Page 5 - Commodities

Crude Oil: Check trading strategy, target price and other key levels here

Oil recorded its first back-to-back monthly decline amid signs of sluggish demand in China and the United States raised concerns about future consumption growth.

Govt proposes domestic sale of raw sugar, ending six-decade-old ban

Raw sugar commands a higher price than refined sugar and could boost revenue in the market

Flour mills urge govt to release wheat stocks as prices hit 9 months peak

Last year the government started selling wheat from its reserves in June, and between June 2023 and March 2024 it sold a record amount of nearly 10 million metric tons from stocks

Customs duty cut on silver likely to give Centre breather for now

This may help check spurt in imports from UAE under CEPA

Gold prices decline from all-time peak on profit taking, firmer dollar

Spot gold was down 1.9% at $2,399.13 per ounce by 1709 GMT. Bullion hit an all-time high of $2,483.60 on Wednesday

Govt proposes to include moisture measurements in cereal grains, oilseeds

The government has proposed to include moisture meters in the Legal Metrology Rules to measure moisture levels in cereal grains and oilseeds as part of its efforts to bring transparency in agricultural trade practices. The Department of Consumer Affairs organised a meeting with all stakeholders to discuss the draft rules for moisture meters used for measuring moisture levels in cereal grains and oilseeds, an official statement said. Nidhi Khare, Secretary, Department of Consumer Affairs chaired the meeting. Various manufacturers, users, scientific institutions, laboratories, State Government Legal Metrology Departments and VCOs (voluntary consumer organisations) participated in the meeting. The draft rules pertaining to moisture meters were made available for public feedback on May 30, 2024, inviting comments from all stakeholders, by the end of June 2024. All the comments received on the draft rules were discussed in detail during the meeting. "All the stakeholders supported the

Gold prices hover near 1-month peak as Fed rate cut hopes lend support

The dollar held steady, while long-dated U.S. bond yields rose, as investors weighed whether the assassination attempt on Trump increased his chances of victory

Louis Dreyfus relaunches edible oil brand 'Vibhor' for North India market

Global agricultural merchant Louis Dreyfus Company on Wednesday announced the relaunch of its edible oil brand 'Vibhor' in North India's business-to-consumer segment. With this, the company aims to capitalise on India's growing edible oil market. The refreshed product line includes soybean, palmolein, cotton seed, and mustard oils, as well as premium vanaspati, all enriched with vitamins A and D, Louis Dreyfus Company (LDC) Country CEO for India Sumeet Mittal said at a press conference. "This re-launch supports our strategy to move further downstream in the value chain and diversify our offering with value-added products," Mittal said. LDC, which has been operating in India since 1997, will initially focus on expanding its distribution network in North Indian states, including Punjab, Haryana, Delhi, and Uttar Pradesh, citing logistics convenience from its Kandla processing unit in Gujarat. The company's Kandla facility has an annual edible oil processing capacity of 3,50,000 tonn

Paddy sowing up 19% so far this year, acreage of Arhar, Urad up sharply

Area sown to paddy has increased by 19.35 per cent to 59.99 lakh hectare so far in the ongoing 2024-25 kharif (summer) season, the agriculture ministry said on Monday. In the year-ago period, area under paddy was 50.26 lakh hectare. Sowing of paddy, the main kharif crop, begins with the onset of southwest monsoon from June, and harvesting takes place from September. Additionally, area sown to pulses also increased to 36.81 lakh hectare till July 8 of the ongoing season, from 23.78 lakh hectare in the same period last year, the ministry said in a statement. There was a significant rise in coverage of 'arhar', to 20.82 lakh hectare from 4.09 lakh hectare. Area sown to 'urad' was 5.37 lakh hectare as against 3.67 lakh hectare. However, area under coarse cereals and 'Shree Anna' (millets) decreased to 58.48 lakh hectare from 82.08 lakh hectare in the year-ago period. Among coarse cereals, area under maize rose to 41.09 lakh hectare from 30.22 lakh hectare. Area sown to oilseeds inc

Oil dips in Asian markets, copper slides to 8-week low on China data

Copper fell as much 1.1 per cent to $9,631 a ton on the London Metal Exchange, heading for its lowest close in two months

Crude oil pares weekly loss as Opec+ says it can cancel supply hike

Brent crude futures were trading near $80 a barrel, rebounding from the four-month low struck on Monday after Saudi Arabia and its partners outlined planes to gradually resume production

World food prices surge for third consecutive month in May, says UN

The FAO index hit a three-year low in February as food prices continued to ease off from a record peak set in March 2022, following Russia's invasion of fellow crop export major Ukraine

Zinc demand in India likely to double in next 5-10 years: Industry body

The demand of zinc is expected to double in India in the next five to 10 years on the back of huge investments in infrastructure sector, including steel, International Zinc Association said on Sunday. The demand for zinc in India depends largely on the growth of the steel market as zinc is mainly used to galvanise steel to protect it from corrosion. "I see a doubling of the demand (for zinc) in the next five to 10 years. The market for primary and refined zinc in India is currently close to 800 to 1,000 tonnes (per annum) and has a great opportunity to increase with all the developments that we are witnessing in India. We see huge investments in additional steel capacity and ...steel still needs to be protected by galvanized coatings. We see a lot of plans and investments going on for new galvanizing lines. So I expect a strong role for zinc in India," International Zinc Association Global Director Martin Van Leeuwen told PTI in an interaction. The current demand for zinc in India

19 major commodities see export volume growth, but value declines

These commodities constitute over a fourth of the export value for April-February, commerce department data showed

Vedanta best-placed to ride rising commodity prices, say analysts

Mining conglomerate Vedanta Ltd is likely to see less pressure on cash flows after liability management at the holding company level and is now best placed to ride rising commodity prices, analysts said. Improved performance in aluminium, power and zinc enabled the company to turn in EBITDA of Rs 87,600 crore in the January-March quarter, up by 4 per cent quarter-on-quarter. The improved performance was attributable to lower cost of production in aluminium and zinc and higher sales volume, partially offset by softer zinc prices. Despite marginal delays, Vedanta is set to complete its alumina/aluminium/ international zinc expansion during the current fiscal year (FY25), which will provide visibility around volume growth and cost reduction FY26 onwards. The start of coal mines in FY26 shall further lower its aluminium cost of production. In a post earnings note, Nuvama Institutional Equities said management is moving ahead to demerge the businesses by end of current fiscal (April 2024

Oil up on geopolitical tensions, gains curbed by fading Fed rate cut hopes

Brent crude futures were up 7 cents, or 0.08%, to $89.08 a barrel at 1109 ET (1509 GMT). U.S. West Texas Intermediate crude futures were up 6 cents, or 0.07%, to $83.63 a barrel

China is front and center of gold's record-breaking rally this year

China and India have typically vied over the title of world's biggest buyer. But that shifted last year as Chinese consumption of jewelry, bars and coins swelled to record levels

Global regulators want to better prepare funds, investors for margin calls

Regulators spent more than a decade after the 2008 credit crunch shoring up lenders' financial strength, yet a series of shocks outside the banking sector have since put a spotlight on other risks

Russia, China trade new copper disguised as scrap to skirt taxes, sanctions

Copper wire rod was shredded in China's remote Xinjiang Uyghur region by an intermediary to make it difficult to distinguish from scrap

Gold touches new peak of Rs 69,200 per 10 grams amid global market rally

Gold prices jumped by Rs 830 to reach a new peak of Rs 69,200 per 10 grams on Wednesday amid a rally in precious metal rates in the global markets, according to HDFC Securities. This is the second time that yellow metal prices have hit an all-time high in this week. In the previous trade, the precious metal had closed at Rs 68,370 per 10 grams. Silver prices also surged by Rs 1,700 to Rs 80,700 per kg. It had finished at Rs 79,000 per kg in the previous close. "Spot gold prices (24 carats) in the Delhi markets are trading at Rs 69,200 per 10 grams, up by Rs 830, taking a bullish trend in the overseas markets," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. In the international markets, spot gold at COMEX was trading at USD 2,275 per ounce, up by USD 20 from the previous close. "Gold up at yet another all-time high with prices breaching past USD 2,300 per ounce in early trade, while futures on MCX rose close to all-time around Rs 69,500, as demand for safe-h