Page 360 - Commodity News
Chana up 4% on tight stocks
According to analysts, speculative positions built up by participants, tight stocks positions pushed up chana prices
 "Chana up 4% on tight stocks")
Silver tumbles Rs 177 on weak global cues
In the international market, silver fell 0.80% to $19.85 an ounce in Singapore
 "Silver tumbles Rs 177 on weak global cues")
Gold falls on revived risk appetite after failed Turkey coup
Adding further pressure on bullion was positive US retail sales data, which rose more than expected in June
 "Gold falls on revived risk appetite after failed Turkey coup")
Oil prices fall on oversupply concerns despite output cuts
US shale oil production is expected to fall in August for a tenth straight month, by 99,000 barrels per day to 4.55 million bpd
 "Oil prices fall on oversupply concerns despite output cuts")
 "Gold may surge to $1,500/oz")
GST may push tea prices up by 5-6%
A minimum levy of 12 per cent GST on tea will increase the cost, which will ultimately be passed on to consumers
 "GST may push tea prices up by 5-6%")
Oil PSUs to pay royalty on gross price to producing states
For crude oil and not the net rate they actually realise
 "Oil PSUs to pay royalty on gross price to producing states")
Tea Board wants Assam to roll out insurance scheme for small growers
Scheme has been designed by Centre to protect plantation farmers from losses due to fluctuations in yield and price volatility
 "Tea Board wants Assam to roll out insurance scheme for small growers")
Gold, silver slipped on subdued demand, global cues
Globally, Gold fell one percent in early trade as European equities rose
 "Gold, silver slipped on subdued demand, global cues")
Gold import nearly halves to $3.90 bn in Apr-Jun
India is one of the largest gold importers in the world and imports mainly take care of demand of jewellery industry
 "Gold import nearly halves to $3.90 bn in Apr-Jun")
Why Gold Bond Scheme 4th tranche may not be successful
Gold bonds have a lock-in period which prevents an investor from capitalising on the intermittent gain
Chana down 1.6% on profit booking
Fall in demand at spot market and govt measures to curb rising prices influenced price of the commodity
Cardamom down 1.2% on muted demand
Spice for delivery in August contracts traded lower by Rs 9.30 or 1.04%
 "Cardamom down 1.2% on muted demand")
Refined soya oil up 0.3% as demand picks up
According to analysts, restricted supplies from producing regions also affected the price of the commodity
 "Refined soya oil up 0.3% as demand picks up")
Sugar down 0.4% on low demand, adequate stocks
According to analysts, price of the commodity moved down due to a lower demand from bulk consumers
 "Sugar down 0.4% on low demand, adequate stocks")
Oil prices up in Asia after strong US, China data
Over the past month, oil has fluctuated between $44 and $52 per barrel
Sugar, cotton prices to trend higher
Acreage in Maharashtra has fallen 7.2 per cent, while Karnataka is down three per cent from a year ago Uttar Pradesh and Tamil Nadu has reported higher sowing
Poultry sector fears chicken dumping from US
Domestic farms produce around 42 million tonnes of chicken a year
 "Poultry sector fears chicken dumping from US")
Rising imports of used garment hit apparel industry
As against upto 15% of taxes levied on fresh garments, the used ones attract taxes on per piece basis, which works out to negligible
 "Rising imports of used garment hit apparel industry")