Oil takes softer tone; Opec still above the output limit
OIL prices were a touch weaker on Friday but were still roughly 3 per cent up on the week because of worries about lean US gasoline inventories and a summer shortage of driving fuel. US light crude slipped 12 cents to $27.14 a barrel in electronic dealings, erasing most of the 14-cent gain in New York a day earlier. Despite the retreat, US benchmark West Texas Intermediate crude is 85 cents above the closing level at $26.29 last Friday.

FMD ends Indian pepper exports to EU; Vietnam variety to flood domestic market
INDIA is set to import 500 tonne of pepper for its home consumption from Vietnam this month, brushing aside any vanity of once-a-black-pepper major. Although the country had this historic moment coming for many months in the wake of its own voracious domestic market, the immediate provocation for its total export dry out has been the foot-and-mouth disease ravaging the cattle population in Europe.

Polymer-makers forced to cut prices
The domestic polymer makers have been forced to retrace their earlier stand and cut prices at a time when polymer imports are down considerably from their earlier high levels.

Rubber sector upset over refusal to raise import duty
THE decision of the Centre recently not to raise the import duty on rubber to 50 per cent has left rubber growers and dealers sore. The commerce ministry had early this week rejected Kerala’s plea to raise the import duty on rubber from 25 per cent to 50 per cent.

Chinese steel companies get their survival acts together by forming nationwide strategic alliance
THREE of China’s major steel mills, Baosteel, Wuhan Iron & Steel and Shougang Iron & Steel, have reportedly formed a strategic alliance in which the three companies are likely to co-operate to cut costs in important areas like raw materials purchasing, technology transfer, pricing strategies, distribution and transportation of materials.