Govt approves PSS procurement of 54,166 tonnes moong, 50,750 tonnes groundnut.
The Indian government has approved the procurement of moong and groundnut from Haryana, Gujarat, and Uttar Pradesh at the minimum support price (MSP), as well as a 15-day extension of the procurement period in Andhra Pradesh. The Central Price Support Scheme (PSS) will be utilized for the procurement of summer crops in 2025-26. The Agriculture…
Turmeric falls on profit booking, higher arrivals, and weak export demand
Turmeric prices have eased by 0.44% to ₹14,800, driven by a surge in arrivals and subdued export enquiries. Total arrivals jumped to 57,500 quintals, doubling from 29,860 quintals in the previous session. However, concerns about lower production estimates and quality challenges in key producing regions remain. Untimely rains have affected crop productivity, with yields expected…
Gold prices rose on US economic data.
Gold rose 1.75% to ₹98,392 as concerns over global conflicts increased and US economic reports suggested the Federal Reserve could cut interest rates. Investors favoured gold as a safe-haven asset due to rising tensions in the Middle East. At the same time, jobless claims remained high and US producer prices were lower than expected, suggesting…
Gold prices fall on US inflation news, Fed rate cut
Gold prices fell 0.2% to ₹96,704 per 10 grams after weaker-than-expected US inflation data. Core inflation was 2.8% in May, while headline inflation was 2.4%, lower than the expected 2.5%. This led many traders to book profits. However, the low inflation has increased expectations that the US Federal Reserve may cut interest rates in early…
India’s rice exports drop on weak global demand.
India’s rice exports fell nearly 60% in April-May 2025 due to weak global demand and high inventories among buyers. Prices have dropped to multi-year lows, with 5% broken white rice hitting a five-year low of $384/tonne. Despite lifting export curbs in late 2024, the global rice market remains oversupplied, depressing prices. Surplus production and record…
India’s spice exports surge to $4.72 bn in FY25.
India’s spice exports reached a record $4.72 billion in FY25, up 6% from the previous year, driven by strong global demand for cumin, turmeric, spice oils, and pepper. Despite a price dip, chili remained the top export in terms of volume and value. Turmeric exports surged 51% in value, while pepper and small cardamom also…
Jeera rises on domestic buying despite weak exports.
Jeera prices rose by 0.43% to ₹19,840, driven by lower-level buying from domestic participants despite subdued export demand. The price rise was due to inactivity from foreign buyers and pressure from comfortable supplies. Total arrivals in key mandis increased to 32,900 bags, adding supply-side pressure. The start of the new cumin crop in Gujarat and…
Gold falls 1% as strong US jobs data dims rate cut hopes.
Gold prices fell over 1% on Friday due to a stronger-than-expected US jobs report, which dampened hopes for Federal Reserve rate cuts this year. Spot gold fell 1.1% to $3,316.13 an ounce, but rose 0.8% for the week so far. U.S. gold futures settled 0.8% lower at $3,346.60. The Labor Department report showed that non-farm…
India’s foreign exchange reserves fall $1.24 billion to $691.485 billion, according to the RBI.
The RBI announced on Friday that India’s foreign exchange reserves for the week ending May 30 had decreased by $1.237 billion to $691.485 billion. At $692.721 billion, the total reserves had increased by $6.992 billion during the previous reporting week. In late September 2024, the foreign exchange reserves reached a record high of $704.885 billion….
Cotton falls on higher output estimates.
Cotton candy prices fell by 0.58% to 53,600, driven by a slight upward revision in India’s cotton production estimates and tepid trade sentiment. The Cotton Association of India (CAI) raised the country’s output projection slightly to 291.35 lakh bales for the 2024-25 season, mainly due to higher production in Odisha. However, the cotton trade remains…
