Due to profit booking, turmeric prices saw a minor decrease of -0.6% yesterday, ending a period of upward bias driven by below-normal supply and strong festive demand. Yesterday’s closing price was 17544. The slower arrival pace than the previous year is indicative of lesser production, which may encourage stockists to purchase turmeric at every price…
Oil prices ticked up in early Asian trading on Monday, firming up gains from last week when prices rose nearly 4% on the view that supply was tightening. Brent crude oil futures for May delivery inched up 3 cents to $85.37 a barrel by 0045. The April contract for U.S. West Texas Intermediate (WTI) crude…
Due to increased demand for safe-haven assets amid rising geopolitical tensions and worries about inflation threats, silver prices increased by 0.56% Wednesday, closing at 75650. Before the U.S. elections, investors sought solace in silver due to rising prices and inflation, which complicated the Federal Reserve’s ability to manage economic stability through policy actions. Economic data,…
After a recent decline owing to increasing acreage in the major producing states of Gujarat and Rajasthan, jeera prices saw a minor uptick of 0.45% yesterday, finishing at 24440. This increase was mostly driven by short covering. Farmers greatly increased cultivation in response to the previous marketing season’s record prices, resulting in a four-year acreage…
The minimum support price (MSP) of Rs 7000 per quintal for tur dal is almost 50% higher than the mandi rates. As a result, government agencies are finding it difficult to buy the pulse variety directly from farmers at market prices to create a one million-tonne buffer. Only 20,000 tons of tur dar have been…
India saw a 9% rise in oil meal exports in February 2024, driven by a 34% increase in soya bean meal exports. Total oil meal exports reached 5.15 lakh tonnes, up from 4.71 lakh tonnes in February 2023. The Solvent Extractors’ Association of India reported a year-on-year increase in overall oil meal exports to 44.90…
The CCPC, comprising key stakeholders in cotton production, raised export and consumption projections for the current season, while also increasing crop estimates. In Mumbai, the Cotton Advisory Board, formerly CCPC, decreased last season’s production and upped import estimates during a recent meeting. The current season’s production is forecasted at 323.11 lakh bales, contrasting with last…
The price of cotton candy fell -0.81% yesterday, closing at 61,480. This weakness was reflected in the price of ICE (NYSE: ICE), which was caused by lower mill demand and higher supply forecasts. The updated Australian output estimate from Cotton Australia, which predicts a rise to at least 4.5 million bales due to excellent weather,…
Yesterday, the International Energy Agency’s (IEA) most recent oil market report, which highlighted disruptions in the Red Sea region and presented a more positive picture for demand growth, caused crude oil to see a notable jump of 2.48%, closing at 6,742. To boost market optimism, the IEA revised its demand growth predictions for 2024 and…
The previous session saw an increase in aluminium prices of 0.17%, finishing at 204.3, as the market anticipated seasonally increased demand. Gains were, nevertheless, restrained by abundant supplies from China, the world’s largest aluminium manufacturer. Notwithstanding worries about China’s rising inventory levels, analysts speculate that the rise may be a seasonal occurrence ahead of the…
