Kolkata: As tea prices soar in India owing to lower output this year, packet tea players and tea traders are considering importing teas from Kenya and Vietnam, where tea prices have crashed due to overproduction. The Federation of All India Tea Traders Association (FAITTA) said importing teas will be a one-time affair and that it
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Markets continue to tread water today with little movements. European indices are fluctuating in tight range between gain and loss. US futures point to mildly higher open. In the currency markets, most major pairs and crosses are stuck in side Friday’s range. Swiss franc is currently weakest, followed by Euro and Aussie. Canadian is the
Chinese financial regulators took control of Baoshang in May 2019 due to serious credit risks The PBOC will now let it go into liquidation, the first such insolvency since 2001. PBOC says the bank is permitted to file for bankruptcy and liquidate any remaining assets The PBOC has allowed 2 other banks to to take
NEW DELHI: Commodities block was a mixed bag on Friday with bullion counters trading with gains while energy and base metals in the red amid escalating tensions between US and China. Gold was flat while silver gained 0.31 per cent. Base metals dropped up to a per cent. Meanwhile, crude oil dipped 0.44 per cent
As suggested in the CFTC Commitments of Traders report in the week ended August 4, NET SHORT for USD Index futures decreased -252 to 6 475 contracts. Bets fell on both sides as the greenback is still finding bottom after losing almost -10% against a basket of currencies since March. Speculative long positions dropped -2
Clever move from the President We were expecting executive orders on the payroll tax, student loan interest and rental eviction on the weekend but Trump surprised with another one: Unemployment benefits. Trump signed an order that will boost benefits by $300/week if individual states pay an extra $100/week. The move was not reported on rumored
By Swansy Afonso Silver consumption in India is set to halve in 2020 as buyers, mainly from rural areas, skip purchases amid surging prices and a weak economy. Imports by the world’s biggest consumer may tumble by as much as 50% this year from about 6,000 tons in 2019, according to Chirag Sheth, a consultant
According to the CFTC Commitments of Traders report for the week ended August 4, NET LENGTH for crude oil futures gained +3 697 contracts to 536 266 for the week. Speculative long position rose +16 930 contracts, while shorts gained +13 233. For refined oil products, NET LENGTH for gasoline increased +7 526 contracts to
Comments from Mnuchin Says he thinks if a deal could be reached on unemployment and state/local aid then the rest could fall into place Says will meet any time White House wants a compromise Reports say they’re something like $1 trillion apart on state/local funds. It’s a bit puzzling why Republican governors are so against
Oil prices fell nearly 2% on Friday, limiting their weekly gain due to concerns the global recovery could falter from a resurgence of coronavirus cases. The rise in infections remains the dominant issue for the fuel demand outlook. Cases in the United States are still rising in a number of states, while India recently reported
Dollar was under pressure most of the week on risk-on sentiments. NASDAQ gapped higher and marched to new record highs. Nevertheless, the greenback staged a notable comeback after combination move by the US administration against the Chinese Communist Party, with bans on TikTok and WeChat, as well as sanction on Hong Kong and Chinese officials.
CFTC commitments of traders: EUR longs climb to a new record Coming Up! Title text for next article LON +1 SDNY+10 NY -4 TYO +9 GMT Weekly FX speculative positioning data from the CFTC. EUR long 180K vs 157K long last week. Longs increased by 23K GBP short 15K vs 25K short last week. Shorts
Gold slumped over 2% on Friday, snapping its record-breaking rally, after a decent U.S. jobs report boosted the dollar, but a worsening pandemic kept prices on course for their longest streak of weekly gains in about a decade. Spot gold fell 1.4% to $2,033.89 per ounce by 2:46 p.m. EDT (1846 GMT), after hitting a
The markets turn into mild risk-off mode in Asia, after US President Donald Trump stepped up the tech war with China, by banning TikTok and WeChat. Commodity currencies are generally lower as lead by Australian Dollar. On the other hand, Dollar and Yen strengthen broadly. Nevertheless, for the week, the greenback is still the worst
Forex news for North American trading on August 7, 2020: Markets: Gold down $32 to $2031 WTI crude down 43-cents to $42.52 US 10-year yields up 2.8 bps to 0.564% S&P 500 up 2 points to 3351 USD leads, NZD lags The July non-farm payrolls report was better than expected, even with you adjusted for
Kolkata: Multi Commodity Exchange of India (MCX) has posted a record volume in silver options of over 93 tonnes worth Rs 652 crore and an open interest of 146 tonne as of Wednesday, according to numbers obtained from the exchange’s website. The average daily turnover (ADT) volume in silver so far in the current quarter
China’s trade data surprised to the upside in July. This was mainly driven by strong exports, offsetting decline in imports. Exports gained +7.2% y/y in July, following a 0.5% increase a month. This has beaten consensus of a -0.6% drop. From a month ago, exports rose +5.7$, after climbing +1.8% in June. Imports unexpectedly dropped
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