Page 332 - Commodity News
Oil futures falls by most in a week since January on OPEC tensions
Traders also noted a surge in US crude inventories last week and muted demand continued to weigh on futures
 "Oil futures falls by most in a week since January on OPEC tensions")
Edible oil tax slab may be revenue-neutral
Edible oil is in the essential commodity category, which attracts the lowest GST rate of 5%
 "Edible oil tax slab may be revenue-neutral")
Slow start to cane crushing season
Maharashtra's sugar output at 6.2 mt for 2016-17, as compared to 8.4 mt last year, estimates Isma
Rabi sowing picks up pace with larger area under wheat, mustard
Centre has targeted to produce a record 270 mn tonnes of grains this year, wheat target set at 90 million tonnes
 "Rabi sowing picks up pace with larger area under wheat, mustard")
US crude oil exports hit record high in September
Canada took in the most exports at 243,000 bpd, followed by Singapore at 99,000 bpd
 "US crude oil exports hit record high in September")
Gold import dips 55% in H1 of 2016-17
India is one of the largest gold importers in the world
 "Gold import dips 55% in H1 of 2016-17")
Gold discounts back, safe-haven buying props up China demand
Demand for gold usually strengthens in the final quarter as India gears up for the wedding season
 "Gold discounts back, safe-haven buying props up China demand")
Poultry prices fall on lower demand amid bird flu scare
Experts believe consumption will start picking up with onset of winter
 "Poultry prices fall on lower demand amid bird flu scare")
Gold tops Rs 31,000 on global cues
Spot gold in London was trading lower by 0.3% at $1,293/oz after hitting the high of $1,306
 "Gold tops Rs 31,000 on global cues")
Gold up on safe-haven buying ahead of US election uncertainty
Gold is highly sensitive to rising rates, which lift opportunity cost of holding non-yielding assets
Weaker dollar lifts oil prices from five-week low
Concerns over supply disruptions in Nigeria also supported prices
 "Weaker dollar lifts oil prices from five-week low")
Steel makers oppose anti-dumping duty on met coke
The commerce ministry had recently recommended a $25 per tonne levy on such imports
 "Steel makers oppose anti-dumping duty on met coke")
Nalco likely to hold back Iran smelter plans
Nalco has kept its options open to go for a toll-smelting arrangement with some Iranian firms
Govt tightens rule for star export houses
Only exports from domestic tariff areas would be counted and such exports have much better vigilance mechanism
Gold prices hit 1-month high on robust demand
Following a sharp increase in festive demand, the earlier discount of $15-20 to the imported gold price has evaporated
 "Gold prices hit 1-month high on robust demand")
Green shoots in textile and garments sector
Rising consumption, government measures and export incentives to aid growth
 "Green shoots in textile and garments sector")
MCX plans options in gold, mock trading in a month
Key challenge for the exchange would be to have enough option writers who takes full price risk
 "MCX plans options in gold, mock trading in a month")
Centre unveils faster-maturing pulses variety
The variety will yield 20 quintals a hectare and mature in around 120 days as against 170-180 days
 "Centre unveils faster-maturing pulses variety")