The Food Corporation of India (FCI) was able to cut the selling price of wheat by ₹1.70/kg on Wednesday during the third round of the electronic auction after lowering the reserve prices of wheat by ₹2/kg. There were sales of up to 5.07 lakh tonnes (lt). Government officials predicted that the retail market will soon…
On Thursday, oil prices marginally increased in light Asian trading, breaking a six-day losing run fueled by growing worries that more aggressive interest rate increases by central banks will stifle economic development and fuel demand. A barrel of Brent crude futures increased by 2 cents to $80.62. WTI crude futures increased by 9 cents, or…
The mandatory certification of cotton bales under the Quality Control Order (QCO) has been approved by the Center, and the Ministry of Textiles expects this would increase the supply of high-quality cotton to the textile industry.According to officials, the requirement that cotton bales supplied in India have Bureau of Indian Standards (BIS) certification is intended…
To further lower prices, the government on Tuesday declared it would release an additional 20 lakh tonnes (lt) of wheat into the market through the open market sale system (OMSS). The notification is made one day before the following round of wheat auctions to sell 11.72 lt. As of now, it has been determined to…
Due to supply shortages and increased demand, aluminium prices are expected to remain stable in 2023, especially if China relaxes Covid19 curbs, according to analysts. The Fitch Group’s research division Fitch Solutions Industry Research and Country Risk predicts that prices will continue to rise but not to the highs of 2022. On the other side,…
The India Meteorological Department (IMD) has forecast that the daytime temperature will decline after Tuesday as the anticyclonic circulation above Gujarat moves towards the Arabian Sea following days of a persistent heat wave that jeopardized wheat yield, particularly in Gujarat and west Rajasthan. Yet as a precaution, the government has established a high-level committee to…
While the dollar weakened from a six-week high on Tuesday as traders awaited additional economic data to assess the U.S. Federal Reserve’s rate-hike policy, gold prices edged up on the global markets. At $1,843.23, spot gold was up 0.1 percent. At $1,851.80, U.S. gold futures rose 0.1 percent. On global markets, gold and silver came…
After settling around $2 a barrel on Friday, oil prices were little changed in early Asian trade on Monday as increased supplies in the United States and expectations of additional interest rate hikes dampened optimism about China’s demand rebound. To reach $82.91 a barrel, Brent crude lost 9 cents or 0.1%. The price of March…
Due to the dollar’s resurgence against its rivals, precious metals have been sluggish during the last few weeks. On February 2, 2023, gold fell by about 5% from a peak of Rs 58,847 on the MCX to Rs 55,850. Comex Gold’s 6.48 percent decline from $1,960 to $1,833 had a more significant effect. According to…
Of the 15.25 lt of wheat available for sale in the open market by the Food Corporation of India (FCI), 3.85 lt had already been sold. This is 25% of the offer in the February 15th electronic auction’s second round. The second round’s weighted average price was 2,338.01/quintal, according to a statement released by the…
