Page 317 - Commodity News
Budget proposal on agri commodities revives hope for BSE-IBJA gold exchange
A gold exchange was first proposed by the IBJA with the BSE as an equity partner
 "Budget proposal on agri commodities revives hope for BSE-IBJA gold exchange")
Gold surges to top Rs 29,000-level, silver regains Rs 42,000 mark
Surge was on the back of increased buying by jewellers to meet the ongoing wedding season demand
 "Gold surges to top Rs 29,000-level, silver regains Rs 42,000 mark")
Utilisation of gold refineries shrinking due to lack of scrap gold
Less than 400 tonnes of gold are being refined a year, against all-India capacity of 1,700 tonnes
 "Utilisation of gold refineries shrinking due to lack of scrap gold")
Commodity picks: 6 February, 2017
Mustard seed prices at Jaipur spot markets are trading at Rs 4,160 per quintal
Demonetisation lowers India's gold demand to 7-year low in 2016
India's gold demand fell by 15% to $27.2 billion in calendar 2016 from $32 billion in 2015
 "Demonetisation lowers India's gold demand to 7-year low in 2016")
Gold demand picks up as jewellers resume buying post-Budget
Elsewhere in Asia, demand remained subdued
 "Gold demand picks up as jewellers resume buying post-Budget")
Govt may impose anti-dumping duty on aluminium products
India's import duty rate of 7.5% is relatively lower than most countries
 "Govt may impose anti-dumping duty on aluminium products")
Govt's move on black money to mute gold demand in India: World Gold Council
Lower demand from the world's second biggest consumer could rein in global prices
Gold demand rose by 2% as investment surge, says WGC
According to WGC data, the total demand in 2015 stood at 4,216 tonne
Budget impact: Merger may create 2-3 oil and gas mammoths
If all the companies are joined together, it would create the biggest company in India
 "Budget impact: Merger may create 2-3 oil and gas mammoths")
Budget impact: Withdrawal of sugar subsidy to reduce offtake from states
Fall in consumption witnessed post-demonetisation continued in January as well, says ISMA
 "Budget impact: Withdrawal of sugar subsidy to reduce offtake from states")
Sugar prices climb Rs 120 per quintal due to fresh demand in Feb
Mill delivery M-30 and S-30 prices rose by Rs 60 each
Look at a holding company structure, not a mega oil firm
Instead of the proposed mega oil company, the govt could look at setting up a holding company
 "Look at a holding company structure, not a mega oil firm")
FM: Integrate spot, derivative markets
Expert committee will be set up, more funds for mandis joining national electronic platform
 "FM: Integrate spot, derivative markets")
Centre lifts subsidy on distribution of sugar via PDS, onus now on states
Overall subsidy burden on the government would go up marginally by 5% in 2017-18
Budget 2017: India to have two more strategic crude oil reserves
India's crude oil storage facility may zoom to above 15 MT
 "Budget 2017: India to have two more strategic crude oil reserves")
Economic Survey indicates high tax on gold to continue
Jewellery sector will be most disappointed if no relief comes from Budget, especially after note ban
 "Economic Survey indicates high tax on gold to continue")
MMTC plans auction of gold collected through monetisation scheme
The import duty on gold is 10 per cent. India is the world's second-largest consumer of gold
Import duty cut a risk to sugar rally
Last week, Isma reduced its production assessment for the ongoing sugar season to 21.3 mt
 "Import duty cut a risk to sugar rally")
Oil trades near $53 as US drilling accelerates
Futures were little changed in New York after falling 1.1 per cent on Friday
 "Oil trades near $53 as US drilling accelerates")