According to the agriculture ministry, India’s foodgrain production reached a record 332.22 million tonnes in the 2023-24 crop year, driven by strong wheat and rice production. The final estimate for 2023-24 shows an increase of 2.61 million tonnes from the previous year’s 329.6 million tonnes. Rice production reached a record 137.82 million tonnes, up from…
Gold prices were steady in Asian trade on Thursday, closing at an all-time high as attention focused on the Federal Reserve chairman’s upcoming speech, although key US economic indicators showed weakness. For industrial metals, prices remained somewhat acceptable due to additional stimulus measures in China. It is the largest importer, and copper prices remained stable…
Oil prices fell on Wednesday as investors reassessed the ability of China’s stimulus programs to boost the economy enough to spur higher fuel demand growth in the world’s biggest crude importer. Brent crude futures were down 17 cents, or 0.2%, at $75 a barrel. U.S. West Texas Intermediate crude was down 24 cents, or 0.3%,…
Gold prices reached record highs on Wednesday due to a weaker dollar and an escalated Middle East conflict. Spot gold held steady at $2,658.07 per ounce, while gold futures edged 0.2% higher to $2,682.60. The dollar was down 0.2%, making greenback-priced bullion less expensive for other currency holders. This data raised hopes that the U.S….
As market challenges ease, UBS strategists predict that major commodity sectors will bottom out in the coming months. Despite weak performance in most categories, the outlook remains positive, with sector-wide recovery and growth into 2025. Over 6-12 months, total returns of at least 10% for the UBS CMCI are forecasted. The energy sector, particularly crude…
Oil prices rose on Tuesday on concerns that rising tensions in the Middle East could hit supplies from the major producing region, while a major hurricane loomed over the world’s biggest crude producer, the United States. Brent crude futures for November delivery were up 69 cents, or 0.93%, at $74.59 a barrel. US WTI crude…
Gold prices reached record highs on Monday due to the U.S. Federal Reserve’s interest rate cut and signs of further reductions. Spot gold remained near $2,619.37 per ounce, while U.S. gold futures edged 0.1% lower to $2,643.90. The Fed began easing monetary policy with a half-percentage-point rate cut on Wednesday, forecasting a further half-point reduction…
Oil prices rose on Monday, buoyed by concerns that heightened conflict in the Middle East may curtail regional supply and expectations last week’s outsized U.S. interest rate cut will support demand. Brent crude futures for November were up 60 cents, or 0.8% at $75.09 a barrel . U.S. crude futures for November were up 64…
India’s palm oil production is expected to triple in six years due to increased area under oil palm plantations and mature plantations for harvesting. The world’s largest edible oil importer relies on Indonesia, Malaysia, and Thailand for palm oil supplies. An increase in production will help India reduce edible oil imports, which account for nearly…
Oil prices settled lower on Friday but recorded a second straight week of gains, garnering support from a U.S. interest rate cut and a dip in U.S. supply. Brent futures settled down 39 cents, or 0.52%, at $74.49 a barrel. U.S. WTI crude futures settled down 3 cents, or 0.4%, to $71.92. Signs of a…
