A “substantial majority” of US Federal Reserve officials supported a half-point rate cut during the September meeting to ease inflation and economic concerns. However, some officials favored a smaller quarter-point cut, indicating a cautious stance. The minutes revealed that while there was broad support for the half-point cut, it was not seen as a commitment…
Turmeric prices fell by -2.32% to 13,370 due to lower demand and rising arrivals. However, concerns over crop damage and low supply could push prices higher in the coming weeks. Increased sowing may cap further price gains, and dry weather in Indonesia has accelerated harvesting, adding pressure on prices. Rising acreage and low export demand…
Zinc prices rose by 0.14% to 288.2 due to China’s economic stimulus measures, including liquidity injections, mortgage rate cuts, and easing home purchase restrictions. The central bank announced plans to reduce mortgage rates for existing home loans before October 31. However, zinc inventories in warehouses monitored by the Shanghai Futures Exchange dropped to 79,980 metric…
Silver fell -1.06% to 92,357, as strong US labor market data eased the prospect of aggressive rate cuts by the Federal Reserve. The U.S. Labor Department said the economy added 254,000 jobs in September, significantly beating expectations, while the unemployment rate fell to 4.1% from 4.2%. These strong jobs dampened market expectations for more monetary…
Natural gas prices dropped by 3.57% to ₹240.3, despite a smaller-than-expected storage injection by US utilities. Concerns over potential disruptions in US natural gas production eased as tropical storms moved away from the Gulf of Mexico. Baker Hughes reported a 3 to 102 increase in rig drilling activity. Storage injections have been at record lows,…
Gold prices ended the day down -0.13% at ₹76,143 as the US dollar strengthened and market expectations for the Federal Reserve to slash rates aggressively were tempered by a better-than-expected US jobs report. In September, the US labor market shown resiliency as job growth picked up speed and the jobless rate dropped to 4.1%. As…
Soyabean, groundnut, and sunflower prices have fallen 8-25% below the Minimum Support Price (MSP) in agri-terminal markets during the early days of the harvesting season. Farmers face significant losses due to delayed MSP-based procurement, with soybean prices averaging ₹4,268 per quintal, 12.8% lower than the MSP. Large crop expectations and export uncertainties, particularly in Iran,…
Oil prices rose on Friday on concerns that Middle East conflict could disrupt supplies of this key export, Crude. U.S. crude futures rose 0.8% to $78.24 a barrel, while the Brent contract rose 0.8% to $74.35. Brent crude futures are set to gain around 8% for the week – their steepest since February 2023, while…
Oil prices rose in early Asian trading hours on Friday, holding on to their strong weekly gains as investors weighed Middle East conflicts and potential disruptions against the broader global market for crude oil. Brent crude futures were up 9 cents, or 0.12%, at $77.71 a barrel, U.S. West Texas Intermediate crude futures were up…
Cotton candy prices fell by 0.43% to 57,460 due to moderate demand and weak export activity, particularly in Bangladesh. However, the downside was limited due to hopes of demand recovery from China and concerns about crop damage from Hurricane Helene. The USDA revised India’s cotton production forecast for the 2024-25 season to 30.72 million bales,…
