1. Oil is well supplied next year: OPEC

October 12, 2018

The oil market is expected to be well supplied in the year 2019. Oil demand is projected to decline over trade tensions between US and China, which is having a cascading effect on other economies as well.

Source: Economic Times

2. Rupee softens stance over relief in crude prices

October 12, 2018

Crude Oil prices soften from recent highs and Brent oil prices dropped below $80 per barrel. This halted the bullish rally in Indian rupee which was hitting life high early this week. Asian and European equities felt turmoil till Thursday due to sell off in US and which put pressure on all emerging market currencies.

Source: Business Line

3. India Gold imports dropped in September

October 10, 2018

India gold imports dropped by 14% during the month of September as per GFMS surveys; this drop is a result of higher import prices of gold and the15 days inauspicious period of Shrad. This drop is going to hamper global prices which have dropped 8.8% this year.

Source: Reuters

4. India to receive additional 4 million barrel crude from Saudi

October 11, 2018

Importers are buying more oil from Iran ahead of US sanctions. China’s Dalian port is to receive 22 million barrels of Iranian crude in October and November against 1-3 million barrels of oil, which is the average monthly supply. Iran is finding fewer buyers for its crude ahead of U.S. sanctions which will take effect on November 4.

Source: Live mint

5. Indian sugar exports will give competition to Brazil and Thailand as rupee declines

October 10, 2018

At least 150000 tonnes raw sugar will be exported in November-December for a Free-On-Board (FOB) price basis of around $280 per tonne. India has produced surplus sugar this year as government promoted via transport subsidy and direct cane payment to farmers and encouraged cash strapped sugar mills to export surplus sugar this season

Source: Economic times

6. Indian silver export industry needs government support

October 10, 2018

Silver jewellery exports dropped by 88% in this financial year over old fashion designs in comparison to Thailand & China, where jewellers have adopted advanced techniques to meet the current fashion demand. In order to revitalize the Indian jewellery export industry, not only it requires embracement of new techniques, rather it is in dire need of new export-friendly policies from the government to keep its stance firm in the global market.

Source: Business Standard

7. Crude Prices Firm as Hurricane ‘Michael’ disrupts production facilities in the Gulf of Mexico

October 09, 2018

Crude oil prices stand firm as hurricane ‘Michael’, a Category 4 storm, progresses towards the Gulf of Mexico. A total of 670 kbd of oil production, accounting for nearly 40% of the total Gulf Coast output, is projected to be affected.

Another prime reason for higher oil prices is the upcoming US sanctions on Iran from November 4th; Iran’s crude exports fell from 2.5 million bpd in April and 1.6 million bpd in September to 1.1 million bpd in the first week of October, according to tanker data. South Korea, Japan, India and China are reducing oil imports from Iran; supply shortage will be bigger than expected if all imports are halted.

Source: Economic Times

8. India-Iran trade to continue but with low volumes in November

October 08, 2018

As a relief to the tightly supplied oil market, India is speculated to import 9 million barrels of crude in November from Iran ; India was earlier importing on an average 19.50 million barrels of Iranian crude every month between April to August this year, though the US asked to reduce imports to ‘Zero’, which seem to be unlikely. Preliminary data suggest that India is to reduce imports substantially to 10.8 million barrels in September to appease the US for sanction waiver.

Source: Business Standard