Page 9 - Commodities

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

Tight supply, inflation concerns keep crude oil investors on fence

By 1111 GMT, Brent crude futures were down 37 cents to $96.18 a barrel after rising to their highest level since last November earlier in the session. The November contract expires on Friday

Paddy area up 2.71% so far in kharif season, pulse acreage down slightly

Area sown to paddy rose 2.71 per cent to 409.41 lakh hectare so far in the current kharif season, while sowing is underway in a few places, according to agriculture ministry data released on Friday. Paddy-sowing area was 398.58 lakh hectare in the year-ago period. In the kharif season of the 2022-23 crop year (July-June), sowing begins with the onset of southwest monsoon from June and harvesting from October. According to the data, area coverage of paddy, coarse cereals, and sugarcane remained higher as so far this kharif season from the year-ago period. Acreage of pulses, oilseeds, jute and mesta and cotton lagged behind, it showed. Coarse cereals acreage rose marginally to 183.11 lakh hectare as on September 15 as against 181.48 lakh hectare in the year-ago period. However, area sown to pulses remained lower at 121 lakh hectare so far this season, as against 127.57 lakh hectares in the year-ago period. Area under oilseeds, too, remained marginally lower at 192.20 lakh hectare

JCI expected to procure at least 50% more raw fibre in the FY'24: Offical

The Jute Corporation of India (JCI) is expected to procure at least 50 per cent more raw fibre in the current jute year (2023-24) than the previous year, in the wake of a bumper season of the crop, a senior official said on Wednesday. The JCI is mandated by the government to carry out Minimum Support Price (MSP) operations for raw jute from farmers. This year, the average MSP price is Rs 5,050 per quintal. "In the current jute crop year of 2023-24, which began on July 1, raw jute procurement is very high. As of mid-September, we have already procured 2.30 lakh quintals. We expect the operation to run for the entire year and the total procurement to be over 50 per cent, or 6-7 lakh quintals over the previous year," JCI General Manager K Mazumdar told PTI. In the last fiscal jute season, the JCI procured a record 4.34 lakh quintals of jute. "This year is a bumper jute crop and production is expected to be 91 lakh bales," Mazumdar said. He said that 110 direct JCI procurement centres

Gold, silver prices unchanged, precious metal trading at Rs 73.500 /kg

The price of 22-carat gold remained unchanged, with the yellow metal selling at Rs 54,850.

Govt rolls out 3rd phase of mandatory gold hallmarking in 55 new districts

The government on Friday said the third phase of mandatory hallmarking of gold jewellery and artefacts has come into force in 55 new districts in 16 states and one Union territory. Gold hallmarking is a purity certification of the precious metal and was voluntary in nature till June 16, 2021, when the government decided to implement mandatory gold hallmarking in a phased manner. Currently, a total of 343 districts are covered under mandatory hallmarking. In the first phase, launched on June 23, 2021, 256 districts were covered, while the second phase from April 4, 2022, included 32 more districts. According to the Consumer Affairs Ministry, an order for implementation of the third phase of the mandatory hallmarking of gold jewellery and gold artefacts was notified on September 8. The third phase of the mandatory hallmarking will cover an additional 55 new districts in 16 states and one Union territory, it said in a statement. Eight districts, including East Champaran, will be cove

Top palm oil buyers expects 26% increase in imports to record 10 MT

Higher purchases by the world's biggest importer of palm oil could help to lower inventories in top producing Indonesia and Malaysia and support benchmark futures