Gold prices recovered by R170 to R32,000 per 10 gm on emergence of retailers buying for the wedding season amid firming global trend. Traders said emergence of retail customers buying for the ongoing wedding season mainly pulled back the gold, which had lost R270 in the previous session. They said a firming tend in overseas markets further supported the uptrend. The gold rallied in global markets from its biggest weekly drop in more than five months as investor holdings in exchange-traded products advanced to a record and a decline in the dollar boosted demand.
Coffee exports dip by over 8%
India's coffee exports declined by little over 8% to 2.97 lakh tonnes till November of the current calendar year impacted by weak global prices as a result of higher supplies, according to the Coffee Board. The country had shipped 3.23 lakh tonnes of the bean in the corresponding period last year, its said.
"The shipments have come down due to weak global prices," a senior Coffee Board official said.
No change in veg oil imports
India's vegetable oil imports are likely to be at last year's record at 10.2 million tonnes in the 2012-13 marketing year which began last month, on strong domestic demand, according to an analyst. Indian consumption is also expected to grow at a healthy pace but overall India's imports will be about the same as the last year," Godrej International director Dorab Mistry said.