Page 379 - Commodity News
Farmer earns Re 1 after selling one tonne of onions
Devidas Parbhane said with onion prices touching new lows, farmers like me may be meeting the same fate as other farmers who committed suicide
 "Farmer earns Re 1 after selling one tonne of onions")
India seeks bids for oil, gas fields in first auction since 2010
India is auctioning a total of 46 oil and gas fields, with 26 on land, 18 offshore in shallow water and two in deep water
 "India seeks bids for oil, gas fields in first auction since 2010")
Gold, silver trend down on lower global cues, easing demand
Sentiment remained largely lacklustre, in tune with a sluggish global trend
 "Gold, silver trend down on lower global cues, easing demand")
Oil prices fall below $48 as dollar gains, but possible stock drawdown supports
Brent futures had declined 42 cents to $47.93 a barrel by 0643 GMT, after closing down 37 cents in the previous session
Gold touches 3-1/2-week low on Fed rate expectations
Higher interest rates increase the opportunity cost of holding non-yielding bullion
 "Gold touches 3-1/2-week low on Fed rate expectations")
Nickel up 0.8% on spot demand
Market analysts attributed the rise in nickel prices at futures trade to enlarging of positions by speculators
 "Nickel up 0.8% on spot demand")
Copper up 0.3% on spot demand
Metal for delivery in June edged up by 85 paise, or 0.27%
 "Copper up 0.3% on spot demand")
Silver futures down Rs 185 on weak overseas cues
In the international market, silver prices fell 0.64% to $16.25 an ounce in Singapore today
 "Silver futures down Rs 185 on weak overseas cues")
UAE issues warning to India's mango, vegetable exporters
Higher than prescribed limit of pesticide residues found in some consignments
 "UAE issues warning to India's mango, vegetable exporters")
Revenue-sharing formula can redeem sugar sector
No wonder, industry cane dues at one point in the current season rose to Rs 22,000 crore, compelling the government to give an interest-free loan of Rs 6,000 crore to factories in June 2015
 "Revenue-sharing formula can redeem sugar sector")
 "Industrial commodities drop on oversupply, demand concerns")
Whatsapp vigil on UP sugarcane officials
Whatsapp groups formed for nine addl cane commissioners and 44 district officers are connected with dept officials at state HQ
 "Whatsapp vigil on UP sugarcane officials")
Silver struggles for sixth day, down Rs 320; gold steady
The white metal had lost Rs 1,360 in the previous five days
 "Silver struggles for sixth day, down Rs 320; gold steady")
Oil prices dip after Iran says it won't freeze output
Despite a recent rebound, world crude prices are still below half their levels in June 2014 due to oversupply
 "Oil prices dip after Iran says it won't freeze output")
 "Commodity picks: 23 May 2016")
NBFCs, banks focus on shorter tenure gold loans to boost margins
A research report by India Infoline adds that the shift to shorter tenure products will help in ensuring a robust asset quality as the interest loss arising is limited
New tax regime to hit 40% of India's jewellery sales
Jewellers have stopped stocking high-end jewellery worth Rs 2 lakh and above
 "New tax regime to hit 40% of India's jewellery sales")
Hallmarking rule on cards to ensure quality
Cost for jewellers set to go up; some challenges exist on the implementation front
Govt may cut sugar import duty to cool prices
Retail sugar prices in past 2 months have crossed Rs 40 per kg due to 11% fall in domestic sugar output in ongoing 2015-16 season
 "Govt may cut sugar import duty to cool prices")
Gold extends losses, hits nearly one-month low on global cues
Weak global trends with sluggish demand from the jewellers and retailers causing the fall