Gold prices fall on strong dollar, Fed speculation
A strong US dollar and a cautious market approach ahead of key economic data and Federal Reserve talks pushed gold prices lower. Federal Reserve minutes expressed optimism about a strong labor market and easing inflation, Global demand for gold remained stable at 1,176.5 metric tons in Q3 2024, as robust investment activity offset declining jewelry…
Forex reserves decline for the eighth week in a row.
In the week ending November 22, India’s foreign exchange (forex) reserves fell to USD 656.582 billion for the eighth consecutive week, according to the Reserve Bank of India (RBI). The foreign exchange reserves are in a downward phase after reaching an all-time high of USD 704.89 billion in September. They fell by around USD 1.31…
Reduced Heating Demand Reduces Pressure on Natural Gas
Natural gas prices fell by 3.39% to settle at ₹273.6, driven by easing heating demand despite colder-than-normal weather. Weather forecasts suggest a shift from colder-than-normal to near-normal levels from December 4-12, reducing the pressure on utilities to draw heavily from storage. Production levels in the U.S. remain robust, with an average of 101.4 billion cubic…
Cochin Shipyard’s stock rose 5% after the Defense Ministry and the company signed a deal worth over Rs 1,200 crore.
fireworks for shares in the Cochin Shipyard! After the company inked a deal with the Ministry of Defence, its shares experienced a 5% increase in value, closing at Rs 1,656.15 per share. The deal is worth Rs 1,000 crore and will last for five months. The idea intends to dry dock a large Indian naval…
Between April and September 2024, FDI inflows increase by 45 percent to USD 29.79 billion.
According to government statistics, foreign direct investment in India increased by 45% yearly to USD 29.79 billion from April to September of this fiscal year due to robust computer, telecom, pharmaceutical, and services inflows. From April to September of 2023–2024, FDI inflows totaled USD 20.5 billion. Compared with USD 9.52 billion in the same quarter…
Crude prices boosted by encouraging economic data from China
Crude prices rose in Asian trade on Monday, boosted by encouraging economic data from major importer China, now approaching an OPEC+ meeting for signs of fresh supply. Oil held some risk premium due to growing tensions between Russia and Ukraine.Production activity at the world’s largest oil importer rose significantly in November. However, warnings of additional…
Zinc Increases While Shfe Stockpiles Drop 10.6% From Friday
Zinc prices rose by 1.38% to ₹286.7, driven by a drop in inventories at warehouses monitored by the Shanghai Futures Exchange. Tightening zinc supply provides a bullish outlook. Although zinc concentrate inventory at ports has increased, reduced smelter output in Q3 has constrained the market. Smelter production in Q4 remains historically low, around 500,000 metric…
Cumin prices rise due to short covering
Cuminous seeds rose by 0.4% to ₹24,990 due to short covering, with farmers holding about 35% of this season’s supply and carrying over of 2 million bags for the coming season expected. Exports are expected to pick up in November and December. At $3,050 per tonne, cumin is still very affordable, especially compared to Chinese…
Natural Gas Increases After Utilities Removed an Anticipated 2 Bcf of Gas From Storage
Natural gas prices rose by 2.32% to ₹278.3, driven by a smaller-than-expected inventory withdrawal and forecasts of increased demand. The U.S. Energy Information Administration reported a 2 billion cubic feet withdrawal from storage for the week ending November 22, 2024, reducing U.S. gas inventories to 3,967 bcf, 3.5% higher than last year and 7.2% above…
Insurance stocks increase as the Finance Ministry proposes increasing the FDI cap in insurance companies to 100%.
When the Ministry of Finance suggested raising the foreign direct investment (FDI) cap in domestic insurance companies from 74% to 100%, stocks of insurance companies continued to rise. FinMin also recommended allowing insurers to handle all kinds of insurance. This move, if allowed, will enable insurers to offer health, life, and general insurance products under…
