Page 479 - Commodity News
Spot demand lifts lead by 0.2%
However, metal's weakness overseas, capped the gains
 "Spot demand lifts lead by 0.2%")
Copper down by 0.6% on global cues
Easing spot demand also affected prices
 "Copper down by 0.6% on global cues")
Nickel up by 0.4% on spot demand
Speculators widened their positions, driven by a firming trend at the spot market on pick-up in demand
 "Nickel up by 0.4% on spot demand")
Zinc up by 0.3% on overseas cues
Participants built up positions amid a rising trend in metal overseas and better domestic demand
 "Zinc up by 0.3% on overseas cues")
Sugar mills divert ethanol raw materials to alcohol makers
OMCs' bid for 10% blending of the green fuel with petrol looks unachievable
 "Sugar mills divert ethanol raw materials to alcohol makers")
Edible oil import bill may soar to $14 bn in FY16: ASSOCHAM
India meets 60% of its annual vegetable oil demand of 17-18 million tonnes via imports
 "Edible oil import bill may soar to $14 bn in FY16: ASSOCHAM")
Monsoon deficit can up edible oil import bill to $14 bn: Assocham
These imports were $7.2 billion in 2013-14, increasing by over 46% in the following year
Gold regains sheen on global cues, up Rs 275 to Rs 26,600 per 10 grams
Silver rallies by Rs 1,000 to Rs 35,700 a kg on strong demand from industrial units and coin makers
 "Gold regains sheen on global cues, up Rs 275 to Rs 26,600 per 10 grams")
India gold discounts widen on tepid demand, ample supply
Dealers were offering discounts of $6 to $8 an ounce to global spot benchmark this week, compared to $4 to $6 last week
 "India gold discounts widen on tepid demand, ample supply")
FTA with EU to increase cotton textile exports
Bangladesh imports cotton from India to produce textiles and competes with Indian exports in the developed countries
 "FTA with EU to increase cotton textile exports")
Oleoresin companies move out of India, shift focus to South East Asia, China
Bio diversity tax is a serious threat to these companies
Gold imports may rise to $37 billion this year
These might be subdued in Sept, as the market has again slipped to a marginal discount of $1-2 an ounce and demand is low due to the 16-day pitrupaksha period
 "Gold imports may rise to $37 billion this year")
The suicidal potato economy of West Bengal
Inadequate marketing channels, manipulation by middlemen and absence of support prices make cultivation in the state inherently risky
 "The suicidal potato economy of West Bengal")
Despite rain shortage, kharif holding up
Govt's 1st advance estimate shows output might be only slightly down over last year's final one for the season, due to early onset of monsoon and its relatively better distribution
 "Despite rain shortage, kharif holding up")
Gold import bill up 47% in 8 months of 2015
Spike in unrefined gold import and rising demand at lower price contributed most
 "Gold import bill up 47% in 8 months of 2015")
Jute Commissioner scraps import licenses
Mills were illegally importing jute bags from Bangladesh, for packing sugar and food grains
 "Jute Commissioner scraps import licenses")
Zinc falls by 0.8% on soft global trend
Speculators trimmed their positions, in tandem with a weak global trend
 "Zinc falls by 0.8% on soft global trend")
Nickel drop by 0.9% on profit-booking
Speculators locked in gains amid a weak trend overseas
Lead down by 0.6% on muted spot demand
Speculators started reducing their exposure on weakness in base metals overseas and subdued domestic spot demand
Oil subdued as market on edge over Fed decision
Traders' attention is on a meeting Thursday of the US central bank's Federal Open Market Committee to decide on the timing for an interest rate increase
 "Oil subdued as market on edge over Fed decision")