Market News Today

Stainless steel prices in India remained firm, supported by healthy demand from infrastructure, engineering, and manufacturing sectors despite rising imports and global market uncertainty. Meanwhile, China's stainless steel market weakened due to ample supply and sluggish demand. Falling inventories and stable mill pricing continue to provide support to domestic prices.

Investment funds reduced net long positions in Euronext milling wheat futures and options during the week ending May 29, according to Euronext data.

European natural gas prices declined significantly on Thursday, following a retreat in crude costs, as a fragile ceasefire between Israel and Lebanon eased Middle East tensions.

India approved a ₹100 billion ($1.04 billion) fund to support oil marketing companies, shielding refiners and airlines from surging jet fuel costs. This one-time financial aid aims to keep prices affordable, reducing the burden on passengers and carriers.

India's livestock industry seeks 1.5 million tonnes of soymeal imports due to a 45% price surge and 16% domestic production decline, impacting farmers. The processing industry opposes it.

Indian cold storages overflow with Gulf-bound perishables like avocados and dry fruits, diverted due to shipping turmoil. This disrupts Indian exports, cold storage operations, and domestic consumption, exacerbated by rising fuel costs.

Kuwait is exploring options to increase its oil storage capacity in foreign countries following disruptions through the Strait of Hormuz caused by conflict in the Persian Gulf.

Russia's oil and gas revenue surged 32.4% year-on-year in May, reaching 678.9 billion roubles ($9.3 billion). This increase was driven by a global oil price rally amidst ongoing conflict.

US crude oil inventories fell by 8 million barrels to 433.7 million barrels by May 29, surpassing analyst forecasts of a 4 million-barrel reduction, the EIA reported.

Pune's eastern growth corridor adds a new K-12 education campus, addressing demand for quality schooling amidst rapid urbanization, housing projects, and population growth. This reflects a focus on social infrastructure for sustainable city building.