Page 299 - Commodity News
Commodity traders wary of building inventory
Stockists halt buying on hopes of farm produce becoming cheaper after GST comes into effect
 "Commodity traders wary of building inventory")
Refined edible oil import surges in May
Domestic processing industry urges increase in tariff
 "Refined edible oil import surges in May")
Farmers shifting out of pulses, oilseeds due to low realisation
Acreage of these crops is likely to fall as prices drop below MSP in mandis
 "Farmers shifting out of pulses, oilseeds due to low realisation")
Oil rises on Saudi pledge to make real supply cuts to Asia, US
Saudi Arabia, the world's top oil exporter, to cut production by 1.8 million barrels per day
 "Oil rises on Saudi pledge to make real supply cuts to Asia, US")
India's fuel demand rose 5.4% in May
Sales of gasoline, or petrol, were 15.3 per cent higher from a year earlier at 2.40 million tonnes
 "India's fuel demand rose 5.4% in May")
Oil demand rises most since note ban
Total fuel consumption rose 5.4 % to 17.79 million tonnes in May
 "Oil demand rises most since note ban")
Drop in global raw sugar price makes imports viable even at 40% duty
Mills seek hike in duty with likely robust domestic production and with retail prices under control
 "Drop in global raw sugar price makes imports viable even at 40% duty")
Jewellers to suffer GST pain due to inverted tax structure
Paying more tax than collected from customers may block about three-fourths of their working capital
 "Jewellers to suffer GST pain due to inverted tax structure")
Falling soybean prices add fuel to farmers' anger in Malwa
Known for its rich black alluvial soil, soybean has for long been mainstay of millions of farmers
 "Falling soybean prices add fuel to farmers' anger in Malwa")
Global oil discoveries fell to record low in 2016, says IEA
Slowdown in activity in oil sector was due to reduced investment spending driven by low oil prices
 "Global oil discoveries fell to record low in 2016, says IEA")
India's crude oil demand to grow by 5% per year till 2020: Study
The report comes at a time when the country is trying to cut its oil import by 10%
 "India's crude oil demand to grow by 5% per year till 2020: Study")
Dynamic fuel pricing: Dealers feel heat over increased risk, lower profits
Oil firms see no red flags yet; Practice is common globally, but was started in India on pilot basis
 "Dynamic fuel pricing: Dealers feel heat over increased risk, lower profits")
GST impact: Gold importers, exporters to face many operational issues
Importing agency will have to pay 3% IGST on gold brought into the country
 "GST impact: Gold importers, exporters to face many operational issues")
Finmin considering banning 24-carat gold jewellery export
In India 24-carat gold is used mostly in coins and bars
Darjeeling tea loses Rs 100 crore annually as Nepal import rises
Darjeeling tea is priced 60% more than Nepal variant
 "Darjeeling tea loses Rs 100 crore annually as Nepal import rises")
Frozen shrimps help seafood exports reach all time high in 2016-17
Seafood export volume: 11,34,948 mn tonnes; Earnings: $5.78 bn of which Vannamei shrimps make up 64%
 "Frozen shrimps help seafood exports reach all time high in 2016-17")
Stressed tea estates want to use a portion of land for other purposes
Options like growing other crops and developing real estate projects are being explored
Coffee exports up 11.51% in April
India's major export destinations include Italy, Germany, Greece, Belgium, Spain and Switzerland
 "Coffee exports up 11.51% in April")
Oil rebounds, finds support after sliding below $47/bb
Benchmark Brent crude oil rose 41 cents a barrel to $49.88
 "Oil rebounds, finds support after sliding below $47/bb")
3% GST opens room for cheap import of gold jewellery from FTA countries
Excise duty of 12.5% will be replaced with 3% GST from July
 "3% GST opens room for cheap import of gold jewellery from FTA countries")