Page 8 - Commodities

Crude oil rises towards $80 as China announces economic stimulus package

The front-month March contract for Brent crude was up 40 cents to $79.95 a barrel at 1410 GMT. U.S. West Texas Intermediate crude was up 57 cents to $74.94 a barrel

Gold prices firms on softer dollar as market await US economic data

Spot gold edged up 0.2% to $2,032.88 per ounce by 12:50 GMT. U.S. gold futures rose 0.42% to $2,034.30

Uttarakhand govt raises sugarcane advised price to Rs 375, beats UP's rate

The Uttarakhand government on Wednesday declared the State Advised Price (SAP) of early and common variety of sugarcane for the current crushing season 2023-24 at Rs 375 and Rs 365 per quintal respectively. The decision was taken at a meeting of the state cabinet chaired by Chief Minister Pushkar Singh Dhami. Compared to the previous crushing season 2022-23, the price of sugarcane has been increased by Rs 20 per quintal, Chief Secretary SS Sandhu told reporters at a media briefing after the cabinet meeting. The price of early variety sugarcane has been fixed at Rs 375 per quintal and Rs 365 per quintal for the normal variety, he added. The Uttar Pradesh government had also recently increased the price of sugarcane by Rs 20 per quintal compared to last year setting the state advised price of the early variety at Rs 370 per quintal. Therefore, the Uttarakhand government felt under pressure to declare higher sugarcane prices than neighbouring state. Apart from this, the state govern

Crude oil edges higher as geopolitics outweighs global demand concerns

The front-month U.S. West Texas Intermediate crude futures contract for February delivery was up 31 cents at $73.72 a barrel in tepid trade

Zero-duty unrefined gold imports take the shine off local players

Some refineries stayed away from giving an undertaking to govt. for not importing unrefined gold from LDCs

Sugar output declines by 7% to 14.87 MT during Oct 1-Jan 15: Industry body

Maharashtra's sugar production fell to 5.1 million tons from 6.09 million tons, while Karnataka's production dropped 12.7% to 3.1 mn tons, the National Federation of Cooperative Sugar Factories said

Crude oil prices rise 1% to $78.96 a barrel on flaring West Asia tensions

Brent crude futures gained 81 cents, or about 1.04%, to $78.96 a barrel at 1333 GMT. The contract had lost 14 cents on Monday

India, US seek to bolster trade ties, work together on critical minerals

India's trade minister Piyush Goyal and Tai held their annual trade policy talks in New Delhi on Jan. 12. Tai is on a three-day visit to India

Govt holds back $600 million plan to replenish strategic oil reserves

India has limited oil storage capacity, with space for only 39 million barrels of crude - barely enough for eight days of the country's consumption - to use in the event of an emergency

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