Cotton candy prices rose by 0.5% to ₹54,100 due to expectations that the Cotton Corporation of India will procure over 100 lakh bales at the Minimum Support Price. The Cotton Association of India revised its crop projections for the 2024-25 season by 2 lakh bales, bringing the total output to 304.25 lakh bales. Domestic consumption…
Gold prices fell 0.05% to ₹85,481 as US inflation strengthened expectations that the Federal Reserve will reach a record low. The headline inflation measure was 3.3%, higher than forecast, and January inflation unexpectedly rose to 3%. Despite these challenges, gold prices have risen more than 10% since the start of the year, thanks to dovish…
India’s palm oil imports reached a 14-year low in January, dropping 45% from December to 275,241 metric tons. This decline was primarily driven by refiners shifting to cheaper soyoil due to negative refining margins. This shift will pressure Malaysian palm oil prices and boost U.S. soy oil futures. In contrast, soy oil imports rose 5.6%…
Gold prices fell 0.34% to ₹85,523 after hitting a record high as investors booked profits. The decline was driven by concerns over a global trade war following the US President’s decision to impose 25% tariffs on steel and aluminium imports. Also, for the third consecutive month, China’s central bank increased its gold reserves, which totalled…
Zinc prices fell by -0.02% to ₹270.75 due to a sharp increase in SHFE-monitored inventories since January 24. However, supply concerns limited the downside, as global mined zinc production declined for the third consecutive year in 2024. China’s refined zinc output dropped by 7% due to lower processing rates and production cuts at major smelters….
Turmeric prices fell 1.87% to ₹13,244 on a slight increase in market arrivals and subdued demand. Higher arrivals are expected in the coming month due to steady harvesting process, however, the new crop output is estimated to be 10-15% lower this year. The exact impact on yields will be verified once the pace of harvesting…
Indian cumin production for the 2023-24 season is estimated at 8.6 lakh tonnes, up from 5.77 lakh tonnes last year. Despite high supply, shortage concerns could limit downside risks. Global demand for Indian cumin remains strong, as it is currently the cheapest globally at $3,050 per tonne compared to Chinese cumin. Tensions in the Middle…
Rising trade concerns between the US and China and poor US employment figures helped gold prices rise 0.53% to settle at 84,888. By the end of January, China’s central bank had 73.45 million fine troy ounces of gold, increasing its reserves for the third consecutive month. Gold holdings in London vaults fell 1.7% to 8,535…
A strong dollar pushed gold down 0.15% to 84,444, although demand for safe-haven assets remained steady in the face of economic uncertainty and geopolitical tensions. Expectations for two interest rate cuts in 2024 were reinforced by weaker-than-expected US services sector data, in line with the latest FOMC projections. Gold’s appeal as a safe-haven asset has…
The Agriculture Ministry in India has permitted the trading of 10 additional commodities on the electronic National Agriculture Market (e-NAM), increasing the total tradable items on the platform to 231. The new commodities include dried Tulsi leaves, Besant, wheat flour, chana sattu, water chestnut flour, asafoetida, dried fenugreek leaves, baby corn, dragon fruit, and water…
