The US Federal Reserve’s hawkish comments yesterday caused gold to decline by -0.33% to settle at 59157. In its most recent report to Congress, the Fed said that while inflation in important segments of the US services industry “remains elevated and has not shown signs of easing,” it decided to leave interest rates steady but…
The National Commodity and Derivatives Exchange’s (NCDEX) Jeera July contract prices just crossed the 52,000 mark, signalling a strong bullish trend in the market. This price increase is the result of a number of fundamental issues. The reduced production levels seen over the last two years are one of the main factors affecting the jeera…
As the Kharif sowing acreage is anticipated to decline during the current season, turmeric prices yesterday increased by 2.01% to 8832. The expected drop in Maharashtra’s sowing area is between 10% and 20%. The acreage is anticipated to drop by 10% to 15% in Tamil Nadu (NS: TNNP). A reduction in acreage between 18% and…
In anticipation of increased crude demand from Chinese refineries, crude oil yesterday finished up 0.72% at 5877. According to data, China’s throughput at oil refineries increased by 15.4% in May compared to the same month last year, making it the country’s second-highest monthly total ever. According to the International Energy Agency’s (IEA) most recent Oil…
The price of gold yesterday increased by 0.1% to 59355 as traders analyzed the most recent changes to monetary policy. The Federal Reserve stopped it’s tightening drive but made a suggestion that interest rates might rise again this year. At the same time, the ECB announced a further 25 bps increase in borrowing costs and…
Jeera’s price increased due to strong export demand and forecasts of fewer stockpiles at the end of the current marketing year. Yesterday, however, prices decreased by -1.24% to 49265 as profit was booked. Prices increased as concerns about the crops grew as a result of hailstorms and unseasonal rains in Rajasthan, the main producing state….
On improving sowing expectations, mentha oil yesterday decreased by -0.4% to 921.1. Prices will be affected by news of increasing acreages and slow menthol exports. Prices will be under pressure due to rising menthol imports and China’s restricted purchase. Menthol shipments fell by 42.52 percent to 97.85 tonnes in April 2023 from 170.22 tonnes in…
Due to strong export demand and anticipation of lower stock levels at the end of the current marketing year, jeera yesterday finished up 0.7% at 49885. Prices increased as crop worries grew as a result of Rajasthan, the state that produces the majority of the crops, experiencing unseasonal rains and hailstorms. This season, the market…
As a result of indications that crop yields in the Maharashtra region of Marathwada have decreased due to recent rain, turmeric prices yesterday increased by 0.89% to 7912. Support was also noted because the farmers in Andhra Pradesh suffered significant losses due to the late rains that destroyed their turmeric crops. Due to the rain,…
Natural gas rose Wednesday by 3.38% to settle at 192.6, helped by increased demand and decreased supply. The demand for gas to generate electricity for air conditioning is projected to increase due to a predicted heatwave from 21 to 28 June. The domestic output is also decreasing from May’s record high of 102.5 bcfd. On…
