Page 411 - Commodity News
Zinc down by 1.2% on weak global cues
Muted demand from consuming industries in the spot market also fuelled the downtrend
 "Zinc down by 1.2% on weak global cues")
Copper falls by 1.7% on spot demand
Participants indulged in reducing positions, tracking a weak trend in base metals overseas
 "Copper falls by 1.7% on spot demand")
Asia's oil markets in upheaval as China, India change the game
China and India's combined share of world's oil consumption has tripled since 1990, making them the main center of global demand
 "Asia's oil markets in upheaval as China, India change the game")
Feb gold imports seen at lowest since 2013
Rising prices, hopes of cut in import duty keep buyers away; could dent rally in bullion prices
 "Feb gold imports seen at lowest since 2013")
GI tag for basmati to stabilise prices
Industry body to apply in EU, US and Gulf countries for similar recognition
 "GI tag for basmati to stabilise prices")
Secondary metals makers seek duty exemption
Apart from basic import duty, scrap importers also pay a four per cent special additional duty (SAD)
 "Secondary metals makers seek duty exemption")
Aluminium industry smarts from inverted duty structure
Currently, basic Customs duty is five per cent, whereas duty on some critical raw materials and alumina is equal to or above five per cent
 "Monsanto urged to compensate farmers by a seed-body group")
NCAER's wheat output estimate is lower than government's
The NCAER report also said that India might not export any wheat in 2016-17 marketing year
 "NCAER's wheat output estimate is lower than government's")
Gold rebounds on fund inflows and equities drop
The fund's inflows since the beginning of the year have already surpassed outflows for the whole of 2015
 "Gold rebounds on fund inflows and equities drop")
February gold imports at lowest since 2013; high prices weigh
Gold imports are expected to drop to 25 tonnes in February, according to a median of estimates from five industry participants, including bank dealers and traders
 "February gold imports at lowest since 2013; high prices weigh")
Oil prices fall as global glut offsets prospect of lower US output
Brent was down 51 cents at $34.18 a barrel, West Texas Intermediate crude futures were trading at $32.84 per barrel
 "Oil prices fall as global glut offsets prospect of lower US output")
Crude oil futures down Rs 54 a barrel on weak Asian trend
Oil for far-month April delivery also moved down by Rs 38, or 1.55 per cent, to Rs 2,411 per barrel in business volume of 518 lots
 "Crude oil futures down Rs 54 a barrel on weak Asian trend")
Oil dips as rising Iranian output counters falling US shale output
Brent was down 21 cents at $34.48 a barrel, while WTI was trading at $33.10 per barrel
 "Oil dips as rising Iranian output counters falling US shale output")
Rebound in industrial commodities
Iron ore jumps 16% in Feb, zinc & tin by 7%, on return of Chinese traders into market; experts unsure if trend would sustain
 "Rebound in industrial commodities")
 "Galvanisation of rail tracks will ensure longer life, safety")
World Gold Council sells 'Azva' brand to PC Jeweller
The company acquired the brand through one of its wholly-owned subsidiary
 "World Gold Council sells 'Azva' brand to PC Jeweller")
Comexes seek exemption of commodity futures from CTT
Effective July 2014, CTT has increased the cost of transaction in futures by as much as 300%, prompting SMEs to move to overseas platforms
 "Comexes seek exemption of commodity futures from CTT")
Sebi to regulate gold exchange
Sources said the finance ministry has already asked Sebi to take the gold exchange issue forward
 "Sebi to regulate gold exchange")
Oil prices rise on lower US rig count, but glut weighs
Freezing output at such levels would not help reduce oversupply, analysts said, as production outpaces demand by 1-2 million barrels every day.