The appeal of bullion as a hedge against price increases waned as gold prices edged down on Monday in the worldwide markets as central banks signalled additional interest rate increases to control the stubbornly high inflation. Spot gold was down 0.1 percent at $1,853.99 per ounce after reaching its highest level since February 15 on…
In an effort to keep an eye on the local costs of the lentil, the government has abolished the standard 10% customs charge on whole tur or pigeon peas. The Central Board of Indirect Taxes and Customs (CBIC) stated that import duty on Tur (whole) will be “Nil” in a notification dated March 3. As…
Sanjeev Chopra, the Union Food Secretary, claimed that despite slightly higher temperatures, wheat harvests are not anticipated to be harmed and exuded confidence in producing a record-breaking 112 million tonnes during this crop year that ends in June. The secretary declared that the wheat export embargo will remain in effect, increasing the supply of grains…
The likelihood of interest rates in the US remaining higher for longer has increased because inflation is not expected to decline anytime soon. The Reserve Bank of India may raise interest rates by 25 basis points at the following policy meeting and maintain its hawkish attitude, according to Prasanna Balachander, group head of global markets,…
On Friday, the Indian rupee made significant gains versus the US dollar, reaching a one-month high. The 82 mark was even removed by the currency! That might be the rupee’s greatest week in a month if the gains keep up. Positive Asian peers, a decline in the value of the dollar, and a substantial inflow…
India’s imports of palm oil in February fell 30% from January to their lowest level in 8 months as refiners decided to reduce their inventories as inventories grew as a result of excessive imports in October-January, five dealers told Reuters on Thursday. The price of palm oil produced in Malaysia could be affected by India’s…
Despite a decline in early Friday trade, oil prices were still expected to end the week up about 2% as a rebound in factory activity in China outweighed mounting worries about accumulating U.S. crude supplies and prospective European rate hikes. The price of Brent crude futures decreased by 39 cents, or 0.5%, to $84.36 a…
After Wall Street reversed losses on Friday, Asian equities increased on expectations of a strong economic recovery in China and hints of a moderate U.S. Federal Reserve policy tightening stance. Strong U.S. data from recent weeks, particularly overnight U.S. unemployment claims, have roiled global markets and signalled that the Fed will need to hike rates…
After a pause of nearly two years, premiums for Indian robusta parchment coffee have risen and now exceed $1,000 per tonne over London terminal prices. This is primarily due to producers holding back their supply in anticipation of higher pricing and a lower than expected production of robusta parchment. Pricing differences for the Indian robusta…
The States told the Union Government that the procurement may be met this year considering current crop conditions, and the Union Government has plans to purchase 34.1 million tonnes (mt) of wheat in the upcoming rabi marketing season beginning in April. “That is not a target but based on what States have informed the Centre,”…
