Page 328 - Commodity News
Gold tumbles on developments in India, China
Gold prices have tumbled in a little over a month from $1,300 an ounce to $1,167
 "Gold tumbles on developments in India, China")
FinMin seeks to calm fears over rumoured tax on inherited jewellery
No seizure of jewellery up to 500 g for married women
 "FinMin seeks to calm fears over rumoured tax on inherited jewellery")
BSE to launch commodity derivative trades at GIFT City
Proposes futures and options in non-agri commodities
 "BSE to launch commodity derivative trades at GIFT City")
Demonetisation: Over eight million bidi workers yet to be paid since November 8
Almost 90 per cent workers located in rural areas and lack proper banking facilities and accounts
 "Demonetisation: Over eight million bidi workers yet to be paid since November 8")
Bear operators trapped after Opec's first joint oil cut
Large Indian traders have started covering short positions and have reduced their open interest significantly
 "Bear operators trapped after Opec's first joint oil cut")
No impact of Opec cut on India, say experts
A global crude oil price of $50-55 a barrel is comfortable for India
 "No impact of Opec cut on India, say experts")
ONCG, Cairn India stand to benefit from Opec move
Higher crude oil prices expected to boost realisations and earnings
 "ONCG, Cairn India stand to benefit from Opec move")
Gold imports stable at 100 tons in November
Rural demand is affected due to cash crunch following demonetisation of Rs 500 and Rs 1,000 notes since November 8
 "Gold imports stable at 100 tons in November")
Gold futures decline 0.50% on weak global cues
At Multi Commodity Exchange, gold for delivery in December fell by Rs 142, or 0.50%, to Rs 28,243 per ten grams
Base metal rally not in sync with fundamentals
Higher prices, however, will continue to boost profit at Hindalco, HZL and Vedanta in near term
 "Base metal rally not in sync with fundamentals")
Sugar price to remain elevated on global deficit, lower domestic output
Profitability prospects of sugar mills brighter in short term, say rating agency Icra in its latest report
 "Sugar price to remain elevated on global deficit, lower domestic output")
Govt to invest $20 billion in gas fields in next 5-7 yearrs: Dharmendra Pradhan
This is to develop natural gas discoveries by state-owned ONGC and Reliance Industries-BP joint venture off the east coast
Jewellers claim 85-90% dip in domestic business, exports unaffected
Post-demonetisation, the All India Gems and Jewellery Trade Federation says it has recorded a loss of Rs 30,000 crore in just the last 20 days
 "Jewellers claim 85-90% dip in domestic business, exports unaffected")
Wheat futures extend losses, down 0.39% on higher supply
Wheat for delivery in January shed 0.10% to Rs 2,070 per quintal in 2,690 lots
 "Wheat futures extend losses, down 0.39% on higher supply")
China allows 14 Indian firms to export rice
The companies include LT Foods, maker of the Dawat brand, KRBL, maker of the India Gate brand, and Kohinoor Foods
 "China allows 14 Indian firms to export rice")
Demonetisation: Tea plantation workers to face a major crisis in Dec
Inadequate banking infrastructure is emerging as a major bottleneck
 "Demonetisation: Tea plantation workers to face a major crisis in Dec")
Demonetisation: As pay day nears, saltmakers open bank accounts for workers
Saltmakers are in a hurry to open the accounts in order to salvage production
 "Demonetisation: As pay day nears, saltmakers open bank accounts for workers")
E-payments don't enthuse jute workers
Before de-monetisation, workers used to get their wages in cash while miscellaneous payments such as provident fund were done through cheques
 "E-payments don't enthuse jute workers")
Cash starved farmers sell groundnuts in distress: price falls below MSP
A survey conducted by IOPEPC showed India's groundnut output at 6.69 million tonnes for 2016, an increase of 29% over previous year
UP sugar output up 7-fold, crosses 750,000-tonne mark
Improvement in recovery ratio seen, 100 mills start crushing operations in state against 50 units last year