The expectation that China’s harsh COVID-19 regulations will be relaxed will result in a rebound in gasoline consumption in the world’s largest oil importer drove up oil prices on Wednesday, extending gains from the previous session. Following a 1.7% gain in the prior session, Brent crude futures were up 52 cents, or 0.6%, at $86.44…
India’s export of oil meals increased by 60% over the first nine months of the 2022–23 fiscal year, thanks to an increase in the export of rapeseed meal and soyabean meal. The country exported 28.25 lakh tonnes (lt) of oil meals between April and December of 2022–23, up from 17.67 lt during the same period…
Goldman Sachs Group Inc predicts that the price of commodities, particularly crude oil, would be largely determined by when China reopens following the Lunar New Year celebrations later this month. If China and other Asian economies entirely remove coronavirus limitations, a barrel of Brent oil may hit $110 by the third quarter, according to Currie….
With effect for the 2023–24 fiscal year, the Union Commerce Ministry has discontinued duty-free imports of soyabean oil under the tariff rate quota (TRQ) regime. Sunflower oil imports, however, will continue to be duty-free under the TRQ system. According to the notification, imports of soyabean oil are still permitted under the TRQ till June 30….
The Coffee Board reduced its most recent post-monsoon estimate of the amount of the coffee crop for the 2022–23 season (October 2022–September 2023) to 3.6 lakh tonnes (lt). This is roughly 8.36% less than its previous projections of a record 3.93 lt. This is mostly because excessive monsoon rains in Karnataka, the State with the…
The eighth phase of the Open Acreage Licensing Programme (OLAP) for international competitive bidding has been extended by the Ministry of Petroleum & Natural Gas (MoPNG) to include 10 oil and gas blocks. According to an announcement from the Directorate General of Hydrocarbons (DGH), the deadline for submitting bids is January 31. Under the Hydrocarbon…
Copper will probably enter a supply shortage this year, and prices may end up being higher than in 2022, with a target price of $10,000 per tonne, research analysts say. On the demand side, we anticipate that a revival in mainland Chinese demand for copper, along with a falling dollar, will drive up prices. According…
Farmers and other stakeholders are expecting a weather-neutral harvest as the wheat acreage for this rabi season narrows its gain over the corresponding period last year. Three weeks should pass before the first crop is ready for market, and the favorable weather thus far has raised expectations for a sizable production. The area planted with…
On Monday, gold prices increased and maintained a seven-month high as signs of a slowing jobs market raised hopes for a lower U.S. inflation reading this week and a future shift away from the Federal Reserve’s aggressive rhetoric. After Labor Department data revealed that U.S. nonfarm payrolls expanded at their weakest rate in a year…
In its first estimate of sugar production for 2022–23, which was just announced, the private trade group All India Sugar Traders Association (AISTA) estimated India’s sugar production at 34.5 million tonnes, a decrease of 3.63% from the 35.8 million tonnes produced in the prior year. Maharashtra will produce 12.4 million tonnes of sugar this season,…
