Page 199 - Commodity News
Coronavirus in Iran takes a toll on basmati exports, domestic prices fall
The negative market dynamics are resulting in a downward basmati price trend on the bourses
 "Coronavirus in Iran takes a toll on basmati exports, domestic prices fall")
Zinc, aluminium at multi-year lows as coronavirus devastates commodities
Decline in silver over 3%, gold holds fort with a marginal loss
 "Zinc, aluminium at multi-year lows as coronavirus devastates commodities")
Commodity view by Bhavik Patel of Tradebulls Securities: Buy Gold, Copper
Gold is positive but overbought in short term, so, do not to take a fresh long position from here but let it come around to Rs 42,550 for fresh long positions
 "Commodity view by Bhavik Patel of Tradebulls Securities: Buy Gold, Copper")
Coronavirus outbreak: Goldman Sachs Group sees gold hitting $1,800
The bank raised its 12-month projection by $200, and said "in the event that the virus effect spreads to Q2, we could see gold top $1800/oz already on a 3-month basis."
 "Coronavirus outbreak: Goldman Sachs Group sees gold hitting $1,800")
Coronavirus rumours lead to 50% drop in chicken sales, 70% fall in prices
Yadav also mentioned that the government has issued advisories that coronavirus does not spread from chicken and asked state governments to take action against rumour mongers
 "Coronavirus rumours lead to 50% drop in chicken sales, 70% fall in prices")
Onion jumps 30% to hit a two-week high as export curbs are lifted
Exporters resume business immediately after Paswan's Wednesday tweet announcing the decision
 "Onion jumps 30% to hit a two-week high as export curbs are lifted")
To curb price volatility, early warning system developed for onion, potato
Alerts from the portal will help the govt take timely market intervention under the central scheme 'Operation Greens' by providing subsidy to farmers for storage and transportation of the produce
 "To curb price volatility, early warning system developed for onion, potato")
Govt to lift ban on onion exports as prices likely to fall sharply
Sources said the decision was taken at a meeting of a Group of Ministers (GoM) headed by Home Minister Amit Shah
 "Govt to lift ban on onion exports as prices likely to fall sharply")
Jewellery exporters contact mines to directly supply rough diamonds to SMEs
Leading global diamond miner De Beers, which contributes nearly 20% of global rough diamond supply, normally, allocates rough diamonds to pre-selected large processors across the world
 "Jewellery exporters contact mines to directly supply rough diamonds to SMEs")
India's import of US oil jumps 10-fold to 250,000 bpd: US Energy Secretary
India began importing crude oil from the US in 2017 as it looked to diversify its import basket beyond the OPEC nations
 "India's import of US oil jumps 10-fold to 250,000 bpd: US Energy Secretary")
Consumers stay away from fresh buying despite 0.5% correction in gold price
Investors book profits amid fears that a large sell-off in equities will have a spillover effect on a safe-haven asset like bullion
Gold retreats from 7-year high, but coronavirus fears limit losses
On Monday, the metal rose as much as 2.8% to $1,688.66, its highest since January 2013
Centre reallocates unused sugar export quotas to boost shipments
To reduce that debt and pare rising inventories, New Delhi has approved a subsidy of Rs 10,448 ($145) a tonne for exports of 6 million tonnes in the 2019/20 season.
 "Centre reallocates unused sugar export quotas to boost shipments")
Coronavirus scare: Refiners to get rare oil cheap as demand slows in China
Refiners in India, the world's third-biggest oil importer, rarely get the opportunity to buy suitable grades from areas like the Mediterranean and Latin America because of higher freight rates.
Crude oil prices likely to face resistance at $58/bbl on coronavirus fears
The OPEC+ nations have agreed to cut crude oil production by further 0.6 mbpd
 "Crude oil prices likely to face resistance at $58/bbl on coronavirus fears")
Coal imports at 12 major ports down 15% to 75 MT in April-Jan: Report
Imports of coking and other coal recorded a rise of 1.10 per cent at 47.08 MT during the period
 "Coal imports at 12 major ports down 15% to 75 MT in April-Jan: Report")
Apeda blacklists basmati rice brands Mohsen and Avazah over defaults
Agency will not issue requisite certificate clearing exports under these two labels, due to persistent non-payment by Gulf importers for consignments shipped from Indian shores
 "Apeda blacklists basmati rice brands Mohsen and Avazah over defaults")
Coronavirus outbreak: Subdued crude oil prices to help HPCL, other OMCs
IOC and BPCL to also gain from lower working capital requirement and firm marketing margins, but weak GRMs may limit the upside
 "Coronavirus outbreak: Subdued crude oil prices to help HPCL, other OMCs")
AUM for gold ETFs up 30% in one year as investors rekindle interest
Hopes of further gains in the price of the previous metal could sustain inflows into gold ETFs
 "AUM for gold ETFs up 30% in one year as investors rekindle interest")
Government tweaks guidelines to ensure sugar exports meet the target
ISMA and traders have estimated that exports would be about 5 million tonnes (mt) this season, against 6 mt of MAEQs issued by the government
 "Government tweaks guidelines to ensure sugar exports meet the target")