Crude oil prices rose 2.6% to ₹5,929 per barrel on expectations that OPEC+ will continue its current production cuts until Q1 2025. In a sign of increased competition in the region, Saudi Arabia is expected to cut oil prices for Asian consumers to their lowest point in four years. The EIA Petroleum Status report revealed…
Cotton candy prices fell by 0.34% to ₹55,360 per candy, driven by profit booking and rising cotton yarn demand in southern India. India’s cotton production for 2024/25 is expected to drop by 7.4% due to reduced acreage and crop damage caused by excessive rainfall and pest infestations. The USDA lowered India’s production estimate to 30.72…
A strong US dollar and a cautious market approach ahead of key economic data and Federal Reserve talks pushed gold prices lower. Federal Reserve minutes expressed optimism about a strong labor market and easing inflation, Global demand for gold remained stable at 1,176.5 metric tons in Q3 2024, as robust investment activity offset declining jewelry…
Natural gas prices fell by 3.39% to settle at ₹273.6, driven by easing heating demand despite colder-than-normal weather. Weather forecasts suggest a shift from colder-than-normal to near-normal levels from December 4-12, reducing the pressure on utilities to draw heavily from storage. Production levels in the U.S. remain robust, with an average of 101.4 billion cubic…
Crude prices rose in Asian trade on Monday, boosted by encouraging economic data from major importer China, now approaching an OPEC+ meeting for signs of fresh supply. Oil held some risk premium due to growing tensions between Russia and Ukraine.Production activity at the world’s largest oil importer rose significantly in November. However, warnings of additional…
Zinc prices rose by 1.38% to ₹286.7, driven by a drop in inventories at warehouses monitored by the Shanghai Futures Exchange. Tightening zinc supply provides a bullish outlook. Although zinc concentrate inventory at ports has increased, reduced smelter output in Q3 has constrained the market. Smelter production in Q4 remains historically low, around 500,000 metric…
Cuminous seeds rose by 0.4% to ₹24,990 due to short covering, with farmers holding about 35% of this season’s supply and carrying over of 2 million bags for the coming season expected. Exports are expected to pick up in November and December. At $3,050 per tonne, cumin is still very affordable, especially compared to Chinese…
Natural gas prices rose by 2.32% to ₹278.3, driven by a smaller-than-expected inventory withdrawal and forecasts of increased demand. The U.S. Energy Information Administration reported a 2 billion cubic feet withdrawal from storage for the week ending November 22, 2024, reducing U.S. gas inventories to 3,967 bcf, 3.5% higher than last year and 7.2% above…
The OPEC+ coalition, consisting of 23 nations, is set to hold its next meeting on December 5, likely in a virtual format. This shift is the third time the alliance has held meetings online since the Covid-19 pandemic. Crude prices currently hover around $75 per barrel, insufficient for many OPEC members to meet budgetary needs….
Rio Tinto (LON:RIO) lifted force majeure on alumina exports from Australian refineries and eased supply constraints, sending aluminum prices down 0.04% to ₹241.75. RUSAL announced a phased reduction in aluminum production by 250,000 tonnes due to record-high alumina costs that have risen to nearly $700/tonne by early 2024. China, the world’s largest aluminum producer, has…
