Market News Today

Wheat prices experienced fluctuations during the week ending on 4 May 2024. While certain mandis saw an upward trend, areas like Dahod, Shahjahanpur, and Gorakhpur witnessed a softening trend. Around 220 LT of wheat have been procured from major states like Punjab and Haryana.

Saudi Aramco's oil price hike stirs market turbulence, affecting global dynamics. China's refiners face margin pressure, while India's oil import shift reflects geopolitical shifts.

Asian Paints (Polymers) Pvt Ltd is undertaking a major expansion project in Dahej, Gujarat, to enhance its manufacturing facilities. With a strong emphasis on sustainability, the project aims to boost innovation and meet the growing demands of the polymer market.

In Gondal market badami is priced between Rs. 6600-6800/quintal, eagle ranges from Rs. 6900-7100/quintal, eagle plus commands prices between Rs. 7200-7400/quintal and Scooter variety is priced at Rs. 7700-8000/quintal. Spice companies have excess stocks available with them limiting the demand.

On Lawrence Road, prices of wheat from U.P, Rajasthan and M.P weakened by Rs. 10, settling at Rs. 2450-2480/quintal. Maize prices in Chhindwara range between Rs. 2130-2200/quintal.

In Ludhiana markets, 1121 (raw) is selling at around Rs. 9750/quintal, 1718 (sella raw) is available at Rs. 7500/quintal and Sugandha (steam) at Rs. 6600/quintal. In the Raichur, there was a rapid increase in the price ranging from Rs. 100-600/quintal last week.

Premium Hard Coking Coal (HCC) at Hay Point, Australia: $238 per metric ton (FOB). HCC 64 Mid Vol at Hay Point, Australia: $203 per metric ton (FOB).

The South Indian ferrous scrap market witnessed a Rs. 1,000/ton increase. Surging demand for finished goods drove up MS scrap demand and prices, while supply remained stable and cash flow improved. Globally, scrap prices varied with stability in import offers for India.

Soaring global coffee prices have put the focus on major producers like India. Market fluctuations are driven by Covid-19 related disruptions, with robusta and arabica varieties both impacted, influencing India's commodities market and consumers.

Australian farmers may increase Chana cultivation aiming Indian consumers, amidst increased global demand. This can lower domestic prices, fostering affordable pulses and aiding India's inflation control efforts.