With effect for the 2023–24 fiscal year, the Union Commerce Ministry has discontinued duty-free imports of soyabean oil under the tariff rate quota (TRQ) regime. Sunflower oil imports, however, will continue to be duty-free under the TRQ system. According to the notification, imports of soyabean oil are still permitted under the TRQ till June 30….
The Coffee Board reduced its most recent post-monsoon estimate of the amount of the coffee crop for the 2022–23 season (October 2022–September 2023) to 3.6 lakh tonnes (lt). This is roughly 8.36% less than its previous projections of a record 3.93 lt. This is mostly because excessive monsoon rains in Karnataka, the State with the…
The eighth phase of the Open Acreage Licensing Programme (OLAP) for international competitive bidding has been extended by the Ministry of Petroleum & Natural Gas (MoPNG) to include 10 oil and gas blocks. According to an announcement from the Directorate General of Hydrocarbons (DGH), the deadline for submitting bids is January 31. Under the Hydrocarbon…
Copper will probably enter a supply shortage this year, and prices may end up being higher than in 2022, with a target price of $10,000 per tonne, research analysts say. On the demand side, we anticipate that a revival in mainland Chinese demand for copper, along with a falling dollar, will drive up prices. According…
Farmers and other stakeholders are expecting a weather-neutral harvest as the wheat acreage for this rabi season narrows its gain over the corresponding period last year. Three weeks should pass before the first crop is ready for market, and the favorable weather thus far has raised expectations for a sizable production. The area planted with…
On Monday, gold prices increased and maintained a seven-month high as signs of a slowing jobs market raised hopes for a lower U.S. inflation reading this week and a future shift away from the Federal Reserve’s aggressive rhetoric. After Labor Department data revealed that U.S. nonfarm payrolls expanded at their weakest rate in a year…
In its first estimate of sugar production for 2022–23, which was just announced, the private trade group All India Sugar Traders Association (AISTA) estimated India’s sugar production at 34.5 million tonnes, a decrease of 3.63% from the 35.8 million tonnes produced in the prior year. Maharashtra will produce 12.4 million tonnes of sugar this season,…
Oil corporations are making ₹10 per liter on petrol sales, but retail prices haven’t dropped to make up for earlier losses and a ₹6.50 per liter loss on diesel, a report said. The prices of petrol and diesel have not been updated by state-owned IOC, BPCL, and HPCL in pace with inflation for the past 15 months….
Godrej Agrovet is investing 250 crores in the construction of an oil palm processing complex in Telangana. The factory, which is being built in the Khammam district, would initially have a 30-tonne-per-hour capacity. A government statement issued here on Thursday stated that “the capacity can be quadrupled in a subsequent phase.” Godrej Agrovet Ltd.’s managing…
As markets anticipated critical data on U.S. nonfarm payrolls on Friday, gold prices held near seven-month highs, while copper prices reversed weekly losses due to the relaxation of additional anti-COVID measures in major importer China. After a series of abrupt rate hikes by the Federal Reserve in 2022, it is anticipated that U.S. nonfarm payrolls…
