Commodities News
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Silver futures succumb to profit-booking
PTI | June 30, 2017 11:52 AMSilver prices went down by Rs 84 per kg to Rs 38,515 per kg in futures trade today as speculators locked-in gains at prevailing levels. However, a firm trend in global market restricted the gains.
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Gold futures slide on profit-booking
PTI | June 30, 2017 11:50 AMGold futures fell by 0.25 per cent to Rs 28,536 per 10 grams today as participants cut down bets to book profits even as the metal strengthened overseas.
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Gold steady as dollar falls, but hawkish central banks weigh
Reuters | June 30, 2017 10:39 AMGold held steady on Friday, supported by a plunging dollar and declining stocks but hawkish comments from major central banks suggesting a shift toward tighter monetary policies kept the bullion shy of major gains.
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Crude oil prices firm, set for biggest weekly gain since mid-May
Reuters | June 30, 2017 10:08 AMCrude oil futures on Friday were on track for their biggest weekly gain since mid-May, ending five weeks of losses with prices underpinned by a decline in U.S. output. U.S. crude futures have added 5.1 percent this week, while benchmark Brent has gained 4.7 percent, marking the biggest rise for both markets since the week ending May 19.
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Gold gets extra lustre, climbs for third day
PTI | June 29, 2017 4:59 PMGold prices moved up for the third straight session today by adding Rs 50 at Rs 29,300 per 10 grams, in sync with a firming trend overseas and continued buying by local jewellers. Silver followed, which rose Rs 400 to Rs 39,500 per kg, driven by demand push from industrial units and coin makers.
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Dollar, China, stocks and technicals help copper to 3-month high
Reuters | June 29, 2017 4:54 PMCopper prices hit three-month peaks on Thursday, boosted by a lower dollar, expectations of stronger demand from top consumer China, falling stocks and a break of a key technical level. Benchmark copper on the London Metal Exchange was up 0.6 percent at $5,919 a tonne at 1026 GMT after earlier touching $5,943.50, its highest since April 5.
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GST gold rate at 3%: Why the government made a new slab altogether?
FE Online | June 29, 2017 2:05 PMFinance Minister Arun Jaitley agreed to a tax rate of 3% on gold under GST in turn creating an entirely new tax slab of 3% for a single item — gems and jewelry.
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Modi steps in to speed up giant oil PSU plan? Cabinet nod for HPCL, ONGC merger likely by August
FE Online | June 29, 2017 12:10 PMThe Prime Minister’s Office is firm on the prospect of merging HPCL with ONGC, and in order to move ahead with the plan, the government will likely secure the Union Cabinet approval for the proposed merger by mid-August, a TV news report said.
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Gold futures climb Rs 33; Silver futures up Rs 157 on firm global cues
PTI | June 29, 2017 12:09 PMGold prices climbed up by Rs 33 to Rs 28,600 per 10 grams in futures trade today as speculators created positions amid positive cues from the global market. While silver prices shot up Rs 157 to Rs 38,861 per kg in futures trade today as speculators widened positions, tracking a firming trend in the precious metals overseas.
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Vedanta plans Rs 19,000 crore investment boost to double Cairn’s Rajasthan field oil output
Bloomberg | June 29, 2017 11:25 AMVedanta Ltd. will spend $3 billion over the next three years as it seeks to expand oil reserves and nearly double output from its largest field. Vedanta is cutting production costs by about $3 a barrel to $7.50, which it says is among the lowest in the world.
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Gold inches up as dollar tumbles to lowest since October
Reuters | June 29, 2017 11:01 AMGold edged higher on Thursday as the U.S. dollar weakened against other currencies on bets that central banks in Europe were preparing to scale back monetary stimulus, but the bullion’s gains were capped by a surge in equities.
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Oil rises for sixth session, buoyed by US output decline
Reuters | June 29, 2017 9:30 AMCrude oil rose for a sixth straight session on Thursday to its highest since June 19 on a decline in U.S. output, but ongoing worries about global oversupply continued to drag. U.S. West Texas Intermediate (WTI) crude had risen 28 cents, or 0.6 percent, to $44.01 per barrel by 0215 GMT.
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Maharashtra government seeks MEIS extension for onion exports for 3 months
Nanda Kasabe | June 29, 2017 4:10 AMThe Maharashtra Government has approached the Centre seeking a three-month extension of the Merchandise Exports from India Scheme (MEIS) for onion exports. The scheme is slated to expire on June 30, 2017.
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Natural rubber production splurges up to 8.7%, may touch 8 lakh tonne
FE Bureau | June 29, 2017 4:06 AMThe production of natural rubber (NR) during May 2017 has logged a surge of 8.7 % as compared to that in the same period last year. Production during May 2017 is being reported at 50,000 tonne, while it was 46,000 tonne in May 2016.
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Wheat procurement: FCI begins open market sale to bulk buyers
Sandip Das | June 29, 2017 4:01 AMAfter a sharp 34% increase in wheat procurement in the ongoing rabi marketing season (2017-18) to 30.8 million tonne compared to last year, the Food Corporation of India (FCI) has commenced its Open Market Sale Scheme (OMSS) for bulk buyers.
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More precious than gold? Copper is the better inflation hedge
Bloomberg | June 28, 2017 8:41 PMWhile broad commodity indexes provided the best bang for the buck during periods of rising costs in the U.S., the red metal — copper — stands out.
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Petrol price hiked for first time since daily revision but the amount will make you laugh
FE Online | June 28, 2017 6:11 PMPetrol price rose for the first time today ever since daily retail fuel price revision was implemented nationwide on June 16, after falling or remaining unchanged for 12 days in a row. However, the quantum of hike is such that many would not even bat an eyelid over it.
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Daily petrol price revision: Crude oil is not the only factor. What else impacts your fuel bill?
FE Online | June 28, 2017 2:58 PMThe revision in retail fuel prices may not always directly correspond to the change in the global crude oil prices on that day or the previous day. There are several other factors at play.
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Gold stays firm on global cues, jewellers’ buying
PTI | June 28, 2017 2:47 PMGold prices climbed Rs 90 to Rs 29,250 per 10 grams, rising for the second straight session at the bullion market today, in tandem with a firm trend overseas and sustained buying by local jewellers.
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Shell persuading Indian textile, cement plants to switch to gas from coals to push LNG sale
Bloomberg | June 28, 2017 1:23 PMRoyal Dutch Shell Plc is turning to India’s textile, cement and steel factories as it seeks to expand demand for its natural gas. Shell is studying how it might convert coal users in the western Indian city of Surat, a major textile hub.
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Gold, Silver climb on positive global cues
PTI | June 28, 2017 11:34 AMGold prices were trading up by Rs 94 to Rs 28,647 per 10 grams in futures trade today as speculators raised bets amid firm global trend. Silver prices went up by a whopping Rs 349 to Rs 38,704 per kg in futures trading today as participants widened positions, tracking a firm trend in global market.
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Gold firm as US healthcare vote delay weighs on stocks, dollar
Reuters | June 28, 2017 10:42 AMGold prices firmed on Wednesday as the dollar struggled and shares weakened after a vote on U.S. healthcare reforms was postponed and European Central Bank President Mario Draghi hinted the ECB could trim its stimulus this year.
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Oil prices weighed down as US inventory gains revive glut worries
Reuters | June 28, 2017 9:19 AMOil markets were steady to lower on Wednesday after a report of rising US fuel and crude inventories underscored concerns that a three-year supply glut is far from over. Brent crude futures were at $46.67 per barrel at 0329 GMT, close to their last close.
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Stressed assets major obstacle in growth of steel sector
Sushim Banerjee | June 28, 2017 4:11 AMOne of the major irritants in the growth journey of Indian steel industry seeking an augmentation of steel capacity to cater to the emerging demand from the various end using sectors has been the poor record of repayment of loans taken from the banks and other financial institutions.
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Rice traders launch campaign to educate farmers on pesticides
Sandip Das | June 28, 2017 4:02 AMFollowing the European Union’s recent decision to impose a stringent maximum residue limit (MRL) for Tricyclazole, a fungicide used by farmers against a disease from December 31, 2017, rice exporters in the country have launched an extensive campaign to educate the farmers.
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Onion procurement: After Madhya Pradesh, Maharashtra farmers seek Centre’s intervention
Nanda Kasabe | June 28, 2017 3:54 AMFarmers in country’s biggest wholesale onion market in Lasalgaon are now demanding that Centre procure onions from Maharashtra as it did in the case of Madhya Pradesh.
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GST rollout: Gujarat textile traders to boycott PM Narendra Modi’s event to protest new tax law
FE Bureau | June 28, 2017 3:48 AMTextile merchants of Gujarat have decided to boycott the ‘Textile India 2017’ to protest against proposed 5% tax under the Goods and Services Tax (GST). The mega event has been organised by ministry of textile, government of India.
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