Imports of crude oil reach a 4-year high in March
According to the latest data, crude oil imports into India hit 5.2 million barrels per day in March, which is the highest level since early 2020. In March 2021, imports rose by 4.5% from 4.9 million barrels per day, 11% more than the amounts imported in February. The data also indicates that India’s crude oil…
Copper fell due to expectations of easier monetary policy from China
Copper prices fell -0.37% to 757.7 on prospects of looser monetary policy and a stronger dollar, hurting investor sentiment towards the industrial metal. Furthermore, growing stockpiles in LME warehouses, which reached their highest levels since February, put downward pressure on copper prices. The increasing disparity between LME cash copper and the three-month contract, the highest…
Due to a rise in US crude inventories, crude oil prices decline for a second day
May Brent crude futures were down 69 cents, or 0.8%, at $85.56 per barrel. The June contract traded more frequently, dropped 60 cents, or 0.7%, to $85.03. The May contract is scheduled to expire on Thursday. U.S. West Texas Intermediate (WTI) crude futures for May delivery fell 55 cents, or 0.7%, at $81.07.U.S. crude oil…
Cotton Gain as CCI procured 32.81 lakh bales of cotton so far this season
Cotton candy prices rose 0.87% to 62520, boosted by good developments in domestic and worldwide markets. The Cotton Corporation of India (CCI) reported significant cotton procurement, especially from Telangana, Andhra Pradesh, and Maharashtra, indicating strong domestic demand. Furthermore, the Cotton Association of India (CAI) raised its cotton production predictions for the current season, predicting higher…
Expectations for milder weather over the next two weeks have caused natural gas prices to ease
Due to outages at Freeport LNG’s Texas facility, ample gas supplies in storage, and lower expectations for gas flows to liquefied natural gas (LNG) export plants, natural gas prices fell 1.5% to settle at 150.9. Forecasts for milder weather over the next two weeks fueled the decline. Even lower than expected demand was the news…
Arrivals Have Dropped To 35–37 Thousand Bags in Unjha, As Jeera Gains
The main factor behind the 0.38% increase in jeera prices to 23920 was a decrease in cumin arrivals in Unjha, which was indicative of tightening supply conditions. The current rabi season has seen a four-year high in jeera acreage; nevertheless, arrivals have dropped to 35–37 thousand bags, suggesting possible supply problems. Due to record prices…
Oil prices continue to rise due to expectations of a shortage.
After stabilizing more than a dollar higher on forecasts of a tighter supply due to Russian output curbs and attacks on Russian refineries, oil prices were expected to rise for a second day in a row on Tuesday. Brent crude had increased 23 cents to $86.98 per barrel. Crude futures in the US increased by…
Oil costs increase as expectations for a Gaza ceasefire
A tighter outlook for the crude markets was presented by indicators of reduced stockpiles and disruptions in fuel supply, which caused oil prices to rise in Asian trade on Monday as prospects of an Israel-Hamas ceasefire lessened. Due to growing rumors of a Gaza ceasefire for the Muslim holy month of Ramadan, crude prices dropped…
Miners urge the government not to impose export taxes on low-grade ore
The government has been advised by the miners’ organization FIMI not to impose any export duties on low-grade iron ore, claiming that doing so would result in a large loss of state revenue, jobs, and foreign exchange profits. The Federation of Indian Mineral Industries (FIMI) made a representation to the government stating that the imposition…
As investors anticipated Fed interest rate cuts, copper rose amid positive sentiment
Due to positive investor sentiment over potential interest rate cuts by the US central bank later this year, copper prices increased by 0.39% yesterday, closing at 763.15 rupees. The Federal Reserve decided against raising interest rates, but it did signal that it was prepared to lower rates by a minimum of 0.75 percentage points in…