1. RBI cuts interest rates for the third time in 2019

June 6, 2019

The Reserve Bank, in a widely expected move, cut key interest rates by 0.25 percentage points. The RBI lowered its growth forecast for the economy to 7 per cent from the April view of 7.2 per cent for the 2019-20 April - March fiscal year.

Source: Moneycontrol

2. US Crude inventories rose by 6.8 million barrels against market expectations of a drawdown

June 5, 2019

According to an EIA report, US crude, gasoline and distillate stocks rose last week. Crude inventories rose 6.8 million barrels against markets expectations of an 849,000-barrels drawdown. Gasoline inventory built up by 3.2 million barrels and distillate inventory dropped by 200,000 barrels for the week ending May 31.

Source: Reuters

3. India’s gold imports jump by 49% in May’19

June 4, 2019

India's gold imports jumped 49% in May’19 from a year earlier to 116 tonnes. A correction in local prices during a key festival boosted retail demand. The country's gold imports in value terms rose to $4.78 billion in May’19 from $3.48 billion a year ago.

Source: Economic Times

4. Gold rallied in anticipation of an interest rate cut by the US Federal Reserve

June 4, 2019

Gold prices rallied in anticipation that the US Federal Reserve will cut interest rates to boost the economy after weakness displayed in recent economic data. The Fed’s two meetings are scheduled on 18-19 June. Gold prices rallied in the last 2 weeks as global slowdown worries surfaced after the US-China trade conflict intensified.

Source: Reuters

5. Aluminium industry demands from the new government

June 3, 2019

The aluminium industry needs support on two key issues - firstly, they want the import duty to be cut on inputs required to produce aluminium such as pet-coke, caustic soda, aluminium fluoride and coal to 2.5 %, and secondly, they want higher import duties to protect the industry from dumping of Chinese aluminium. The government should take steps in the coming budget session to reduce input costs by decreasing the import duty on products required in aluminium production and increasing duty on imported aluminium.

Source: Business Standard

6. Gold bounced as President Trump announced the 5% tariffs on Mexico

June 02, 2019

Gold rebounded sharply on the back of economic concerns which escalated after President Trump imposed sanctions on Mexico. President Trump announced the 5% tariffs, which will take effect from June 10th and could go as high as 25% on Oct. This is aimed at getting Mexico to stop illegal entry of immigrants in the US.

Source: Bloomberg

7. US to put sanctions on oil imports beyond accepted level

May 31, 2019

US President Donald Trump refused to give waivers to countries like China, India, Japan and others from buying oil from Iran last month. The US is making an attempt to reduce Iran's oil exports to zero. India had stopped buying oil from Iran after May 2 when the US ended its waivers.

Source: Business World

8. Russia’s average daily oil output in May fell

June 03, 2019

Russia has suffered interruptions to its exports through Druzhba after the crude in the giant pipeline was found to be tainted with organic chlorides. Daily oil output in May fell below its OPEC+ target for the first time this year. Russia pledged to reduce its oil production under the deal by 228,000 barrels a day from the October baseline of about 11.418 million barrels a day, but oil output dropped below this base line to 11.114 million barrels.

Source: Economic Times