Page 8 - Commodities

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

Gold set to mark best week in 7 months as markets price in end of Fed hikes

Spot gold rose nearly 1% to $1,886.40 per ounce by 0932 GMT. U.S. gold futures added 0.9% to $1,899.20

Gold rises more than 1% as Middle East conflict spurs safe-haven demand

Israel pounded the Palestinian enclave of Gaza on Sunday, killing hundreds of people in retaliation for one of the bloodiest attacks in its history when gunmen from Hamas rampaged through Israeli town

Indian steel companies plan price rises as coking coal costs surge

Steel mills are likely to raise rates by $25 to $50 a metric ton by December, said the officials, who did not wish to be named as they are not authorised to speak to media

Palm oil futures ends higher after 2 losing sessions as soyoil jumps

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market

Gold prices decline for a sixth straight day, hits seven-month low

Treasury yields climbed on Monday after a US government shutdown was averted over the weekend, pushing gold down to the lowest since March