Page 402 - Commodity News
Oil prices fall as oversupply lingers, economic slowdown looms
OPEC said it pumped 32.28 million bpd in Feb, down about 175,000 bpd from Jan due to outages in Iraq, Nigeria
 "Oil prices fall as oversupply lingers, economic slowdown looms")
Oil prices rise slightly as oversupply concerns mount again
US crude futures were 17 cents higher at $37.35 a barrel
 "Oil prices rise slightly as oversupply concerns mount again")
Wheat, pulses and seasonal fruits maximum hit in hailstorm
Centre assessing impact; Rahul Gandhi demands visit by Central team
 "Wheat, pulses and seasonal fruits maximum hit in hailstorm")
Govt to pass on benefit to consumers if oil prices rise
Petroleum Minister said they have passed 50% revenue to consumers, saving remaining to balance fiscal deficit and for welfare schemes of the country
 "Govt to pass on benefit to consumers if oil prices rise")
Oil back below $40 as Iran dashes hopes for quick deal on output
Iran oil minister said OPEC member would discus only when its output reached 4 mn bpd; currently its 2 mn bpd
 "Oil back below $40 as Iran dashes hopes for quick deal on output")
Gold recovers poise ahead of Fed meeting
The meeting will be watched for clues on the future pace of US rate increases after the central bank hiked rates
 "Gold recovers poise ahead of Fed meeting")
Veg oil import up 28% at 11 lakh tonnes in February: SEA
During Nov-Feb period of the current 2015-16 oil year, the import of vegetable oils increased by 19% to 51,25,017 tonnes
 "Veg oil import up 28% at 11 lakh tonnes in February: SEA")
Jeera may gain Rs 3,300 per 20 kg on short supply, quality issue
High demand from stockists has already pushed up jeera prices so far this month
 "Jeera may gain Rs 3,300 per 20 kg on short supply, quality issue")
Gold falls Rs 73 in futures trade
Globally, gold fell 0.6% to $1,256.88 an ounce in Singapore
 "Gold falls Rs 73 in futures trade")
Gold import bill likely to fall by 10% on account of jewellers' strike
Edible oil imports rising but moderate prices help keep import bill under check in FY2016
Oil prices stable as market seen bottoming, but oversupply lingers
US crude futures were trading at $38.41 per barrel
 "Commodity picks")
Gold Outlook: Yellow metal glitters again
Fall in global equities, inflows into bullion funds, weak dollar index and concerns over financial instability have been important factors for the recent rise
Rain flattens crops in north India
Bright sunshine, however, offsets damage
 "Rain flattens crops in north India")
NMDC hikes iron ore price by up to Rs 150, peanuts say other miners
Prices in ore auctions over recent weeks were being quoted at a premium, indicating higher demand and rising global prices
 "NMDC hikes iron ore price by up to Rs 150, peanuts say other miners")
FCI to start procurement of 50,000 tonnes pulses from farmers
Purchase that includes masoor and gram to cost Rs 240 cr
 "FCI to start procurement of 50,000 tonnes pulses from farmers")
D5 Block: ONGC sees over $4bn investment
ONGC chairman said upon completion, 75,000 barrels a day of oil and 17 million standard cubic metres a day of gas would be pumped
 "D5 Block: ONGC sees over $4bn investment")
Sebi to launch new commodity products, allow more participants
Regulator sets up advisory panel towards this end; move could see entry of banks, FPIs into the segment
 "Sebi to launch new commodity products, allow more participants")
Mango output likely to fall 10-15% due to unseasonal rains
However, prices are likely to be unaffected as the damage may not be as extensive as feared
 "Mango output likely to fall 10-15% due to unseasonal rains")
Oil prices rise as IEA says market could have bottomed
IEA said it believed non-OPEC output would fall by 750,000 barrels per day (bpd) in 2016
 "Oil prices rise as IEA says market could have bottomed")