Page 399 - Commodity News
No relief for jewellers as strike nears 1 month
Jewellers, bullion traders, artisans have been on strike since March 2 to protest against 1% excise duty on non-silver jewellery
 "No relief for jewellers as strike nears 1 month")
Growth of shrimp exports may shrink to single digit this fiscal
Shrimp exports account for 67% of marine exports from India in terms of value
 "Growth of shrimp exports may shrink to single digit this fiscal")
Oil prices rise in thin Asian trade; production freeze may occur
Prices have risen about 50% from multi-year lows hit in January on glut worries
 "Oil prices rise in thin Asian trade; production freeze may occur")
Chana up by 1.9% on strong spot demand
Restricted supplies from producing regions also helped prices
 "Chana up by 1.9% on strong spot demand")
Nickel up by 0.2% on spot demand, global cues
Pick up in demand from consuming industries in the spot market amid a firm trend in base metals in Asia
 "Nickel up by 0.2% on spot demand, global cues")
Gold futures down by 0.8% amid weak global cues
Besides, profit-booking by speculators at existing levels weighed on the precious metal prices
 "Gold futures down by 0.8% amid weak global cues")
Silver down by 0.4% on weak global cues
Participants reduced their exposure, taking weak cues from overseas markets
 "Silver down by 0.4% on weak global cues")
Aluminium up by 0.1% on rising demand
Traders enlarged positions, driven by pick up in demand at the spot market amid firm Asian cues
 "Aluminium up by 0.1% on rising demand")
Copper marginally up by 0.1% on global cues
Speculators enlarged bets, largely in step with a firming trend in base metals at the Shanghai Futures Exchange
 "Copper marginally up by 0.1% on global cues")
Oil prices rise on lower US rig numbers
Analysts say traders will likely hold off making any big moves ahead of next month's meeting of key producers
 "Oil prices rise on lower US rig numbers")
Jewellers continue stir over Budget duty
Meanwhile, govt constituted a panel under former Chief Economic Advisor to look into the demands of jewellers
Base metals decline on strong dollar
Indications of interest rate hike earlier than previously expected prompt selloff in metals, marginal recovery seen in short term
 "Base metals decline on strong dollar")
Wheat, other grains weaken on low demand
Traders said fall in demand from flour mills against sufficient stocks position led to the decline in wheat prices
 "Wheat, other grains weaken on low demand")
Aluminium strengthens on increased demand
Traders said increased demand from consuming industries and reports of a firm trend in its prices in Asian region kept aluminium prices higher
 "Aluminium strengthens on increased demand")
Cotton price slide continues
Worry on Bt technology losing steam as crop sees bollworm attack
 "Cotton price slide continues")
Jewellers protest: AIBJSF to hand over shop keys to finance minister
Govt constituted a panel under former Chief Economic Advisor Ashok Lahri to look into the demands of jewellers
Sebi mulls new price discovery method for commodity spots
An advisory panel plans price polling mechanism for all commodities and derivatives as per quality and quantity of the commodity
 "Sebi mulls new price discovery method for commodity spots")
Asean jewellery import at a halt
The 1% import duty has always been a controversial issue since it began in 2014 when jewellery started coming in from Thailand
 "Asean jewellery import at a halt")
Edible oil import bill likely to rise 25% in FY17
Domestic demand rise continues, amid stagnant supply from local sources; prices up 25% since January
 "Edible oil import bill likely to rise 25% in FY17")
Oil prices extend fall after US inventories rise
A jump in stocks last week added to concerns of a lasting world supply glut