The tender, issued on Saturday, covers 1.5 million tons for delivery via India’s west coast, with an additional 1 million tons planned through the east coast, according to a document published on the company’s website. Shipments are expected to depart load ports by June 14, while bids must be submitted by April 15.

India, the world’s largest importer of urea, routinely relies on global tenders to meet domestic demand, particularly ahead of the June monsoon season when sowing of crops such as rice, corn and soybeans begins.

Fertiliser availability is critical for the agriculture sector, which remains a key component of the country’s economy.The Gulf region accounts for between 20% and 30% of India’s urea imports and roughly half of its liquefied natural gas supplies, a key feedstock for domestic urea production, according to Aparna Sharma, additional secretary in the Department of Fertilisers.

Disruptions linked to the Middle East conflict have constrained gas availability, leading to a drop in local output last month, although supplies have improved in recent weeks, she said.

A Mumbai-based industry official said domestic urea production declined by around 600,000 to 700,000 tons per month during the disruption, with imports expected to partially offset the shortfall.

However, limited global surplus due to supply constraints in the Middle East may affect participation in the tender and influence pricing, the official added.In a previous tender in November, Indian Potash Limited secured urea at $418.40 per tonne on a cost-and-freight basis.

Prices have since risen amid the conflict, and market participants expect the current tender to serve as a pricing benchmark for other buyers in the global fertiliser market.

International crude prices have climbed above $100 per barrel following disruptions around the Strait of Hormuz, a critical route that accounts for about 40% of India’s crude imports, after military strikes by the United States and Israel on Iran late last month.

Oil Minister Hardeep Singh Puri said the government had absorbed a significant fiscal burden to offset losses incurred by oil marketing companies, estimating under-recoveries of about 24 rupees per litre on petrol and 30 rupees per litre on diesel at current global prices.

Economist Madhavi Arora of Emkay Global estimated the annualised fiscal impact of the duty cuts at around 1.55 trillion rupees, noting that the measures would cover roughly 30% to 40% of annual losses faced by fuel retailers.India’s benchmark 10-year government bond yield rose 7 basis points to 6.95%, its highest level in 20 months, reflecting concerns over increased borrowing and fiscal strain

.Shares of state-run refiners, including Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited, rose more than 4% at the open before trimming gains later in the session.

Although India formally deregulated fuel pricing, state-owned oil marketing companies which dominate about 90% of the retail market often delay passing on higher crude costs to consumers during periods of volatility.

The latest measures highlight the government’s reliance on tax adjustments and export levies to manage domestic fuel prices and inflationary pressures during global energy shocks.

Spot gold climbed more than 2% in a single session, extending its gains to nearly 18% so far this year after an already exceptional rise in the previous year. Market participants are increasingly viewing gold as a store of value as volatility spreads across currencies, equities, and sovereign debt markets.

Silver also joined the rally, scaling a record peak above $112 per ounce, while platinum and palladium touched multi-year and all-time highs respectively. The synchronized surge across precious metals highlights strong investor demand and tightening supply conditions in physical markets.

Analysts say geopolitical developments are the primary force behind the current price momentum, with uncertainty surrounding trade policies, diplomatic relations, and military tensions driving capital into hard assets. Gold’s appeal has strengthened further as investors seek insulation from sudden policy shifts and global shocks.

Central bank buying has added significant support to gold prices, with several monetary authorities accelerating reserve diversification away from the U.S. dollar. This sustained institutional demand has created a strong floor for prices even during periods of short-term market correction.

Investment flows into physically backed exchange-traded funds have also rebounded sharply, signaling renewed interest from retail and institutional investors alike. Holdings have increased substantially over the past year, reinforcing the long-term bullish outlook for the metal.

Political developments in the United States have further fueled market unease, with renewed trade threats and pressure on monetary authorities unsettling investors. Expectations that interest rates may eventually be cut have added to gold’s attractiveness, as lower yields reduce the opportunity cost of holding non-yielding assets.

Gold’s rise has been particularly strong in Asia and Europe, where first-time investors are increasingly entering the precious metals market. This wave of new participation suggests that demand is broad-based rather than driven solely by speculative trading.

Analysts at major financial institutions believe the rally may not be over, with some forecasting prices could reach $6,000 per ounce by the end of the year. Even more conservative estimates point to sustained strength as long as geopolitical and economic risks remain elevated.

Silver’s surge has been amplified by its dual role as both a precious and industrial metal, with tight supplies and strong investment demand pushing prices higher. However, some analysts caution that extremely high prices could eventually dampen industrial consumption.

Platinum and palladium have also benefited from supply constraints and renewed interest from investors seeking diversification within the metals complex. Their gains reflect broader confidence in commodities as a hedge against inflation and currency instability.

Overall, the record-breaking rally in gold and other precious metals underscores a global shift toward safety and tangible assets. As uncertainty continues to dominate the macroeconomic landscape, precious metals are likely to remain at the center of investor strategies worldwide.

The long-running legal confrontation between global commodities trader Trafigura and businessman Prateek Gupta is entering its final stretch, with both parties delivering closing arguments in London as the court prepares to assess one of the most complex commercial disputes in recent years.

The case, centred on allegations of a large-scale metals fraud involving substitute cargoes and unusual trading patterns, has drawn international attention due to its financial scale and the broader implications for global metals markets.

Trafigura maintains that none of its employees were aware of or involved in any manipulation throughout the period in question.

The company has consistently argued that it only became aware of irregularities when cargo inspections revealed discrepancies in late 2022, prompting immediate action and a series of internal reviews.

Gupta, who has testified remotely, has argued in contrast that longstanding trading practices and communications between his team and Trafigura staff suggest deeper involvement from individuals within the organisation.

His legal team has pointed to messages, emails and internal exchanges that, in their view, indicate a coordinated effort to sustain uncommercial trades and delay inspections.

The defence presented by Gupta aims to demonstrate that trading behaviour, timing of shipments and financing arrangements collectively formed a network of actions designed to support the disputed transactions.

They contend that the structure of these dealings would not have been possible without significant operational knowledge from multiple parties, emphasising the need for shared responsibility.

Trafigura rejects these claims, stating that its internal processes were circumvented through deliberate deception and misrepresentation conducted externally.

Its lawyers described Gupta’s explanations as inconsistent and lacking evidence, arguing that the case files present no substantive indication that Trafigura’s traders knowingly participated in any wrongdoing.

The company has also highlighted that two former staff members named in the proceedings have provided sworn affidavits denying involvement, strengthening Trafigura’s position that any irregularities unfolded beyond its immediate awareness.

These statements have formed a central part of Trafigura’s argument that operational transparency remains a core principle of its global trading activities.

The proceedings further examined the role of financing structures and shipment timelines, particularly claims that route extensions were used to prolong credit windows and reduce inspection frequency.

Gupta’s team has suggested that such decisions were collaborative, while Trafigura has insisted that any manipulation of routes was orchestrated without its consent.

The dispute has taken place across multiple jurisdictions, emphasizing the complexity of cross-border commodity trading and the need for rigorous oversight mechanisms.

Both sides have presented thousands of pages of evidence, reflecting how global supply chains and financial arrangements can intersect in ways that require close regulatory attention.

As the trial concludes, industry observers note that the outcome will resonate far beyond the courtroom because of its implications for corporate governance and market integrity.

The case highlights the value of strong compliance systems, transparent documentation and meticulous verification procedures in highly interconnected trading sectors.

Regardless of the judgment, the situation demonstrates how international companies and individual traders must operate within strict ethical and operational frameworks to avoid exposure to legal and financial vulnerabilities.

It also underscores the importance of maintaining trust among investors, lenders and global commodity partners who rely on accurate cargo information and verifiable trading practices.

The court’s decision, expected soon, will bring clarity to a dispute that has drawn extensive attention from financial institutions, commodity analysts and legal experts.

Its conclusion marks a crucial moment for all parties involved and may influence future standards for due diligence in global commodity trade.

The rally was further amplified by an extraordinary surge in silver, which touched a fresh record high, marking one of the strongest sessions for metals this year.

Spot gold rose 1.2% to $4,280.08 per ounce, achieving its highest level since late October and extending a steady upward trend supported by softer U.S. monetary policy.

U.S. gold futures for February delivery also advanced by 2.1% to settle at $4,313 per ounce, signalling strong forward-looking sentiment among traders.

Silver delivered one of the standout performances of the day, jumping nearly 4% to $64.22 per ounce and hovering close to the record high of $64.31 reached earlier.

Its rapid surge added significant momentum across the metals market, lifting both platinum and palladium as investors poured into hard assets.

Analysts noted that silver’s powerful rally acted as a tailwind for the broader precious metals sector.

Market observers emphasised that the strong upward move reflected global interest in alternative stores of value at a time of shifting financial conditions.

The U.S. dollar weakened to an eight-week low after the Fed’s 25-basis-point rate cut, making dollar-priced metals more affordable for international buyers.

This decline helped fuel additional buying, with traders viewing the environment as favourable for non-yielding assets such as gold.

Experts pointed out that inflation remains above the central bank’s long-term target, creating conditions that traditionally support gold’s role as a safe-haven investment.

Lower interest rates in an inflationary environment tend to boost demand for precious metals, reinforcing the bullish outlook.

The rate cut marked the Fed’s third consecutive quarter-point reduction, with policymakers signaling a potential pause as they continue to monitor labour market indicators and inflation pressures.

Despite this cautious tone, the overall shift toward looser monetary conditions remains a key driver of strength in the metals market.

Political factors also added context, as U.S. President Donald Trump has consistently supported lower interest rates during his second term.

His expected nominee for the next Federal Reserve chair is anticipated to maintain a dovish stance, providing additional reassurance to markets.

Traders now await the upcoming U.S. non-farm payrolls report, scheduled for release on December 16, which is expected to offer new signals on employment trends and help shape expectations for future rate decisions.

The results of the report may further reinforce or moderate the current rally in precious metals.

In India, pension funds received approval to invest in gold and silver exchange-traded funds, expanding access to metals exposure for long-term savers.

The move is expected to strengthen domestic demand for precious metals and broaden market participation.

Meanwhile, platinum prices rose 2.5% to $1,697.61, supported by stronger industrial demand and spillover effects from the precious metals rally.

Palladium climbed 1.1% to $1,492.55, maintaining its steady advance in line with improved global investment sentiment.

The day’s strong performance underscored the resilient appeal of gold and silver in times of economic adjustment and currency volatility.

With supportive monetary conditions and rising global interest, precious metals continue to shine as reliable assets in a shifting financial landscape.