Copper futures increased by almost 4% on Thursday. With the gains, copper is now on track to post a weekly rise of more than 4%. The mine’s 44-day strike in 2017 caused a serious shortage of copper, which in turn drove up prices. On Friday, copper futures were unchanged. Copper prices were poised for a…
According to the Society of Indian Automobile Manufacturers, increased semiconductor supply and seasonal demand led to a 21% yearly surge in passenger car wholesales in India in August. According to the most recent information provided by the industry group Society of Indian Automobile Manufacturers (SIAM), deployments of passenger vehicles (PVs) to dealers totaled 2,81,210 units…
According to a Reuters poll of experts, food prices in India likely ended a three-month downward trend in retail inflation in August. This might put additional pressure on the Reserve Bank of India to increase interest rates more quickly in the coming months. Food inflation, which makes up about half of the CPI basket, is…
The government increased the export tax on non-basmati “white” rice by 20% on Thursday, which is anticipated to reduce the overall export volume in the current fiscal year. The export tax will be in effect starting this Friday, according to a notification from the finance ministry. According to exporters, white rice accounted for over 60%…
The government announced on Wednesday that it would aim to produce 328 million tonnes (mt) of food grains during the crop year 2022–2023 (July–June), which is 4% more than the previous year’s record output of 315.7 mt. In the crop year 2022–2023, rabi crops like wheat, mustard, and chana (gram) would contribute 164.8 mt to…
On Thursday, gold prices held steady at over $1,700 as a break in the recent dollar gain reduced some of the pressure on bullion prices and as attention shifted to an impending meeting of the European Central Bank for additional indications. After rising by about 1% on Wednesday, spot gold remained practically flat at $1,717.40.Gold…
With the strength of the dollar, the Indian rupee is likely to weaken. Increased petroleum prices, worries about interest rate increases, and recession worries are also anticipated to have an impact on the local currency. Analysts predict that the USDINR spot price will fluctuate between Rs. 79 and Rs. 80.50 over the next several trading…
The U.S. energy authority predicted slightly stronger demand and tighter supply for oil moving into 2023, which led to an increase in price on Thursday. The global benchmark, London-traded Brent oil futures, increased 1.1% to $88.47 per barrel, while U.S. West Texas Intermediate crude oil futures increased by 0.8% to $82.59 per barrel. Through the…
Heavy rains in the important tomato-growing regions of Karnataka, one of the major vegetable producers, over the past several days have negatively impacted arrivals, driving up prices. At Kolar in Karnataka, the benchmark mandi price for tomatoes increased by 66% on Tuesday to Rs. 1,330 per quintal. Because of the negative effects of the rains…
Following economic statistics that increased anticipation the Federal Reserve will maintain its aggressive rate-hike path, gold prices decreased on Wednesday in international markets as the U.S. dollar and Treasury yields surged. Spot gold was down 0.3% at $1,696.30 per ounce. Higher benchmark Treasury yields are supported by better U.S. economic statistics, which increases demand for…
