Asian trade on Monday saw a drop in oil prices as a hurricane in the Gulf of Mexico had little impact on US output and heavy fiscal stimulus measures by China, the world’s biggest importer, were largely unimpressive. Prices have continued to fall since Friday, following Beijing’s approval of 12 trillion yuan ($1.6 trillion) in…
Aluminium prices fell by 2.15% to 241.6 due to disappointment over China’s limited fiscal stimulus measures. The package aimed to ease debt repayment burdens for local governments, but fell short of investors’ expectations. The potential for higher tariffs under the US President-elect also loomed over the metals market, causing concerns about reduced demand for Chinese…
The OPEC+ group has extended their production cut to limit excess supplies and stabilize prices in global oil markets. Oil has been trading in a tight range since the second half of 2022, with prices broadly congested within $97-$65 per barrel. OPEC+ production policies significantly impact global oil markets, with higher prices typically following production…
Soybean prices are below the government-set minimum support price (MSP) of Rs 4,892/quintal (MSP), seven weeks after India increased import duties on edible oils. The mandi price currently varies between Rs 4,500 and Rs 4,700 per quintal due to high moisture due to pre-harvest rains. Excess and low demand has kept prices from hitting the…
Jeera rose 2.26% to 25,140 on short covering and expected export demand despite increased supply. Oonja receives more than 15,000 bags of cumin per day, and farmers are expected to save about 35% of their seasonal supply. Around 20 lakh bags were in carryover supply at the beginning of the season. After Diwali, export demand…
Natural gas prices fell by 2.33% to 226.6 due to reduced heating demand and concerns about Hurricane Rafael’s impact on the U.S. Gulf Coast. Energy firms cut gas production from Gulf of Mexico platforms by 7%, but this region now contributes only 2% to U.S. gas output. Average gas output in the Lower 48 states…
Cotton candy prices rose by 0.25% to 55,610 due to concerns over India’s cotton production, which is forecasted to decline by 7.4% in 2024/25 to 30.2 million bales. The USDA revised India’s cotton production estimate to 30.72 million bales and reduced ending stocks to 12.38 million bales. India’s cotton planting area has decreased significantly, with…
Fiscal stimulus in China, the world’s biggest importer, was heavily focused on as traders processed the effects of the president and oil prices rose in Asian trade on Thursday. 2024 U.S. Following the election victory, which sent the dollar to a four-month high and put pressure on oil markets, In a recent note, the U.S….
Turmeric prices rose by 0.86% to 12,842 due to potential crop damage from heavy rains. However, gains were limited due to lower demand and increased arrivals. The upcoming season is estimated to be 30-35% higher than last year, indicating a rise in production. Dry weather in Indonesia has accelerated turmeric harvesting, adding pressure on prices….
Oil prices edged lower in Asian trade on Wednesday after a better-than-expected industrial data boosted U.S. stocks, even as attention focused on potential supply disruptions due to hurricanes in the Gulf of Mexico. Oil prices sat on some gains from recent sessions after the Organization of the Petroleum Exporting Countries (OPEC+) postponed plans to begin…
