The government has frequently tightened export controls to stop domestic price increases. The top exporter of rice in the world, India, is anticipated to keep imposing restrictions on exports well into next year. This is likely to keep the price of the staple grain near the highest levels since the 2008 food crisis. Over the…
India saw an increase of 29.89% in oil meal exports in the first seven months of 2023–24, from 19.75 lakh tonnes (lt) in the same period in 2022–23 to 25.66 lakh tonnes (lt). In October 2023, the Solvent Extractors’ Association of India (SEA) reported that oilmeal exports reached 2.89 lt, up 36% year-over-year (y-o-y), from…
Commodity: During Thursday’s evening trade, the December gold contract on the commodities exchange MCX unexpectedly increased by ₹1,133 per 10 gm in just four seconds. Despite a steady dollar-priced gold market, this spike happened. Between 9:10 and 9:15 p.m., the “unusual” spike in gold prices caused them to reach ₹61,914 per 10 gm, sparking speculation…
In the oil year 2022–2023 India imported about ₹1.38 lakh crore of edible oil, compared to ₹1.57 lakh crore in 2021–2022 and ₹1.17 lakh crore in 2020–21. India saw a growth of 17.39% in the amount of edible oil imported during the oil year 2022–23 (November to October) compared to 140.3 lt during the oil…
Commodity Market: India will probably have to import 2.2 million cotton bales, a three-year high, as a result of this decreased production. According to the International Cotton Advisory Committee (ICAC), a 3 percent rise in global production has caused cotton prices to drop to a 12-month low, reaching 25.41 million tonnes. To 23.35 million tonnes,…
The Fed’s hawkish remarks and China’s deflationary statistics could cause the demand for crude oil to decline. Friday morning saw Brent crude oil futures trading at about $80 per barrel after US Federal Reserve Chair Jerome Powell hinted that interest rates may rise even more in the US. At 9:52 a.m. on Friday, December crude…
Gold prices: Central banks around the world have been buying gold at an unprecedented rate, pushing gold demand (excluding OTC) to 1,147 tonnes in the July-September quarter, 8% higher than the five-year average, according to a new report. According to the World Gold Council’s Q3 Gold Demand Trends report, net central bank buying reached 337…
Even though the world’s steel output slightly decreased in September 2023, Indian steel output increased by 18.2%. In September 2023, the world’s crude steel production fell 1.5% to 149.3 million tonnes (mt) from 151.7 mt in the same month the previous year. Production in the 63 countries that make up 97% of the world’s steel…
LPG price increase: Commercial LPG cylinder prices were raised by ₹100 by Oil Marketing Companies (OMCs) at different locations across the nation. It should be emphasized that this is the second increase in prices for commercial LPG cylinders in the previous two months. Starting on November 1, the increase will be implemented. While the price…
In the first hour of trading on Tuesday morning, November crude oil futures were trading at ₹6891 on MCX, up from the previous close of ₹6880. Tuesday morning saw a rise in the price of crude oil futures as market participants kept an eye on the geopolitical unrest in the Middle East. On Monday, the…
