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Dealers say that India's palm oil imports in April fell by 24% and are still below normal levels.
Five dealers report that India's imports of palm oil in April were down by almost a quarter compared to the previous month. This is the fifth month consecutively below normal levels. The premium paid for the tropical oil over its rival soyoil prompted a higher purchase of soyoil. India's lower-than-normal imports of palm oil, the world’s largest buyer of vegetable oil, could put pressure on Malaysian palm oil and support U.S. soybean oil futures. According to dealers' estimates, palm oil imports fell by 24% in April compared to the previous month to 322,000 tons. Solvent Extractors' Association of India has reported that India imported more than 750,000 tonnes of palm oil per month on average during the marketing period ending in October 2024. Sandeep Bajoria is the CEO of Sunvin Group. A vegetable oil brokerage. He said that palm oil prices were high due to a shortage, which encouraged buyers who are price sensitive to purchase more soyoil. Dealers said that traders have been choosing lower-priced soybean oil for several months. Imports in April increased by 2% on a month-to-month basis to 363,000 tonnes. Imports of sunflower oil, on the other hand, dropped by nearly 6%, to 180,000 tons. This is the lowest level in seven months. Dealers estimate that India's total imports of edible oils in April fell by 11% from the previous month due to lower imports of sunflower and palm oil. Rajesh Patel of GGN Research, a trader in edible oils, explained that palm oil has started to trade at a lower price than soyoil. This is encouraging Indian buyers, who are interested in increasing their palm oil purchases, to do so for shipments starting from May. India imports mainly palm oil from Indonesia and Malaysia. It also imports sunflower oil and soyoil from Argentina, Brazil and Ukraine. GGN Research estimates that Nepal's edible oils imports fell to 85,000 tonnes in April from 135,000 tons a month earlier. Patel stated that more than half of Nepalese imports end up being reexported to India as refined products, since the South Asian Free Trade Agreement allows goods from Himalayan countries to be tax-free. (Reporting by Rajendra Jadhav; Editing by Joe Bavier)
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India's BPCL expects to gain $20-30/ton by swapping Middle East LPG for cheaper US supplies
Bharat Petrol Corp. Ltd., an Indian fuel retailer, expects to make a net profit of $20 to $30 per metric ton when it delivers U.S. LPG through a swap agreement with Middle Eastern suppliers. Its head of finance stated this on Friday. Analysts were told by Vetsa Ramakrishna that BPCL, India’s second largest state refiner, was in discussions with suppliers about swapping Middle Eastern cargo for U.S. supplies. The U.S.-China trade war has increased the gap in price between Middle Eastern LPG and U.S. LPG, and disrupted trade routes. China imposed tariffs on U.S. goods in response to the U.S. tariffs on imports from China. "We are contacting suppliers." We do not see much opportunity with U.S. LPG. Gupta stated that he expects a net gain of $20 to $300 per ton. Abu Dhabi National Oil Co will also replace some of the LPG that it supplies India in June with cheaper U.S.-made cargo. The cheaper U.S. LPG helps BPCL to offset the revenue loss of 6.5 to 7 billion rupees (77 to 83 million dollars) it experiences on a monthly basis due to the sale of cooking fuel locally at prices below the market. Gupta hopes that the federal government will implement a quarterly compensation scheme for refiners who suffer a loss of revenue on LPG sales. India purchases more than 80% its LPG annually from the Middle East. This includes Saudi Arabia, Qatar, Kuwait, United Arab Emirates and Saudi Arabia. Gupta said BPCL also expects that the percentage of Russian crude oil used in its three refineries will rise to around 30% to 32%, up from 24% during January-March when U.S. Sanctions disrupted supply. He said BPCL was buying Russian crude for a $3 discount per barrel compared to Dubai benchmark. BPCL plans to build a refinery in southern Andhra Pradesh that can produce either 180,000 barrels of oil per day (bpd) or 240,000 bpd within four years after a final investment is made, which Gupta expects will be by the end 2025. $1 = 83.9850 Indian Rupees (Reporting and editing by Nidhi verma)
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CNBC-TV18 reports that the top Indian court has rejected JSW Steel's bid for Bhushan Power.
CNBC-TV18, a local television station, reported that India's top court rejected JSW Steel’s resolution plan to purchase Bhushan Power and Steel, four years after its takeover. The court also ordered the liquidation of the debt ridden steelmaker. CNBC-TV18 reported that the Supreme Court said JSW Steel's acquisition of Bhushan Power is "illegal"; and, it should not have accepted this plan by Bhushan Power's creditors committee. After the news, shares of JSW Steel fell 5%. JSW Steel and Bhushan Power have not responded to the email asking for comment. JSW Steel won the bid with a bid of 197 billion rupees ($2.35 billion). The acquisition was completed by 2021. Bhushan Power had a debt of over 470 billion Rupees when the Reserve Bank of India shortlisted it to be admitted to the country's bankruptcy and insolvency code in 2017. Punjab National Bank initiated criminal proceedings against former directors of Bhushan Power in 2019. The lender had discovered fraud of 38 billion rupees on the company's accounts. Punjab National Bank and State Bank of India, who led the committee of creditor, did not reply to emails either. State Bank of India saw its gains ebb on Friday while Punjab National Bank fell 0.7%. $1 = 83.8440 Indian Rupees (Reporting and editing by Siddhi Nyak)
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Copper heads for a weekly gain in hopes of US-China Trade Talks
Copper prices increased on Friday, and are expected to make modest gains for the week as U.S. trade talks with China's top consumer eased concerns about trade. As of 0704 GMT, the London Metal Exchange reported that three-month copper was up 1.9% at $9,378 a metric ton. This week, it has gained a total of 0.1%. ANZ reported that "copper edged up amid signs of progress in trade deals between the U.S. China's Commerce Ministry announced on Friday that Beijing was "evaluating" Washington's offer to hold discussions over President Donald Trump's crippling trade tariffs. This could signal a possible de-escalation of the global market-roiling trade war. Trump said that he thought there was a very good chance his administration would be able to reach a deal with China on Wednesday. Data on Thursday showed that the U.S. manufacturing sector contracted in April, despite tariffs on imported goods putting pressure on supply chains. The U.S. economy shrank for the first three years during the first quarter of this year, as imports flooded in, as businesses rushed to avoid tariff-related costs. ANZ said that while Chinese policymakers could accelerate the roll-out of stimuli to help offset the weakening of export demand, it may not do much to protect copper from the broader impacts of a slower global economic growth. Other London metals saw aluminium rise 0.8% to $2.436 per ton, while zinc increased 1.7% to 2.621, lead rose 0.6% to 1.963.5, and tin climbed 1.5% to $30.225. Nickel also increased 0.3% to $15.350 a metric ton. China's financial market will be closed for public holidays from May 1 to 5. Trading will resume Tuesday, May 6
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After 5 months, the price of Asia Gold-India has increased due to festive demand and a price decrease
This week, gold prices in India rose for the first week in five months. The demand in India's second largest bullion market was boosted by a major festival. Prices also fell sharply after last week's record-high. Indian dealers began the week with a discount They were charging up to $24 per ounce more than the official domestic price, including 6% import duty and 3% sales tax. But by the end the week they had dropped the premium to $3. Last week they offered a discount up to $80. The Akshaya Tiritiya festival boosted the retail demand, which was further boosted by lower prices. A Mumbai-based dealer from a bullion import bank said: On Wednesday, Akshaya Tirtiya was celebrated, which is the second biggest gold buying festival in India, after Dhanteras. The domestic gold price was trading at around 92800 rupees ($1,106.22), per 10 grams, on the day, after reaching a record of 99,358 last week. Many potential retail buyers waited for a correction in prices due to the price volatility. "They would be likely to make purchases in the next few weeks if prices stay stable," said a bullion dealer based in Chennai. As of 0539 GMT, spot gold was trading at around $3,256.44 after reaching a record-high of $3,500.05 in April. Dealers in China, the top consumer, charged premiums between $34 and $48 per ounce above the global benchmark spot prices during the first half week. This compares to premiums between $44 and $50 last week. The Chinese market is closed from May 1 to 5 for Labour Day. In Hong Kong, gold Dealers in Singapore sold it at a premium of $2. Premiums are charged in the $2.50-$2.50 range. Gold demand has increased with the price decline, particularly as Akshaya Tithi prompted Indians to purchase, said Brian Lan of GoldSilver Central in Singapore. In Japan, bullion Was sold at a discounted price of $0.25 up to a premium of $0.50.
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Stocks rise on signs of eased Sino-US Trade tensions
The global stock market surged Friday, as possible trade talks between China and the U.S. lifted risk sentiment. This came after disappointing earnings from Apple and Amazon, two tech giants in the world of technology, fueled concerns about the potential impact of a trade war. China's Commerce Ministry said Friday that the United States had repeatedly expressed their willingness to negotiate tariffs, and that Beijing was open for discussions. This could help ease trade tensions which have been roiling global markets. Apple's share buyback program was cut and Apple warned that tariffs would add $900 million to costs in the current quarter. Futures on the S&P 500 index rose by 0.8%, while Nasdaq futures were up 0.6%. The Eurostoxx futures were up by 1.3%, indicating a positive start for European stock markets. MSCI's broadest Asia-Pacific share index outside Japan reached its highest level since 25 March, recouping its losses after U.S. president Donald Trump launched a trade conflict with his tariffs early in April. Japan's Nikkei rose over 1%, while Taiwan stocks soared by 2.4%. Hong Kong's Hang Seng rose 1.6% while mainland China was closed for a holiday. Matt Simpson, senior analyst at City Index, said that China has struck a cautious note, demanding the U.S. "show sincerity" if it wants trade talks. "While an olive branch was offered, it is hard to say that China has 'come stumbling' as Trump had hoped." Investor sentiment was still evident in the comments, as markets grappled with President Donald Trump’s erratic policies on tariffs that have caused fears of an abrupt global economic downturn. The U.S. economy contracted for the first three years during the first quarter of this year, and China's manufacturing activity declined at its fastest rate in 16 months as new tariffs began to bite. Joseph Capurso of Commonwealth Bank of Australia's international and sustainable economy department said that the tariffs would have the greatest impact on the Australian economy when prices increase. A recession is likely to occur if price increases cause consumers to reduce their spending, and businesses to shrink their workforces and reduce capital expenditure. "While a recession isn't our baseline, this year will be very close." Many companies have cut or withdrawn their profit projections as a result of the U.S. Trade Policy rapidly changing. While investors were disappointed by Apple's and Amazon's earnings, Microsoft and Meta Platforms had posted strong results earlier in the week, which raised hope that the tech sector could survive the tariff storm. The Japanese yen fell to its lowest value since April 10, in the early Asian hours, but it was last slightly stronger at 145.26 US dollars. The Bank of Japan, on Thursday, sharply reduced growth forecasts because of U.S. Tariffs. It also left interest rates unchanged. This suggests that the central bank may keep its policy on hold for some time. Fred Neumann of HSBC's Asia chief economist said that the uncertainty surrounding tariffs could have indirect effects on Japan's growth. The BOJ keeps the door open to further rate increases, but the current state of the door leaves it only slightly ajar. The U.S. Dollar is now on track for a 0.4% weekly gain ahead of the important non-farm payrolls report later that day. The dollar index (which measures the U.S. money against six other currencies) was slightly lower last at 100.02. A survey of economists revealed that nonfarm payrolls increased by at least 130,000 jobs in April, after increasing by 228,000 during March. Katsunobu Kato, Japanese Finance Minister, said that Tokyo's trade negotiations with Washington can be aided by the huge U.S. Treasury stock of over $1 trillion. The remarks came at a time when Japan's chief trade negotiator Ryosei Acazawa was meeting with U.S. Treasury Sec. Scott Bessent for a second round bilateral tariff talks in Washington. Gold prices increased to $3,252.11 an ounce last Friday. However, it was still on track for its worst weekly performance since the end of February. Prices of oil jumped as Trump threatened secondary sanctions against Iran and on the hints that trade tensions would ease, which if they did would support demand. Brent crude futures rose 0.66%, while U.S. West Texas Intermediate futures gained 0.7%. (Reporting and editing by Ankur Banerjee, Shri Navaratnam, and Kim Coghill).
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Wall Street Journal, May 2,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. The budget proposal for fiscal 2026, which is set to be released on Friday, will propose a cut of over $160 billion from programs in the areas of renewable energy, education and foreign aid. Kohl's fired CEO Ashley Buchanan after learning that he had directed the retailer to make a "highly abnormal" business deal with a woman with whom he was romantically involved. A spokesperson for the Chinese Commerce Ministry said that China would consider trade talks with the U.S. in order to end the current trade war, but only if Washington shows sincerity through actions like removing tariffs against Beijing. The U.S. and Ukraine signed a deal on Wednesday to invest in minerals that are critical to the country. Treasury officials said oil and gas projects would likely be implemented first because of their feasibility. Apple announced that most of the devices it will ship to the U.S. during the second quarter of this year will be from India and Vietnam. This strategic shift is intended to ease investor concerns over the impact of tariffs. The Justice Department has filed a lawsuit accusing several major Medicare insurers including CVS Health Aetna and Humana of paying brokers hundreds of millions of dollars in kickbacks for them to direct customers to their Medicare advantage plans. (Compiled by Bengaluru Newsroom)
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In April, Indonesia's inflation rate reached an eight-month high.
The statistics bureau reported that Indonesia's headline rate of inflation reached an eight-month high in April. This was higher than expected as the two-month discount on certain electricity prices had ended. Last month, the consumer price index for Southeast Asia's biggest economy increased to 1.95% compared with a polled estimate of 1.60%. It was up from 1.03% last March. After months of readings below target, the April inflation rate returned to the central bank's range of 1,5% to 3,5% for the first month of this year. At a press briefing, the Bureau said that gold jewellery prices, rents for homes and certain food items were driving April's inflation. Data from the Bureau shows that month-to month inflation in gold jewellery reached its highest level for more than four year at 10.52 % last month. Gold purchases have increased in Indonesia as a result of concerns over the economy, and the depreciation rupiah which reached a record low last month. Since the beginning of 2025, inflation has been low mainly due to discounts on some electricity tariffs that only applied from January to February. Bureau said that the impact of the discount had dissipated in April. Some analysts believe that the soft inflation combined with the concerns about a weaker economy outlook due to global trade tensions may lead Bank Indonesia (BI). Hosianna Sitmorang, an economist at Bank Danamon, said that a decline in PMI manufacturing data for April would be a concern, "especially if the 1Q25 GDP is released on Monday and prints below 5%." A poll shows that Indonesia's GDP is growing at 4.91% in Q1. BI anticipates that this year's GDP growth will be a little below the middle of its forecast range of 4,7% to 5,5%. The government has set the GDP growth for this year to be higher at 5.2%, compared to 5.03% by 2024. BI will likely have to focus its efforts on protecting the rupiah, which hit a record low last month against the dollar. (Reporting and editing by John Mair, Stephen Coates and Stefanno Sulaiman)
MIDEAST - Elements to enjoy - May 8
Here are some elements that may impact Middle East stock markets on Wednesday. has not validated the press reports and does not attest their precision.
INTERNATIONAL/REGIONAL
* GLOBAL MARKETS-Asia stocks drift, dollar company as Fed rate course contemplated
* Oil slip on rising United States stockpiles, cautious supply expectations
* PRECIOUS-Gold slips as dollar firms, traders brood on rate cut timing
* MIDEAST STOCKS-Most Gulf markets muted as Mideast stress increases; Egypt acquires
* Saudi Aramco preserves $31 bln dividend despite lower Q1 earnings
* United States optimistic modified Hamas proposal might break Gaza ceasefire deadlock
* United States paused delivery of weapons to Israel to head off Rafah invasion-official
* Gaza is 'choked off' from help considering that crossings shut, UN agencies state
SAUDI ARABIA
* Riyadh Air could reveal narrow-body jet order within weeks, CCO says
UNITED ARAB EMIRATES
* Emirates manager says dissatisfied with Boeing delays in repairing 777X problems
* Abu Dhabi designer Aldar chooses banks for 10-year green sukuk
* United States State Dept OKs sale of missile upgrade sets to UAE for about $144 mln, Pentagon states
* Damac Residence reveals APAC expansion strategy with workplace openings in Singapore and Beijing
* Mubadala invests in Perdaman's Western Australia urea project
BAHRAIN
* Investcorp announces partial exit from NephroPlus
EGYPT
* Egypt's inflation rate seen slowing in April - poll
* Egypt's non-oil service shrinks for 41st straight month, PMI shows
* Egypt net foreign reserves rose to $41.057 bln in April, reserve bank states
* Egypt's GASC looks for wheat in global tender
IRAQ
* Iraq to hold fifth and 6th bidding round for oil, gas agreements on May 11 - oil ministry
ALGERIA
* Naturgy says gas supply agreements with Algeria unaffected by any shareholding modification
JORDAN
* Jordan made no purchase in tender for 120,000 T wheat, traders say
(source: Reuters)