South Asia

Sources familiar with the situation say that Vice President JD Vance remains in the United States and has not yet left for Pakistan. The prospects of a second round with Iran are still unclear. Donald 'Trump said that he would be sending a delegation of 'U.S. A delegation will be sent to Pakistan to continue the talks before a ceasefire expires in upcoming days. A senior Iranian official said on Monday that Iran was 'considering' attending the peace negotiations, but there had not been a decision made. Second source said that the U.S. delegation has not yet left, but is...

Three sources claim that India's central banks has urged the state-run oil refineries to reduce their dollar spot purchases and use a special credit line to meet their foreign exchange requirements. This is a return to the measures taken during the Ukraine conflict to help ease the pressure on the rupee. The Indian currency has been battered by a surge in oil price and heavy outflows of foreign portfolios. The Indian currency has dropped more than 3% this year to new lows, making it Asia’s worst performing major currency. Two sources claimed that the use of the special credit facility...

U.S. Treasury secretary Scott Bessent said on Tuesday that China was an unreliable?partner in the Middle East War?by hoarding supplies of oil and limiting the exports of?some goods. This is similar to its actions during the COVID-19 Pandemic. Bessent said he spoke with Chinese officials on the matter. He avoided a question on whether the dispute will derail U.S. president Donald Trump's plans to visit Beijing mid-May. However, he said that Trump and Chinese President Xi Jinping have a good working relationship. "I believe the message of this visit is one of stability. "We've enjoyed great stability in our relationship...

The?head of United Nations'?trade agency, said Tuesday that the shortages of fertilisers caused by the Iran war is a?priority for developing countries. Gains from higher oil and gas prices are unlikely to last long for producers in the developing world. The'more immediate issue' is fertiliser because it affects food safety and food is the foundation of stability, said Pamela Coke Hamilton, executive director at the International Trade Centre. She added that oil and natural gas can be obtained from other sources so that the situation is "not as dire", even if the price increases are a problem. Coke-Hamilton's agency, which...

In a phone call that took place on Tuesday, Modi revealed in a blog post. Indian media reported that the conversation between the two leaders lasted for nearly 40 minutes. "Received an?a call from my friend President Donald Trump. We analyzed the significant progress made?in various sectors of our bilateral cooperation," Modi said on X. We are committed to strengthening our Comprehensive Global Strategic Partnership across all fields. We also discussed West Asia, and stressed the importance of keeping the Strait of Hormuz secure and open. The conflict in 'Middle East' has affected a wide range of sectors, from air...

U.S. president Donald 'Trump' said on Saturday that a large number of completely emptied?oil tanks?were headed to the United States for refueling with oil and natural gas. "The best and sweetest oil and gas in the World are being loaded into the United States by a large number of oil tankers that are completely empty. Trump stated in a Truth Social posting that "we have more oil and better quality than the next two largest oil economies combined." The post was made as senior U.S. officials and Iranian officials met on Saturday in Islamabad, Pakistan with Pakistani mediators as Tehran...

The Australian Prime Minister Anthony Albanese met with his counterpart Lawrence Wong in Singapore on Friday. They vowed to work together more closely in order to maintain energy security in the face disruptions brought about by the Middle East conflict. Singapore, the oil trading hub in Asia, is the world's largest petrol supplier and also a major diesel and jet fuel supplier to Australia. In Australia, the shortage of diesel has impacted the mining and farming sectors. The leaders agreed to "maximize efforts" to increase their energy security, including ensuring the flow of diesel and LNG. In a joint press...

Three trade sources reported that independent Chinese refiners, with new import quotas issued by Beijing, began'seeking immediate cargoes of Iranian oil after the oil price slumped on Wednesday. Brent crude futures fell below $100 per barrel on Wednesday, the lowest since March 11 after a?U.S. President Donald Trump announced that he agreed to a ceasefire of two weeks with Iran, subject to an immediate and safe opening of the Strait of Hormuz. Since the U.S. - Iran conflict erupted in late February, the Chinese refiners - known as teapots - have largely stayed out of the fray. This has caused...

Iran and Israel exchanged attacks on Tuesday, as Tehran defiantly refused to reopen Strait of Hormuz or accept a ceasefire agreement on the eve of the deadline set by U.S. president Donald Trump for Tehran to comply with his demands. According to a source familiar with the plan, Iran rejected the U.S. proposal that was mediated by Pakistan. The plan called for an "immediate" ceasefire, the lifting of the effective blockade in the Strait of Hormuz, and then talks about a wider peace settlement to be held within 15 to 20 working days. IRNA, the official news agency, reported that...

The oil prices continued to rise on Tuesday as U.S. president Donald Trump increased his rhetoric against Iran and threatened stronger action if it failed to reopen the Strait of Hormuz - a major global oil transit chokepoint. Brent crude futures rose 57?cents or 0.5% to $110.34 a barge by 1202 GMT. U.S. West Texas intermediate crude futures gained $1.26 or 1.1% at $113.67. Trump has threatened to "rain hell" on Tehran for failing to meet his deadline to reopening the Strait of Hormuz by 8 pm EDT, Tuesday. Trump said that if no deal was reached, "they could be...

Pakistan raised consumer prices for petrol and diesel by more than 50% on Thursday, its second price hike in less than one month. This was due to the rising global oil prices, which were sparked by the conflict in the Middle East. Diesel prices will rise by more than 55%, to 520.35 Rupees ($1.88) a litre. Petrol prices are expected to increase by 55% or so to 458.40 Rupees a litre. The price increase was inevitable due to the international markets prices spiraling out of control following the US-Iran War, Pakistan's Petroleum Minister, Ali Pervaiz?Malik said at a press conference...

Shipping data shows that India's diesel exports into Southeast Asia soared in March to the highest level in over seven years. This was due to traders adjusting supply to cover their short positions, and refiners taking advantage of higher profits in Asia as a result of the U.S./Israeli war against Iran. The increase in exports may boost the spot sales margins of Indian refiners, who have bought large volumes Russian crude oil to replace Middle East supplies disrupted by war. According to Kpler, three trade sources and data from the analytics firm, Kpler, around 1 million metric tonnes (7.45 millions...

Gold prices fell Monday as the dollar strengthened. Meanwhile, news that 'the Strait of Hormuz was closed again' pushed up oil prices and rekindled inflation fears. As of 0351 GMT spot gold was down by 0.7% to $4,793.98 an ounce after reaching its lowest level since the previous session. U.S. Gold Futures for June Delivery fell 1.4% to $ 4,813.60. Ilya Spirak, global macro head at Tastylive, said that gold prices were lower today because the U.S./Iran ceasefire that was celebrated by markets last week appears to have broken down. "This has brought back the familiar 'war-trade' dynamics that we...

The 'dollar strengthened on Monday, and gold prices fell. Meanwhile, news that the 'Strait of Hormuz was closed again drove oil prices up. Inflation fears were revived by the news that the Strait of Hormuz would be closed once more. As of 0155 GMT spot gold was down 0.4% to $4,809.71 an ounce after reaching its lowest level since the April 13 session earlier in this session. U.S. Gold Futures for June Delivery fell 1% to $ 4,829.40. Ilya 'Spivak is the head of global macro at Tastylive. He said that gold prices were lower today after the U.S. -...

The gold demand at one of India's most important?buying festival remained muted as record prices curbed jewellery sales, offsetting an increase in investment demand. Indians celebrated Akshaya?Tritiya as the second biggest gold-buying holiday?after Dhanteras. The sharp rise in jewellery prices has curbed demand. "The sharp rise in prices curbed jewellery demand." Gold prices have fallen to a level of $4,861 from a high of $5594.82 on January 29, and now trade at around $4,861. Gold futures for 10 grams in India, which is the second largest gold consumer in the world, closed Friday at 154 609 rupees, or $1 670,...

Aluminum rallied Thursday on expectations of an acute supply shortage due to the Middle East Conflict, as growing hope for a U.S. Iran peace deal improves demand outlook. Benchmark?three month aluminium at the London Metal Exchange rose 1.27% by 0705 GMT to $3,667.5 a metric ton, its highest since March 24, 2020. The Shanghai Futures Exchange's most traded aluminium contract closed the daytime trading up 2.89% to 25,635 Yuan ($3,760.62), its highest since March 9. The optimism grew as a key Pakistani facilitator in Tehran and Trump's administration talked up hopes for a pact that would open the Strait of...

Two sources with knowledge of the matter said that India's discussions with Zambia about critical minerals mining have stalled due to a lack of?assurances from Lusaka regarding mining rights. India received a?allocation?of 9,000 sq km (3,474.92 sq miles) last year to explore cobalt, a component of batteries used in electric vehicles and cell phones, as well as copper. Copper is widely used in electronics, power generation and construction. India sent a geologist team last year, which has since returned with samples, including copper and cobalt. New Delhi planned to invite the private sector to participate in the exploration programme in...

India's gems, jewellery and watch exports fell 3.3% in fiscal year 2025/26 from the previous year to reach their lowest level since?five years. This was due to shipments to India's top customer - The United States. A leading trade group said that the number of exports nearly halved on Wednesday due to tariffs and duties. The Gem and Jewellery?Export Promotion Council (GJEPC), in a press release, said that the gem and jewellery exports for the year ended March were $27.72 Billion, which is the lowest level since 2020/21 when pandemics led to lockdowns, disrupting trade. GJEPC data shows that shipments...

Police in Chhattisgarh said that at least nine people were killed and 15 others injured by a 'boiler explosion' on Tuesday. The power plant was owned by India’s Vedanta. Cause of explosion is not yet known. The incident occurred at Singhitarai - a town?about 230km?from the state capital of Raipur. P. K. Thakur said that the explosion was probably caused by an overheating boiler tube. The plant is located in Sakti District. Vedanta issued a statement in which it said that an "unfortunate incident" occurred at the Singhitarai Plant and a thorough investigation is being conducted to determine details. The...

The World Steel Association cut its forecast on global 'crude steel demand' for this year. This was partly because of the Iran War, which has slashed Middle East consumption. The industry group reduced its forecast of growth in 2026 steel demand to 0.3%, or 1.72 billion tons. This is down from an earlier forecast in October that was 1.3%. "We expect that the conflict in the Middle East will result in a sharp decline in the region's demand for steel in 2026. This was a strong area for growth," said Alfonso Hidalgo Calcerrada. "We're now transitioning to a modest growth...

Gold prices rose on Friday - and headed for a week's gain - as the U.S. Dollar weakened. Gold spot rose 0.4%, to $4.780.22 an ounce at 11:11 am. ET (1511 GMT). This week, it has gained more than 2%. U.S. Gold Futures dropped 0.3% to $4.805.40. Gold buyers are carefully reclaiming the narrative this week, with higher lows each day. The tentative ceasefire is helping. Tai Wong, an independent metals trader, said that a significant battle is expected ahead of $5,000. A break above this level could re-ignite a bull run. The ceasefire, which has been in place for...

The gold price rose a little bit?on Friday, and is on track for a weekly increase as the U.S. The?dollar weakened after the U.S. - Iran truce. Market participants continue to assess whether it will last and what its implications are for interest rates. As of 9:29 am, spot gold was up 0.3% at $4,778.89 an ounce. ET (1329 GMT). This week, it has gained more than 2%. U.S. Gold Futures dropped 0.3% to $4804.00. The?tentative truce has helped gold buyers to reclaim the narrative. Each day, they are achieving higher lows. "There will be a major battle before $5,000....

Chile will break from 'precedent' and host a panel on lithium at its annual global gathering of copper next week, in an effort to radically diversify its economy beyond the red metal which has been?powering it for decades. On Monday, the World Lithium Conference, organized by the International Lithium Association and the consultancy 'CRU', will launch what the copper industry calls CESCO Week. After months of stagnation, lithium prices have risen to levels not seen in two years as renewed interest in the metal is sparked by concerns about oil supplies in the Middle East. The lithium supply is tightening...

The Wall Street Journal reported that the U.S. government has rejected so far requests for relief from 'aluminum tariffs' from Ford Motor and other U.S. automobile manufacturers after fires at a Novelis facility?created supply bottlenecks. Ford asked for help from the Trump administration last week. The report cites people who were privy to the conversations. Ford wanted officials to relieve them of their duties until Novelis' Oswego aluminum rolling plant, in New York, is back up and running. The report stated that these discussions were part of ongoing discussions between automakers, and the?administration, about the impact President Donald Trump's new...