Page 363 - Commodity News
Gold hits 28-month high above Rs 31,000 mark as Brexit fears return
Globally, gold advanced 1.1% to $1,371.39 an ounce, the highest level since March 2014
 "Gold hits 28-month high above Rs 31,000 mark as Brexit fears return")
Oil losses mount as world markets hit by Brexit woe
The uncertainty unleashed by Brexit battered the oil market this week, with Brent diving 4.3% and WTI shedding 4.9% yesterday
Power trade rises 7%, avg price stays at Rs 2.31 at IEX in June
With easing of transmission congestion, average area clearing price, at which settlement takes place, varied from Rs 2.23 to Rs 2.61 across regions
 "Power trade rises 7%, avg price stays at Rs 2.31 at IEX in June")
Gold retreats from near 2-year high, correction seen short-term
Technical charts show spot gold may retrace towards a support at $1,323 per ounce
 "Gold retreats from near 2-year high, correction seen short-term")
Oil prices dip on economic concerns, demand worries
Analysts said that concerns over the global economy were weighing on the outlook for oil demand and on prices
 "Oil prices dip on economic concerns, demand worries")
Silver down 1.5% on profit-booking; global cues
Analysts attributed the fall in silver in futures trade to a weak trajectory in global markets
 "Silver down 1.5% on profit-booking; global cues")
Copper falls by 0.6% on overseas cues
Analysts attributed the fall in copper futures to weak global cues and low demand at the domestic spot markets
 "Copper falls by 0.6% on overseas cues")
Monsoon rainfall advances, sowing to intensify
IMD data showed actual deficit narrowing down to 6% of Long Period Average for the period June 1-July 3, 2016 from 11% till last week
 "Monsoon rainfall advances, sowing to intensify")
 "Downstream value addition gives Hindalco edge over competition")
Silver records biggest single-day jump in three years
Metal adds as much as Rs 2,260, or 5%, to close at Rs 47,340 a kg, the highest since March 2014
Sebi raises upfront payment on chana futures to 95%
Move could force players with long positions to square off as fast as possible
 "Sebi raises upfront payment on chana futures to 95%")
Agri-exports fall 17% to five-year low of $32.09 bn in FY16
Marine products, buffalo meat, rice including basmati have been top contributors to exports basket
 "Agri-exports fall 17% to five-year low of $32.09 bn in FY16")
Crude oil futures climb Rs 25 per barrel on Asian cues
Oil for delivery in August also rose Rs 25, or 0.75%
 "Crude oil futures climb Rs 25 per barrel on Asian cues")
Palm oil up 0.5% on rising demand
Oil for delivery in July contracts went up by Rs 2.30, or 0.46%
 "Palm oil up 0.5% on rising demand")
Cardamom down 1% on muted demand
Analysts said offloading of positions by traders due to sluggish demand in the spot market influenced cardamom prices
 "Cardamom down 1% on muted demand")
Silver down 3.5% on global cues
Metal for delivery in September too spurted by Rs 1,576 or 3.40%
Gold futures gain by 0.8% on global trend
Gold surged for a fourth day as investors sought precious metals as safe-haven assets
Oil prices edge up as Brent pushes further above $50
Prices went up after Nigerian militants claimed five attacks on the country's oil and gas infrastructure
 "Oil prices edge up as Brent pushes further above $50")
Soybean output likely to witness 11-year low
Scenario grim for this year's crop due to monsoon delay; farmers await even distribution of rains to start sowing
 "Soybean output likely to witness 11-year low")
Gold imports slide 51% to $2.7 bn in April-May
In-bound shipments contracted for fourth consecutive month in May by 39.14% at $1.47 bn
 "Gold imports slide 51% to $2.7 bn in April-May")