With steel mills looking into less expensive options, such as Russian coal, as opposed to more conventional but more expensive supplies from Australia, India’s imports of coking coal grew by almost 3% to 54.33 million tonnes (mt) in FY23. Shipments into India totaled 53.04 mt in FY22. Australian coking coal shipments decreased 13% year over…
Due to India’s increased soybean carryover stock of 3 million metric tonnes (MMT) and higher output of 12.33 MMT for the crop year 2022–23, soybean prices have fallen by about 6% so far in 2023. This is a result of favorable weather, expanded agricultural land, and higher crop yield potential. The volume of commodities supplied…
As some short covering is anticipated in the aftermath of a reduced production estimate, mentha oil yesterday settled up 1.3% at 976.2. The sowing efforts are likely to be negatively impacted by the predicted above-normal temperatures during April and May, which will support the firmness in prices. Mentha exports fell by 10.67% to 2,227.55 tonnes…
Amidst a recovery in the U.S. dollar and risk aversion in global markets, the rupee declined last week and reached a low of 82.32. While this was going on, a dramatic decline in the price of crude oil helped to limit declines in local currency. The dollar index recovered from its lows for the year…
The price of silver yesterday decreased by 1.12% to settle at 74654 as markets anticipate the U.S. Federal Reserve would choose to maintain a higher or longer interest rate stance to curb inflation. Inflation, according to Fed officials, is still “far above” the central bank’s 2% target. Michelle Bowman, the governor of the Federal Reserve,…
The price of mustard seeds declined significantly during the last week, dropping by more than 3% to settle at levels of 5368. This was mostly brought on by negative elements such as higher carryforward stock, bumper crops, more arrivals, and higher imports of edible oil. In comparison to the typical level of 1.5–1.8 MMT, the…
As softer U.S. economic statistics and an increase in petrol inventories stoked worries about a recession and slowing global oil demand, oil prices dropped on Friday, extending losses from the two prior days and aiming for a weeklong decline. At the morning June Brent futures were down 14 cents, or 0.2%, at $80.96 per barrel….
On Thursday, as crude oil prices fell from high levels, the rupee strengthened 11 paise to settle at 82.14 (provisional). Forex traders claimed that the local currency was also supported by an upward trend in domestic equities. The local unit gained 11 paise from its previous close to close at the interbank foreign exchange market,…
Due to the local market’s ample supplies and the muted demand, turmeric prices yesterday declined by -0.06% to 6696. Due to increasing deliveries in important trading centers, Millers’ stockists are in a wait-and-watch mode. Arrivals of the fresh crop have increased; as of now, 7-8 lakh bags have entered the Nizamabad market, compared to 7…
As investors considered the likely course of interest rates, zinc yesterday decreased by -0.87% to 246.15. Although a cut is now mostly anticipated by year’s end, markets are still pricing in a 25 bps increase in the fed funds rate for next month. Williams, the president of the New York Fed, recently stated that the…
