Page 377 - Commodity News
IIM-A suggests tax relief for gold exchange
Institute also recommends that the exchange should be regulated by Sebi
 "IIM-A suggests tax relief for gold exchange")
Poor demand saddles gold dealers, jewellers with high stocks
Consumer appetite falls due to high prices; recent strike hits sales also
 "Poor demand saddles gold dealers, jewellers with high stocks")
Exchange traded investment grade gold should be exempt from indirect taxes: IIM-A
Calling for a spot gold exchange in India for efficient price discovery of the precious metal
 "Exchange traded investment grade gold should be exempt from indirect taxes: IIM-A")
Oil dips as dollar rallies on news of possible US rate hike
In early 2016, oil prices had nosedived to around $27 from above $100 a barrel two years ago because of sudden supply glut
 "Oil dips as dollar rallies on news of possible US rate hike")
Gold futures decline by 0.4% on weak global cues
Participants cut down their bets after the precious metal fell for the ninth day in overseas market
Pulses costlier due to poor rainfall, reduced imports: Paswan
Last year, pulse production was 171 lakh tonnes whereas requirement was 226 lakh tonnes
 "Pulses costlier due to poor rainfall, reduced imports: Paswan")
Govt buys 20,000 tonnes onions for buffer stock, exceeds target
Nafed and SFAC have procured onion at below Rs 10 per kg, which will be supplied during lean season
 "Govt buys 20,000 tonnes onions for buffer stock, exceeds target")
Groundnut exports from India fell by 32% in 2015-16
Vietnam ban coupled with higher domestic price affected groundnut exports
 "Groundnut exports from India fell by 32% in 2015-16")
Cane arrears at Rs 10,000 cr in last two seasons
Ram Vilas Paswan says the policy interventions by govt have shown remarkable progress in reducing arrears
 "Cane arrears at Rs 10,000 cr in last two seasons")
Gold, silver losses add up on weak cues, soft demand
Globally, gold fell by 0.55% to $1,212.80 and silver by 0.58% to $16.20 an ounce in New York in yesterday's trade
Gold cracks below Rs 29k, hits over 3-month low on global cues
Silver also dropped Rs 530 to Rs 39,070 per kg due to poor off-take by industrial units and coin makers
RBI exploring longer tenure gold loans
The central bank has already held two separate meetings on this issue with jewelers and banks active in gold loans
Gold dips below Rs 29k-mark on weak global cues, low demand
Silver touched its lowest in nearly six weeks at $16.12, and was later flat at $ 16.30 an ounce
Maharashtra imposes limits on sugar stocks
India, the world's biggest sugar consumer, is likely to become a net importer of the sweetener in 2016/17 due to drought
 "Maharashtra imposes limits on sugar stocks")
Gold smuggling reportedly on the rise as new regulations see return of old bugbear
Market observers feel smuggled gold that entered Indian market since April is similar to that of official imports during the period
 "Gold smuggling reportedly on the rise as new regulations see return of old bugbear")
Oil prices retreat from $50-mark on oversupply concerns
Brent, US crude decline to $49.50, $49.41 a barrel, respectively on worries that higher prices boosting output
 "Oil prices retreat from $50-mark on oversupply concerns")
Jute industry upset over new packaging recommendations
May lose Rs 1,000 crore if reservation for jute bags is diluted
 "Jute industry upset over new packaging recommendations")
Excess late rains could hit agri hopes
However, too much rain in the later half might not always be good for crops
 "Excess late rains could hit agri hopes")
Gold, silver rebound on positive global cues
Silver also recovered by Rs 395 per kg on fresh offtake by industrial units