Market News Today

Stable prices are observed for all categories of MS Scrap in the Chennai market. The monsoon season is expected to result in a decline in demand, while the supply of MS Scrap remains adequate. Imported scrap markets in South Asian countries experience a downtrend.

Cashew prices remain slightly high, almond prices are steady, and pistachio prices have remained stable. Cashew inventory levels are stable, but low demand may affect quality. California aims to exhaust its current crop before selling the new one. Cambodia's cashew crop may decrease.

Guntur market prices are steady, with Teja at Rs. 245/kg. Bidding for 5531 is in the range of Rs. 215-220/kg. Khammam and Warangal prices remain stable. Unjha market prices rise, with cumin reaching a previous high of Rs. 660/kg. Overall market stability is expected, with potential impact from heavy rains.

The market has accepted a price decrease due to low Cement demand during the monsoon season. ICRA predicts a 7-8% growth in the domestic Cement industry in FY24, supported by housing and infrastructure sectors. LIC has reduced its stake in India Cement by over 2%.

Cotton prices softened in northern India due to weak demand. Kapas prices ranged from 6,800 to 7,200 rupees per quintal. Cotton futures contracts declined. Arrival of cotton increased, while demand from textile manufacturers weakened. Unfavorable weather affected cotton arrival. International prices declined, affecting domestic prices.

In Haldia, mustard oil is priced at Rs. 1110/10kg, Rice Bran Refined at Rs. 915/10kg, and Rice Bran Crude at Rs. 845/10kg. Mustard seed prices in Jaipur remained stable at Rs. 5550, while in Delhi it opened at Rs. 5200-5250 per quintal.

The spot price of gold was trading at $1,910.47, down 0.3% as fears of an interest rate hike. Wall Street economists expect the Labor Department's non-farm payrolls report to show around 225,000 jobs.The central bank aims for softer job growth.

Gladstone port in Queensland, Australia, exported 6.45 million tonnes of coal to international destinations, showing a 30% increase compared to the previous month and a 4.6% increase compared to the same period last year, as reported by the Gladstone Port Corporation.

The Directorate General of Trade Remedies has initiated a safeguard duty investigation on low ash metallurgical coke imports into India. BLA Private Limited, Jindal Coke Limited, Saurashtra Fuels Private Limited, Vedanta Malco Energy Limited,and Visa Coke Limited filed complaints.

LME aluminium cash bid price dropped by US$9.50 per tonne or 0.45%,id price and offer price both fell by US$9.50 per tonne or 0.44%.SHFE aluminium spot price dipped by US$10 per tonne or 0.39%.