Page 517 - Commodity News
Early showers raise hope for better kharif crop
In case of below normal monsoon, acreage under cotton, sugar and urad may rise
 "Early showers raise hope for better kharif crop")
UP logs 260% rise in wheat procurement in 2015-16
Egged on by Centre, FCI buys over 168% more wheat from the state to help farmers hit by unseasonal rains, hailstorm; UP purchases 163,000 tonnes
 "UP logs 260% rise in wheat procurement in 2015-16")
 "Punjab, Haryana miss cotton acreage targets")
 "Groundnut sowing area may rise by 25%")
India signs biggest wheat import deals in over a decade: Trade sources
Concerns that untimely rains in February and March would cut wheat output, first drove millers in India's southern ports to place the orders
Gold dips below Rs 27,000 on weak global cues, low demand
Bullion traders attributed the fall in gold prices to a weakening global trend amid speculation that months of impasse will end
 "Gold dips below Rs 27,000 on weak global cues, low demand")
Palm oil up 0.3% as demand picks up
Oil for delivery in July gained 0.26%
 "Palm oil up 0.3% as demand picks up")
Copper rises by 1.5% on firm global cues
Increased domestic demand also influenced prices
 "Copper rises by 1.5% on firm global cues")
Zinc up by 0.69% on overseas trend, spot demand
The metal for delivery in June month contracts rose by 0.66%
Nickel up by 1.24% on global cues, firm domestic demand
In the international market, nickel rose 1.9% to $12,650 per tonne
 "Nickel up by 1.24% on global cues, firm domestic demand")
Lead rises by 0.7% driven by firm trend at spot markets
Furthermore, a firming trend in base metals overseas supported the upside in metal prices
 "Lead rises by 0.7% driven by firm trend at spot markets")
Aluminium rises by 0.7% on positive global cues
Participants strengthened their positions, supported by an upward trend in base metals pack overseas
 "Aluminium rises by 0.7% on positive global cues")
Mentha oil fall by 1.7% on sluggish demand
Speculators trimmed their positions amid sluggish demand from consuming industries in the spot market
 "Mentha oil fall by 1.7% on sluggish demand")
Oil prices down in Asia
The possible return of Iranian crude to the global market stoked further concerns over a supply glut
 "Oil prices down in Asia")
Let industry consumers pay more for sugar to benefit growers
With sugar selling at a discount of about Rs 10 a kg over production cost, mills have lost capacity to settle cane bills
 "Let industry consumers pay more for sugar to benefit growers")
Coffee output to hit new high
The country's total coffee output has reached a record 3,27,000 tonnes in the ongoing 2014-15 coffee year
 "Coffee output to hit new high")
JSW Steel to drastically reduce iron ore imports in FY16
Domestic output pegged at 170 mt as many mines reopen in Odisha, Goa, Karnataka
 "JSW Steel to drastically reduce iron ore imports in FY16")
Rubber production drops 11% in April-May
The latest drop in production comes on the heels of a 16% drop in production in the fiscal 2014-15, and a 15% drop in 2013-14
 "Rubber production drops 11% in April-May")
India's crude oil output rises 0.8% in May
The increase was on account of 1.8% rise in ONGC's oil output at 1.9 million tons
 "India's crude oil output rises 0.8% in May")
Coriander down 2% on weak demand, adequate stock
Price for August delivery declined by Rs 263, or 2.16%
 "Coriander down 2% on weak demand, adequate stock")