People were optimistic that the US President might cut tariffs. However, a strong US dollar prevented big gains. A Russia-led ceasefire is expected to start this week. Tensions between India and Pakistan, which have seen some of the worst fighting in years, also weighed on the market. While crude oil prices rose this week, concerns…
Currency experts noted that on the afternoon of May 8, when tensions between India and Pakistan increased, the Indian rupee sank past the 85-mark. At the close of business, the local currency was trading at 85.3850 against the US dollar, down from 84.6387 at the open and 84.8325 at the close of business. Following rumors…
The HSBC India Services Business Activity Index, or services PMI, increased to 58.7 from 58.5 in March, indicating a surge in growth momentum for India’s service providers in April. This showed that the production of the service sector had grown significantly and more robustly. A reading of 50 implies no change, a rating below 50…
The price of two common precious metals, gold and silver, is trying to bounce back from a sharp decline last week. The world’s instability and declining dollar have increased demand for safe-haven assets like gold and silver. While silver prices increased 1% to about $32.40 an ounce on Monday, gold prices in India increased by…
Turmeric prices fell by 0.96% to ₹13,780 as more turmeric entered the markets and fewer export orders. Daily inflows rose to around 57,500 quintals, almost three times higher than 29,860 quintals in the previous session, leading to a fall in prices. Although the area under turmeric has increased by 10% to 3.30 lakh hectares, the…
After the procurement drive concludes, the Centre will review the restoration of wheat entitlements under the Public Distribution System (PDS). The agriculture ministry has projected a record wheat production of 115 million tonnes for the 2024-25 crop year, with the Food Ministry aiming to procure 31.2 million tonnes. The Food Secretary said the government will…
European natural gas prices have risen to 34 euros per megawatt hour due to increased competition for liquefied natural gas from Asia. Lower prices have attracted buyers back into the market, driving North Asia LNG prices back above $11 per million British thermal units. The European Union is expected to present a roadmap to reduce…
Gold prices rose 2.17% to Rs 94,649 as the US dollar weakened and people became more optimistic about US-China trade talks. Gold prices in India rose to a premium for the first time in five months due to low prices and high demand during the festive season. Dealers, who previously offered big discounts of up…
Natural gas prices rose by 5.51% to settle at ₹306.6 due to a decline in output and revised demand forecasts. Production in the Lower 48 US states dropped to 103.0 billion cubic feet per day in early May, and daily output is projected to dip further to a two-month low of 102.6 bcfd. Gas demand…
Cotton prices fell 0.5% to ₹53,920 despite the Cotton Association of India (CAI) cutting its crop estimate. The decline came despite weak buying sentiment and profit-taking by investors. CAI has cut its 2024-25 cotton production estimate by 4 lakh bales to 291.30 lakh bales, mainly due to lower production in Maharashtra. Cotton imports are expected…
