Page 874 - Commodity News
Fall in rupee may boost steel exports from the country: Platts
Rupee has lost around 20% in the last few months on the back of possible tapering of US bond buying programme
 "Fall in rupee may boost steel exports from the country: Platts")
Govt cuts import tariff value of gold to $458/10 gm
Import tariff value of silver has been cut to $783 per kg
 "Govt cuts import tariff value of gold to $458/10 gm")
Traders up in arms against NCDEX over adulterated pepper stock
Apparently, traders are facing destruction of about Rs 300-crore worth black pepper stock traded on NCDEX which was found to contain carcinogenic mineral oils
 "Traders up in arms against NCDEX over adulterated pepper stock")
Soybean down 1.6% on selling pressure
Soybean for November contract slipped by 1.52%
 "Soybean down 1.6% on selling pressure")
Chana down 1% on increased supply
Chana for delivery in September traded lower by 0.87%
 "Chana down 1% on increased supply")
Cardamom falls by 0.3% on subdued demand
speculators trimming positions, tracking a weak trend at spot market affected prices
 "Cardamom falls by 0.3% on subdued demand")
Potato up 1.4% on spot demand, tight supply
Potato for delivery in far-month March declined by 0.69%
 "Potato up 1.4% on spot demand, tight supply")
Crude palm oil down by 0.4% on lower demand
Speculators reduced their holdings on the back of weak demand
 "Crude palm oil down by 0.4% on lower demand")
Silver down 0.3% on global cues
Silver for delivery in September fell by 0.19%
 "Silver down 0.3% on global cues")
Mentha oil up by 0.1% on spot demand
Fresh positions created by speculators on pick up in demand against restricted arrivals influenced prices
 "Mentha oil up by 0.1% on spot demand")
Copper gains by 0.4% on global cues
Increased demand at domestic spot markets from consuming industries also influenced copper prices
 "Copper gains by 0.4% on global cues")
Gold futures down 1.2% on global cues
Subdued spot demand and profit-booking by speculators also put pressure on gold futures
 "Gold futures down 1.2% on global cues")
Crude oil down by 3% in early trade
Gold also opens lower on rupee appreciation
 "Crude oil down by 3% in early trade")
Oil down as Obama seeks Congress approval on Syria
US markets will be closed today for the Labor Day federal holiday
 "Oil down as Obama seeks Congress approval on Syria")
Yellow metal may fall below $1,200
If the rise in interest rates is accompanied by a fall in medium-term inflation expectations, spot gold prices might become particularly vulnerable
 "Yellow metal may fall below $1,200")
Gold smuggling zooms
As govt tries hard to choke the metal import, entry through unofficial channels doubled to 60 tonnes in first 5 months of this financial year
 "Gold smuggling zooms")
Spices from India under US scanner
FDA has put nearly 200 India-based firms on its 'red list' due to presence of Salmonella bacteria in the spices and other food products
 "Spices from India under US scanner")
South India tea output set for fifth straight dip
Adverse climatic conditions like drought in first quarter and heavy rains in the second quarter have affected the tea output
 "South India tea output set for fifth straight dip")
Maize prices in India show mixed trends: USGC
Overall, on pan India average basis maize prices last week were at Rs 13,312 per tonne
 "Maize prices in India show mixed trends: USGC")
Paper producers raise prices 5-8% on rising input costs
In India, about 40% of coated paper volumes are imported. Average annual imports stand at 5,50,000-6,00,000 tonnes
 "Paper producers raise prices 5-8% on rising input costs")