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The Organization of the Petroleum Exporting Countries expects global crude oil demand to grow by 1.30 million barrels per day in 2025, unchanged from its previous projection. The global oil demand in 2026 is expected to increase by 1.30 million barrels per day from 2025, also unchanged from the previous month forecast, OPEC said in its July Oil Market Report. Read more
India's rice exports rose 1% on year to $859.3 million in June, according to provisional trade data released Tuesday by the Ministry of Commerce and Industry. Among major farm exports, marine product shipments rose 13.3% on year to $633.3 million and exports of meat, dairy, and poultry products grew nearly 20% to $372.9 million, marking the highest year-on-year growth. Read more
Gold prices, which have risen 26% in dollar terms this year, could remain rangebound in the second half of the year with a possible upside between 0% and 5%, the World Gold Council said in a report analysing views from economists and market participants. Consensus expectations suggest a relatively steady finish for gold with moderate upside potential if macroeconomic conditions hold, it said. Read more
The Food and Agriculture Organization of the UN has projected a 13% rise in total consumption of agricultural commodities and fish products by 2034 at constant prices. This growth, according to a report by the organisation, will be driven primarily by low- and middle-income countries, where expanding and increasingly affluent populations will lead to increased demand for diverse and nutritious food. Read more
India's soymeal exports in June fell nearly 29% on year to 97,000 tonnes, the Soybean Processors Association of India said Tuesday. Cumulative exports of soymeal in Oct-Jun, the first nine months of the edible oil year 2024–25, fell to 1.56 million tonnes from 1.78 million tonnes in the same period a year ago, data from SOPA showed. Read more
India's headline CPI inflation fell to a 77-month low of 2.10% in June largely because of a high base effect, data released by the statistics ministry Monday showed. The last time inflation was lower than June print was in January 2019, when it was 1.97%. Read more
Wholesale prices in India fell on a year-on-year basis in June, with WPI inflation in a negative zone for the first time since October 2023. Data released by the commerce ministry Monday showed WPI inflation fell to (-)0.13% in June from 0.39% in May. WPI inflation was 3.43% in June 2024. Read more
India's merchandise exports to the US jumped in June as exporters rushed to beat President Donald Trump's Jul. 9 deadline for the implementation of reciprocal tariffs. According to commerce ministry data released Tuesday, Indian exports to the US increased 23.5% on year to $8.30 billion. Read more
India's merchandise trade deficit narrowed to a four-month low of $18.78 billion in June even as exports fell to a seven-month low, according to commerce ministry data released Tuesday. The trade deficit was $21.88 billion in May and $20.84 billion in June 2024. Read more
External Affairs Minister S. Jaishankar on Tuesday met Chinese President Xi Jinping in Beijing, and apprised him about the recent developments in India-China bilateral relations. Jaishankar is in China currently to attend the Shanghai Cooperation Organisation foreign ministers meeting. Read more