1. Rating agency FITCH sees rupee near 75 against US dollar in the year 2019

December 06, 2018

Ratings agency FITCH quoted its analysis for the Indian currency to be 75 rupees per dollar till the year end of 2019 on account of global financial conditions. The rating agency has also considered uncertainty due to upcoming general elections in May'18.

Source: Economic Times

2. OPEC to decide production cut strategy in 2 days meeting

December 06, 2018

Although OPEC is discussing for an oil output cut, it is also waiting for a commitment from non-OPEC nation Russia before deciding the exact numbers. Crude Oil prices have fallen almost 30% since October but U.S. President Donald Trump has demanded the OPEC Countries to make oil even cheaper and refrain from output cuts.

Source: Reuters

3. Drop in oil price is hunting profit margins in US companies

December 07, 2018

A 30% slump in oil prices will put pressure on corporate profits, also presenting a sign of weakness in global growth. Oil's drop holds economic benefits, including lower costs for some companies and cheaper fuel prices for consumers. But it will have significant effect on U.S. profit growth next year. Oil price slump will reduce profits for energy producers and related companies.

Source: Reuters

4. India’s annual cotton output could drop 12% to the lowest in nine years

December 07, 2018

Due to poor monsoons in Maharashtra and Gujarat, India could produce 32.5 million bales in the 2018/19 marketing year that began on 1st Oct - the lowest since 2009/10. Global cotton prices have fallen 16% after hitting a 4 year high in June'18. India could produce 32.5 million bales in the 2018/19 marketing year which will be the lowest since 2009/10.

Source: Livemint

5. Coriander is in a short term bullish trend

December 04, 2018

Medium term and short term trend is looking positive for NCDEX Coriander ; the counter has broken the 200 days moving average at 5,000 in mid of Oct'18 and is now facing a stiff resistance around 6,500, though a minor correction is seen from this level, however, the trend is still looking up.

Source: Business Line

6. India to beat China in business of Gold Idols

December 04, 2018

To compete with China in the business of gold Idols, India took a wise decision to ease export norms. However, China exports nearly 500 kg of religious idol of pure gold but domestic manufacturer's claims to be better at designing these idols as compared to China. This decision supports the "Make in India" initiative and puts Indian manufacturers in a better position.

Source: Business Standard

7. Qatar to leave OPEC from January 1

December 03, 2018

Qatar announced that they were withdrawing from the 15-member OPEC on January 1.

Qatar produces nearly 2% of the total OPEC oil production. Once Qatar exits OPEC, it can sell as much oil as it wants to; on the other hand, OPEC members would be bound by a deal. Qatar currently produces around 600,000 barrels of oil per day, which is equivalent to less than 2 per cent of the group's 32.9 million bpd output in October. Qatar, which joined OPEC in 1961, is the first Middle East country to withdraw from the organization.

Source: The National

8. President Trump calls OPEC members to produce more oil to compensate Iranian supply loss

November 30, 2018

OPEC members have pumped 33.11 million barrels per day in November 2018, down 160,000 bpd from October, which was the highest by OPEC as a group since December 2016. The biggest drop in OPEC supply this month has come from Iran; UAE output rose following a jump in October, reaching 3.35 million bpd. The UAE says it's oil-production capacity will reach 3.5 million bpd by the year-end. The biggest rise was in Saudi Arabia, where supply hit a record 11 million bpd.

Source: Reuters