Page 7 - Commodities

If FPS dealers' strike continues will opt for substitute supply: J'khand

Jharkhand minister Rameshwar Oraon on Thursday said the government would have to go for "alternative arrangements" for ration distribution if fair price shop (FPS) dealers in the state continued with their indefinite 'Ration Bandh'. More than 25,000 FPS dealers in Jharkhand on January 1 joined the nationwide indefinite 'Ration Bandh' call given by the All India Fair Price Shop Dealers' Federation. The strike has impacted over 65 lakh beneficiaries of central and state food security schemes in Jharkhand. Speaking to PTI, Oraon, the state Food and Public Distribution Minister, said, "The state government is holding talks with the FPS dealers for a solution to the matter. Our department secretary Amitabh Kaushal has held a discussion with them on their demands and they are satisfied with the reply of the government. Their demands are already under consideration. So, there is no issue. Since it is a nationwide strike, they might be waiting for a call from their national front, he said.

India exports 8,606 tonnes of raw cane sugar to US under TRQ scheme

Shipments under the TRQ enjoy relatively lesser customs duties. After the quota is reached, a higher tariff applies to additional imports

Sugar production falls again, dips 7.7% to 11.2 mn tonnes in Oct-Dec: NFCSF

Sugar production was 7.7 per cent lower at 112 lakh tonnes in the first three months of the ongoing 2023-24 season, owing to lesser output in two key states, according to cooperative body NFCSF. Sugar production stood at 121.35 lakh tonnes during the October-December period of 2022-23 season. NFCSF has projected the country's total sugar output to be at 305 lakh tonnes in the 2023-24 season, lower than 330.90 lakh tonnes achieved in the 2022-23 season. Sugar season runs from October to September. Releasing the latest data, the National Federation of Cooperative Sugar Factories (NFCSF) said a total of 511 factories had crushed 1,223 lakh tonnes of sugarcane till December 2023 of the ongoing season. Among the top three sugar producing states, the output in Maharashtra and Karnataka remained lower during the October-December period of this season. "Since the central government has limited the production of ethanol from sugarcane juice, the total availability of new sugar in the coun

Differential pricing of iron ore likely to create competition concerns: CCI

The differential pricing of iron ore is likely to create competition concerns and exports of iron ore should also be discouraged, according to a study by fair trade regulator CCI. In its market study on 'Dynamics of Competition in the Mining Sector in India With A Focus On Iron Ore', the watchdog has also flagged possible issues with pricing of iron ore from captive mines. "The allocation of captive mines to some players creates entry barriers in the iron ore and steel sector as entry and successful operation becomes costly for new firms," the Competition Commission of India (CCI) said in a release. As per the study, the differential pricing of iron ore for different end users is likely to create competition concerns. The amendments in mining law in 2021 have allowed the captive mines to sell up to 50 per cent of surplus iron ore in the open market which is likely to boost the supply of iron ore in the market, the study said. However, it noted that when a captive mine sells its ..

Crude oil imports from Russia plunge in December on payment issues

After rising to an all time record of 2.15 million barrels a day in May, oil imports from Russia fluctuated downwards, experiencing a sharp decline between November and December

Oil prices set to end year 10% lower as demand concerns snap winning streak

Both benchmarks are set to end 2023 about 10% lower after two years of gains as geopolitical concerns and oil production cuts drove wild fluctuations in prices

Oil prices to end year 10% lower as demand concerns snap winning streak

Brent crude futures were up 33 cents, or 0.4%, at $77.48 a barrel at 0756 GMT on Friday, the last trading day of 2023

India sees 25% fall in vegetable oils import to to 1.1 MT in Nov: SEA

The country's vegetable oils import declined by 25 per cent to 11.60 lakh tonne in November, the first month of the 2023-24 oil year, compared to 15.45 lakh tonne in the year-ago period, industry body SEA said on Friday. Of the total vegetable oil imports, edible oils were 11.48 lakh tonnes and non-edible oils 12,498 tonnes during November 2023. India, the world's leading vegetable oil buyer, imports refined and crude vegetable oils in the edible oil category. Oil year runs from November to October. According to the Solvent Extractors Association of India (SEA), the country's crude vegetable oils declined by 26.34 per cent to 9.77 lakh tonnes in November this year as against 13.26 lakh tonnes in the year-ago period. Similarly, refined vegetable oils import declined by 15.41 per cent to 1,71,069 tonnes in November this year from 2,02,248 tonnes in the year-ago period. Among crude vegetable oils, although the import of RBD palmolein declined in November 2023 to 1.71 lakh tonnes from

India considers curbing ethanol production to tackle sugar shortages

Authorities are studying a proposal to restrict the use of sugar-cane juice to produce biofuel for the current season, according to people familiar with the matter

Gold price remains flat at Rs 63,760, silver unchanged at Rs 80,500

The price of 22-carat gold stayed unchanged, with the yellow metal selling at Rs 58,450

Gold price remains flat at Rs 62,290, silver unchanged at Rs 77,200

The price of 22-carat gold also remained flat, with the yellow metal selling at Rs 57,100

Australia assures India of steady coking coal supplies amid shortage

Australia accounts for over half of India's coking coal imports of around 70 million metric tons a year

Oil price falls on high US production, despite strong demand signals

In signs of healthy U.S. crude supply, American Petroleum Institute figures on Tuesday showed rising crude oil and gasoline inventories last week

Crude oil falls over 2% as concerns about West Asia affecting supply

Crude had jumped 3% on Friday after Israel stepped up ground incursions into Gaza, stoking worries the conflict could expand in a region that accounts for a third of global oil output

Commodity outlook would darken if West Asia conflict escalates: World Bank

Report provides a preliminary assessment of the potential near-term implications of the conflict for commodity markets. It finds that the effects should be limited if the conflict doesn't widen

Crude oil futures slip as investors watch diplomatic moves in Gaza war

Brent crude futures fell 24 cents, or 0.26%, to $91.92 a barrel, as of 0837 GMT. U.S. West Texas Intermediate crude futures were down 36 cents, or 0.41%, at $87.72 a barrel

Indian wheat prices at 8-month high on festival demand, tight supply

Wheat prices in New Delhi jumped by 1.6% on Tuesday to 27,390 rupees ($329) per metric ton, the highest since Feb. 10. Prices have surged by nearly 22% over the past six months

Industrial metals to remain vulnerable to more softness near-term: Goldman

The copper market could face near-term pressure from the likelihood that Chinese imports of the metal could be restrained, the bank said

NSE expands its commodity derivatives segment with 13 new contracts

The National Stock Exchange (NSE) on Monday said it has launched 13 new commodity derivatives contracts, a move that will help investors efficiently manage their risk. With this launch, NSE offers 28 products in the commodity derivatives segment, the exchange said in a statement. The 13 new derivatives contracts that have been launched are 'option on futures' on gold 1kg futures, gold mini futures, silver mini futures, copper futures, zinc futures, gold guinea (8 grams) futures, aluminium futures, aluminium mini futures, lead futures, lead mini futures, nickel futures, zinc futures and zinc mini futures. "With the launch of 13 new products today, futures and options on all key products in energy, bullion, and base metals categories are available on the NSE platform. This will enable participants to efficiently manage their risk across commodities on the exchange platform, " Sriram Krishnan, Chief Business Development Officer, NSE said. Over the last few days, NSE has launched six n

Wheat tops two-week high on global demand, traders eye Middle East

Corn futures eased as traders monitored the U.S. harvest, while gains in soyoil futures helped lift the soybean market, analysts said