The NCDEX turmeric futures market should not be traded in, according to a letter sent by the Marathwada Vidarbha Turmeric Trade Association to Union Minister of State for Finance Pankaj Choudhary. The group said that certain traders and businesses are profitable. It said that the farmers of Maharashtra are suffering significant losses because the prices…
The government should aim to increase domestic edible oil production to meet the roughly 0.7 million tonnes (MT) incremental increase in demand each year in order to reduce rising edible oil imports, which are threatening to put pressure on the current account, said Atul Chaturvedi, President of the Solvent Extractors’ Association of India (SEA), on…
Oil prices continued to decline on Thursday after the U.S. Federal Reserve adopted a more pessimistic stance than anticipated, heightening concerns that rising interest rates and inflation may have an adverse effect on crude demand in the months to come. Following the Fed’s anticipated 75 basis point interest rate increase on Wednesday, crude prices fell…
The Indian Sugar Mills Association (ISMA) has urged the government to swiftly implement the sugar export strategy, claiming that the sugar selling season of 2022–2023 will require at least eight million tonnes of exports. Vivek Pittie, Director of Harinagar Mills in Mumbai and a member of ISMA, stated that the industry group thinks the government…
The government has begun to sell chana (gram) below the minimum support price (MSP) from the buffer kept with the National Agricultural Cooperative Marketing Federation of India since it is burdened with 3 million tonnes (mt) of inventories that were primarily purchased in the last two years (Nafed). Chana is currently being sold at mandi…
The rupee lost 8 paise to open at 79.82 against the U.S. dollar on Wednesday as traders awaited the U.S. Federal Reserve’s interest rate announcement for additional indications. The local currency, according to forex traders, suffered from the strength of the American dollar in international trade and a flat domestic equity market. Furthermore, the local…
The central government has stated that it will take action to assure the supply of wheat in the market and maintain its price under control, even as warnings that the price of the grain would continue to firm up in the lead-up to Diwali. Food and Public Distribution Secretary Sudhanshu Pandey said on Monday that…
Gold prices continued to trade in a narrow range, on Tuesday as investors refrained from placing large wagers ahead of a U.S. Federal Reserve meeting that is anticipated to result in an increase in interest rates. Gold futures increased 0.6% to $1,687.85 per ounce , while spot gold increased 0.2% to $1,679.14 per ounce. Both…
Oil prices rise during early Asian trade on Monday as a weaker dollar and supply concerns ahead of the European Union embargo on Russian oil in December offset fears of an international recession that could reduce fuel demand. After closing up 0.5% on Friday, Brent crude futures increased $1.15, or 1.3%, to $92.50 a barrel….
The production for the October-September cotton year 2022–23 is anticipated to increase by about 15%, provided the weather remains favourable until October, providing relief to the entire cotton value chain, at a time when the central government is concerned about the closure of 50% of the country’s spinning mills due to cotton shortages. India’s cotton…
