Crude Oil futures slip as uncertainty clouds US-Iran talks

by Hansraj Agrawal | Jun 2, 2026 | Business

Crude oil futures traded lower on Tuesday morning despite uncertainty over the ceasefire talks between the US and Iran.

At 10.13 am on Tuesday, August Brent oil futures were at $94.29, down by 0.73 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $91.37, down by 0.86 per cent. June crude oil futures were trading at ₹8714 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹8736, down by 0.25 per cent, and July futures were trading at ₹8480 against the previous close of ₹8536, down by 0.66 per cent.

In their Commodities Feed for Tuesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said oil prices received a boost on Monday as talks between the US and Iran appeared to break down — again. This has become a common pattern in recent months, and there are still plenty of mixed messages. US President Donald Trump says that negotiations are continuing. As a result, oil prices continue to be whipsawed by quickly changing headlines.

Iran, meanwhile, issued threats against vessels transiting the Bab el‑Mandeb, the narrow Red Sea chokepoint that carries a major share of the world’s energy shipments. This is a concern for oil markets, given that the Saudis have diverted a large amount of oil that should be exported from the Persian Gulf to the Red Sea. Any disruptions to southbound flows from the Red Sea would require vessels to travel north through the Suez Canal and around the Cape of Good Hope, they said.

The Russian government has banned jet fuel exports until the end of November amid the recent surge in Ukrainian drone attacks on energy infrastructure. Russia is a marginal exporter of jet fuel, shipping only around 30,000 barrels a day. The global impact will be limited, but it’s still an unwelcome twist for a market already stretched thin by disruptions in West Asia, they said.

The Commodities Feed said that a bigger concern for refined product markets would be if Russia moved to limit or ban diesel exports. There have been reports in recent days that Russia is considering limits on diesel exports.

June aluminium futures were trading at ₹395.25 on MCX during the initial hour of trading on Tuesday against the previous close of ₹392.15, up by 0.79 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), June jeera contracts were trading at ₹18900 in the initial hour of trading on Tuesday against the previous close of ₹19050, down by 0.79 per cent.

June turmeric (farmer polished) futures were trading at ₹16080 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹16134, down by 0.33 per cent.

Published on June 2, 2026

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Russia announces aviation fuel export ban until November 30

by Hansraj Agrawal | Jun 2, 2026 | Business

The Russian administration declared a prohibition on the export of aviation fuel, effective until November 30, in an effort to protect domestic inventories amidst declining refinery production and shifting dynamics across its energy network.

In a statement issued on Monday outlining the strategy, the Kremlin indicated that the temporary trade limitation was designed to preserve equilibrium within the domestic fuel sector.

“The aim of this decision is to ensure stability in the domestic fuel market,” the government stated.

The implementation of this policy follows widespread reports indicating that Moscow was weighing potential export constraints on diesel and jet fuel.

These considerations emerged after refining operational rates adjusted to multi-year lows following recent drone and missile strikes targeting Russian energy complexes.In recent months, Russia’s energy infrastructure, including oil-processing refineries and cross-country pipeline networks, has been the target of an intensified military campaign by Kyiv.

These aerial incidents have impacted Russia’s overall fuel-processing capabilities, leading to measures aimed at securing domestic supplies, particularly as the nation enters periods characterised by heightened seasonal consumption.

Russia occupies a position as one of the premier global exporters of refined petroleum commodities, traditionally dispatching a substantial volume of its diesel and aviation fuel output to international buyers.

The administration clarified that the newly enacted export suspension would not impact fuel dispatches managed under pre-existing intergovernmental treaties.

Moscow, recognised globally as a major oil and gas powerhouse, had previously placed limits on the export of automobile fuel as market pressures continue to develop during the ongoing conflict with Ukraine.

During this period, Kyiv has scaled up its tactical operations against Russian energy targets over the past few weeks while experiencing daily missile and drone bombardments.

Published on June 2, 2026

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Allahabad High Court upholds deployment of LIC employees for census duties

by Hansraj Agrawal | Jun 2, 2026 | Business

Allahabad High Court has upheld the government’s decision to deploy employees of Life Insurance Corporation of India for census duties, dismissing a petition filed by the North Central Zone Insurance Employees.
| Photo Credit:
THE HINDU

Prayagraj Upholding the directions issued by the authorities concerned for entrusting census duties to the employees of LIC, the Allahabad High Court dismissed a writ petition filed by North Central Zone Insurance Employees, saying that the authority/zonal officer did not commit any error or illegality.

The petitioner had sought quashing of the decision to engage employees of LIC for census work.

Dismissing the writ petition, Justice Dinesh Pathak said, “This court is of the considered opinion that the authorised authority/zonal officer has not committed any error or illegality in issuing orders in exercise of delegated power directing the employees of the LIC to discharge duties as enumerators/supervisors to facilitate the work of census operations.

“Further, the writ petition contains only a vague prayer seeking quashing of the decision to engage employees of the LIC for census work and no specific challenge has been made to any particular order.” During the course of hearing, the counsel for the petitioner submitted that under section 4-A of the census Act, 1948, only employees of local authorities can be requisitioned for performing census duties as enumerators/supervisors.

He further submitted that the employees of LIC do not fall within the definition of “local authorities” as defined under section 3(31) of the General Clauses Act, 1897. Therefore, entrustment of census duties to them is “wholly unsustainable” in the eyes of law.

On the other hand, the counsel for the Union government contended that section 4-A of the census Act, 1948 cannot be read in isolation and has to be construed conjointly with section 6 (1)(e) and 7(c) of the Act, 1948, which specifically contemplate engagement of employees of factories, firms and establishments for census work.

He emphasised that LIC comes within the ambit of a ‘commercial establishment’ and, therefore, engagement of its staff for census operations is within the domain of the Act, 1948.

It was further contended that rule 3 of the Census Rules, 1990, prescribes the categories of officers who may be appointed as census officers. Thus, according to the Union government’s counsel, the rule confers wide discretion upon the competent authority to appoint suitable persons as enumerators.

In its judgment dated May 29, the court said, “In the backdrop of the legal proposition, the Authorized Authority/Zonal Officer is competent to issued orders commanding the persons employed with the LIC to act as numerators/Supervisors for census work.”

Published on June 2, 2026

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Trump revises tariffs on copper, aluminum and iron imports to boost US industry

by Hansraj Agrawal | Jun 2, 2026 | Business

The order also allows foreign companies to qualify for a reduced 10% tariff if at least 85% of the steel or aluminum used in their equipment is melted, poured, smelted or cast in the United States. The measures will remain in effect until the end of 2027 to encourage investment in domestic industrial capacity. (A representative image)
| Photo Credit:
iStockphoto

U.S. ‌President Donald
Trump on Monday signed a ⁠proclamation amending tariffs on some
copper, aluminum and iron imports, ‌the White House said.

* The proclamation ‌lowers tariffs on ‌some ⁠agricultural
equipment from 25% ⁠to 15%

* It makes mobile industrial equipment, such as bulldozers
and ‌forklifts, subject to a 15% tariff “when imported from trade
deal countries that ‌are entitled to such treatment,” the White
House said in a ⁠statement.

* The order also allows foreign companies ‌to qualify for a
10% tariff if “their capital equipment include at least 85% U.S.
melted and poured or smelted ‌and cast steel or aluminum by
weight.”

* The changes will last ⁠until December 31, 2027 “to spur
near–term ⁠investments that will rebuild the Nation’s ‌industrial
base,” the White House said.

Published on June 2, 2026

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NMDC iron ore production jumps 20% in May while sales decline 7%

by Hansraj Agrawal | Jun 2, 2026 | Business

NMDC reported a 19.9% year-on-year increase in iron ore production to 5.31 million tonnes (MT) in May, driven largely by higher output from its Chhattisgarh operations

State-owned iron ore producer NMDC on Monday said that its production increased by 19.9 per cent to 5.31 million tonnes (MT) in May.

The production was 4.43 MT in the year-ago period.

However, the company’s sales during the last month dropped by 6.9 per cent to 4.04 MT, from 4.34 MT in the year-ago period, according to provisional figures of NMDC.

In Chhattisgarh, the production increased to 3.99 MT from 3.06 MT. Sales in the state rose to 3.34 MT as compared to 3 MT recorded in the year-ago period.

In Karnataka, the production dropped to 1.32 MT, from 1.37 MT recorded in May last year.

Sales in Karnataka also declined to 0.70 MT from 1.34 MT.

On a cumulative basis, in April and May, production rose to 9.96 MT from 8.43 MT, while sales declined to 7.72 MT against 7.94 MT.

NMDC is India’s largest producer of iron ore.

Published on June 2, 2026

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SEBI cancels registrations of five AIFs over repeated reporting violations

by Hansraj Agrawal | Jun 2, 2026 | Business

Capital markets regulator Sebi on Monday cancelled the registration of five alternative investment funds (AIFs) for repeatedly failing to submit mandatory quarterly activity reports.

In separate orders, SEBI cancelled the registrations of Exponential Innovation Fund, Florintree India Flexi Advantage Trust, Prime Realty Capital, Rudrabhishek Infrastructure Trust and Victory Investment Fund with immediate effect.

The regulator said these entities failed to file Quarterly Activity Reports (QARs) for the quarters ended March, June, September and December, 2025, despite regulatory requirements mandating specific disclosures by registered AIFs.

According to existing rules, all AIFs are required to submit quarterly reports within 15 days from the end of every quarter through Sebi’s Intermediary Portal.

Following the lapses, SEBI initiated summary proceedings under the Intermediaries Regulations and issued show-cause notices to these entities in April 2026.

Observing that the violations were established and the entities had failed to comply with reporting norms, SEBI held that cancellation of registration was warranted under the applicable rules.

Published on June 2, 2026

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