he said.

“I come out for the protests because I believe there should be a Western Canada now — stop the carbon tax, stop the transfer payments to the east, stop it all.”

The federal carbon tax and its associated rebates rose Monday from $65 per tonne of carbon emissions to $80.

Gas, diesel, propane and natural gas prices will increase — some by cents, and in other industries by as much as nearly $2.

Derman criticized the tax for causing an increase in the cost of gas, groceries and other consumer goods.

“I’d like to have more people aware of it so that more people will get involved,” he said.

Several RCMP vehicles were parked nearby, and police advised motorists of potential delays on Highway 1.

“If you have travel plans in this area during this time, consider alternate routes,” Mounties said in a written statement issued Monday morning. “Alberta RCMP and partner organizations will be present to ensure that the impact on travellers will be minimized and to ensure traffic disruption will not affect public safety.”

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Members of the Calgary Police Service’s public safety unit were on hand to assist — “a normal practice in these types of events,” according to the service.

The protest maintains a non-partisan stance, organizers said in a statement issued Sunday, aiming to show the variety of Canadians that disapprove of the carbon tax.

Protesters speak out against carbon tax

One protester who drove from B.C. and wished to remain anonymous called the carbon tax “atrocious”, saying it affects everybody.

Pointing to the Petro-Canada gas station at the Highway 22-TransCanada interchange nearby, the protester said she noticed a 30 cent increase at the pump from Sunday night to Monday morning.

“I’ve talked to people today who cannot afford fuel to go to work . . . how can they make the money to live?” she said.

The increase in the federal carbon tax comes at a time when Canadian members of Parliament will get their customary pay raise on April 1, resulting in increases of anywhere between $8,500 and $17,000 this year.

“Did you know Justin Trudeau and his cabinet got raises today? On the very day that he decides to empty Canadians’ bank accounts a little bit more. That’s why we’re here.

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“There are more people in this country that are not fine, and it’s getting worse.”

Some provinces have called on Ottawa to cancel the hike because of the affordability crisis. Prime Minister Justin Trudeau has said the increase also means larger quarterly rebate cheques.

Trudeau has accused conservative premiers of lying about the policy’s effect on inflation and has challenged his provincial critics to present alternative plans to reduce emissions.

Protester Judy Martens said people are running out of options, and the demonstration is one way everyone can come together to oppose the carbon tax.

“Seeing what’s happening to Canada, seeing how everybody’s starting to suffer more and more . . . my hometown never had a tent city; now there’s a giant tent city,” she said.

Alberta gas tax increase goes into effect

Alberta was hit with another hike Monday as the provincial government fully reinstated its fuel tax, meaning an increase of four cents per litre. The 13-cents-per-litre tax was suspended for all of 2023 and partially reinstated in January 2024.

Gary Lambert of Innisfail, a military veteran, said he’s upset about both federal and provincial tax hikes.

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“People gotta realize it’s not just the one tax,” he said.

Allan Hunter of Airdrie said he was also troubled by the double whammy.

“The Alberta gas tax increase is a bit hypocritical of the (United Conservative Party government), but the carbon tax isn’t just about the carbon going in your tank,” said Hunter.

“Everything you purchase, every one of these trucks going by, every one of these cars going by, everything we consume in this country is going up today.

“Thanks Justin, you just made things even less affordable for Canadians.”

Carbon tax protesters on Parliament Hill, across the country

Elsewhere in Canada, dozens of people gathered on Parliament Hill, some waving “axe the tax” signs while others draped themselves in Canadian flags or expletive-laced messages about the prime minister.

Protesters also temporarily blocked part of the Trans-Canada Highway linking Nova Scotia and New Brunswick, Manitoba and Saskatchewan, and Saskatchewan and Alberta.

TV reports showed demonstrators near Aulac, N.B., carrying signs that read “Axe the tax” and “Trudeau must go.”

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One eastbound lane was open for commercial vehicles only, and one westbound lane had reopened to all traffic, but motorists travelling between the two provinces were advised to expect delays, said New Brunswick RCMP.

In British Columbia, BC United Opposition Leader Kevin Falcon joined about 70 protesters in Richmond.

Falcon said the 23 per cent increase in the levy is a “cruel April Fool’s joke” on B.C. residents, especially those who pay the highest gas taxes in the country.

John Rustad, the leader of the Conservative Party of BC, also attended the rally. He said by 2030 the average family of four will have paid close to $27,000 in the carbon fees.

Monday’s carbon tax increase will be noticed most with the price of gasoline and diesel. Clothing and food costs may be indirectly affected, but the effect of the increase has yet to be determined.

Drivers in the Calgary region experienced an increase in fuel prices last week, ahead of the carbon tax hike and a simultaneous increase in the provincial gas tax.

Trudeau points to rebate cheques

Trudeau and other carbon pricing proponents say critics are ignoring the fact that Canadian families receive quarterly rebate cheques, which are more generous to low-income households, to help them offset the upfront costs.

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The federal government increased the quarterly carbon rebate amounts to keep up with the cost increase. Albertans will be getting $225 for a single person, $337.50 for a couple and $450 for a family of four. Rural residents are to receive 20 per cent more.

The next rebate is due April 15.

Carbon tax supporters point to the costs climate change has imposed on Canadians through disasters such as wildfires and floods.

Last week, some 200 economists and academics from universities across the country released an open letter defending carbon pricing as the most low-cost way to reduce emissions, as opposed to imposing stricter regulations.

— With files from Mackenzie Rhode and The Canadian Press

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What is the price of platinum today?

The price of platinum opened at $905.88 per ounce, as of 9 a.m. That’s down 0.01% from the previous day and down 8.29% from the beginning of the year.

The lowest trading price within the last day: $903.10 per ounce. The highest platinum spot price in the last 24 hours: $917.00 per ounce.

Platinum spot price

Platinum price chart

The chart below shows how the spot price of platinum is trending over the year.

Year to date, platinum is down 8.29%, as of 9 a.m. The 52-week high reached $1,135.49 on April 21, 2023, and the 52-week low dropped to $843.15 on Nov. 10, 2023.

The precious, silvery-colored metal is priced in U.S. dollars. This means that the fluctuations in the value of the U.S. dollar can impact its price.

The price of XPT/USD reflects the value of one ounce of platinum in U.S. dollars, and it is traded like traditional currency pairs. Because platinum trades occur globally, investors can also track the spot price of platinum in other currencies, such as XPT/EUR for euros and XPT/GBP for British pounds.

Factors that can influence the price of platinum include changes in demand, geopolitical events and tensions in major platinum-producing countries. Of course, investor opinion and speculation can also affect prices.

Precious metals spot prices

Platinum is one of four main precious metals investors can trade via physical bullion, exchange-traded products or futures contracts. Gold, silver and palladium spot prices are also updated 24/7 in various currencies.

Platinum vs. gold price

Currently, platinum trades at $905.88 per ounce, as of 9 a.m., compared to gold, which trades at $2,252.65 per ounce. Year to date, platinum prices are down by 8.29% and gold prices are up by 9.02%.

“Historically, platinum has often been more expensive than gold due to its relative scarcity and unique properties. However, the price of platinum can fluctuate in response to changing market conditions,” said John Bergquist, president of Elysium Financial.

Political instability and supply disruptions in major platinum-producing regions like South Africa and Russia affect prices.

The silvery metal also tends to be a less reliable store of value than gold.

While historically, platinum has been pricier than gold, that flip-flopped briefly in August 2011. When looking at the gold-to-platinum price ratio, platinum was priced above gold from January 2013 until December 2014. Since then, gold has more than doubled its value compared to platinum prices.

Platinum price history

Like any metal, the price of platinum can be volatile. Various factors affect it, the most significant being supply and demand dynamics. Other factors, such as economic conditions, geopolitical events, and changes in industrial and investment demand, can also impact the price of platinum.

At the start of the new millennium, the precious metal’s spot price was around $420. Fast-forward over 20 years, and the current price of platinum has more than doubled.

The spot price soared to new heights, trading in February 2008 at around $2,200 per troy ounce. In November of that year, the price returned to less than $1,000.

Platinum’s spot price has fluctuated between around $800 to $1,400 for the past decade, hovering around the $1,000 threshold on average.

Platinum prices today remain historically low. Prices dropped as low as $623.50 in March 2020 during the COVID-19 pandemic. While prices have recovered, platinum is nowhere near its all-time high of $2,213.20, set on March 3, 2008.

Platinum futures

Futures contracts let investors speculate on the future price movements of an underlying asset like platinum.

These financial contracts represent an agreement between two parties to trade a set amount of platinum at a specified price at a future date. They can be settled by exchanging the physical commodity or cash in place of the commodity.

Futures contracts differ from spot prices in that futures contracts establish a future price whereas spot prices are for immediate delivery. These contracts can be fulfilled by trading the physical commodity or exchanging cash in place of the underlying asset. They are usually traded through an exchange.

Platinum as an investment

The automotive industry creates the highest demand for platinum. Platinum is a key component in manufacturing catalytic converters, which are responsible for reducing vehicle emissions.

In addition to the automotive industry, platinum is widely used in the industrial industry to create medical products, nitric acid and glass. As the demand for these products rises, so does the price of platinum.

It is anticipated that platinum will play an essential role in the development of hydrogen technology. Platinum is used to produce carbon-free hydrogen from renewable energy.

“If hydrogen-based power meets expectations in the coming decade, then one could expect a material demand tailwind in platinum,” said Stash Graham, managing director of Graham Capital Wealth Management.

Precious metals such as platinum, gold and silver have long been used to diversify an investment portfolio.

When choosing investments, it is crucial to consider potential drawbacks. While there may be an increase in the demand for platinum, other factors may throw a wrench in the investment benefits.

When considering an investment, it is essential to consider your current holdings and individual financial goals.

Platinum is rarer than both silver and gold, which could make it attractive to investors seeking a scarce metal. This practice helps protect other holdings, such as stocks, in an economic downturn. Investing in platinum can help balance inflation and economic uncertainties.

Frequently asked questions (FAQs)

Do platinum prices move with silver and gold?

Platinum pricing is set independently from gold and silver prices, yet there is a historical correlation between the prices of these metals. Although platinum is rarer than silver and gold, metals with industrial uses tend to fluctuate similarly.

What is the highest price platinum has ever been?

The highest platinum price was $2,213 on March 3, 2008. This notable high can be attributed to critical supply issues in South Africa, the world’s largest platinum producer. Both geopolitical and economic factors played a role in this price hike during the recession.