The government raised import duty on gold and silver exorbitantly to curb import of precious metals translating thereby huge outflow of dollar outside India.

Import duty on gold and silver up

Business Standard

Rapeseed oil production in India this year is expected to be around 20% lower than last year, due to the decline in the area under cultivation. According to the Mustard Oil Producers Association (MOPA), against production of seven million tonnes rapeseed oil achieved last year, the output this year is pegged at 5.5 million tonnes.

20% cut in rapeseed oil output seen 

The sugar industry is steadily heading towards a bumper output this year. Till January 15 this year, total sugar output was recorded at 10.45 million tonne, a rise of 19%.

Sugar production up 19% till Jan 15

Oil prices rose above $112 a barrel on Tuesday, supported by a weaker dollar and expectations of steady demand growth after China, the world&rsquo;s second-largest consumer, posted stronger-than-expected economic growth.

Oil above $112 on China data

Reuters 

Gold edged higher on Wednesday, but traded below the one-month high hit in the previous session on an improved global economic outlook, while investors shifted focus once again to the troubles of the euro zone.

Gold off one-month high, euro zone eyed

China's gold purchases slowed down ahead of the Lunar New Year holiday, while India's bullion traders stayed away from placing fresh orders after a nearly 90% hike in gold import duty was announced earlier this week.

Gold import duty hike stalls orders

Gold rose on Wednesday as the euro hit a session high versus the dollar on reports that the IMF is planning to boost its lending resources, but weakness in stock markets ahead of fresh talks on Greek debt capped the metal's gains below $1,660 an ounce.

Gold firms as IMF talk benefits euro

The continuous decline in onion prices has prompted the consumer affairs ministry to mull removing its minimum export price (MEP) for the time being. The idea is to enable exporters get better returns, even as analysts slam the government for its flip-flop policy on restricting outbound shipments of farm produce.

Govt may withdraw onion MEP

The euro zone situation remains in a flux. And, rising commodity prices, besides record debt purchases by central banks, have kept inflation high.

Gold to cross $2,000/oz, says GFMS

The Forward Markets Commis-sion has directed all national commodity exchanges to rework their net open positions &mdash; meaning futures contracts bought or sold but not settled through delivery &mdash; to prevent any concerted manipulation.

Commexes empowered to bar futures manipulation by entities in collusion

Pranab, Thomas promise open mind on reforming industry control.

Wider window may come on sugar sale

In a major blow to Uttar Pradesh sugar millers, the Supreme Court today directed them to pay the full, state-set, price for cane bought in seasons 2006-07 and 2007-08 within three months. This translates into an extra Rs 1,100 crore outgo for the mills.

SC order to empty UP mills' pocket, for now

Gold and silver are set to cost more, with the government on Tuesday increasing the import and excise duties on these two precious metals. The new duty structure would be based on value, not a fixed rate.

Gold, silver import duty doubled

Oil prices rose in Asian trade today on a weaker dollar and positive economic data from major crude consumers China and the United States as well as Germany, analysts said.

Oil prices up in Asia on US, China data

Press Trust of India

Copper prices rose by Rs 1.85, or 0.26%, to Rs 420.85 per kg in futures trade today, after the metal firmed up in global markets.

Copper futures up 0.26% on global cues

Crude oil futures rose by 0.53% to Rs 5,134 per barrel today in line firming trend in overseas markets.

Crude oil futures up 0.53% on strong Asian cues

Mentha oil futures fell by Rs 32.50 to Rs 1,453.90 per kg today, as speculators booked profits at existing levels amid a weak trend at spot market due to sluggish demand.

Mentha oil futures turn weak, shed 2.19%

Tracking a weakening global trend, crude palm oil prices declined by Rs 4.30 to Rs 526.50 per 10 kg in futures market today as speculators offloaded their positions.

Crude palm oil futures decline on weak global cues

Both the precious metals, silver and gold, continued to rise for the third straight day in the national capital today on sustained buying by stockists in tandem with a firming global trend.

Gold up Rs 35, silver gains Rs 475 on buying support

Lower availability, along with renewed demand from abroad, has been fuelling mentha oil prices for six months.

Mentha oil prices rise 60% in six months

Cautious exports due to bird flu fear in Orissa and Meghalaya may result in softening of egg and poultry product prices in the domestic market.

Bird flu fears may make eggs cheaper

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