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The ongoing
Ukraine-Russia conflict has caused commodity prices across the globe to soar to
record-highs amid concerns of supply disruption. Crude surged to $105 a barrel,
while palm oil & wheat prices hit record highs. This is likely to result in
supply chain disruptions in India that will lead to further inflation,
especially for the FMCG industry.
It is important to note that Russia
is one of the world's largest producers of the precious yellow metal. Further
sanctions by the west against Russia could increase the troubles for global
supply. Meaning, Spot Silver prices on COMEX jumped
by 2.31 per cent to trade at $25.10 per ounce on medium term chart. Gold April Futures on the MCX jumped by 2.25 per cent on
Thursday to about Rs 52,500 per 10 gram - the highest rate in 2022.
China
other countries might also export to Russia and that material will also get
blocked. So, material from Europe or other parts of Asia, which will become
surplus, will also try to find markets in countries like India and that
material may get diverted to India, he added.
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