Commodities

MMTC-PAMP launches buy-back, exchange offers for gold

The gold price will be determined based on the daily updated prices based on international live price plus applicable taxes.
Starting with its Lajpat Nagar centre in Delhi, this facility will be rolled out soon across the country, it added.

Cotton procurement exceeds a record 10 million bales

Market prices of the ICS-105 cotton variety (28mm) in Gujarat were ruling at just Rs 35,900 per candy, of 356 kg, on Wednesday, down by about 12% from a year before.

The country is estimated to have produced 36 million bales of cotton in the current year, against 33 million bales in 2018-19, according to the state-backed Cotton Advisory Board.

Some onion imports on cards as prices soar

Traders at Vashi – one of the largest wholesale markets in the country – said around 20-25 containers from Egypt are expected to arrive in a fortnight at a landed cost of Rs 35-40 per kg. One cont

The Centre has not yet initiated any action on onion imports.

Despite 70% surge in domestic prices, Indian tea exports feel pandemic heat

Indian tea exports fell both in volume and value terms between January and June 2020, but the declining trend between April and June further deepened in volume terms

But August auction prices of both Assam and West Bengal tea this year has shown a declining trend, fetching an average price of Rs 250 per kg.

Gold prices gain today amid rising COVID-19 cases; may trade in this range by year-end

Analysts say that gold prices got crushed yesterday following a global sell-off in equity markets. US Dollar strengthened amid broad risk-off as rising cases of infection in Europe might prompt the go

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Sebi puts in place framework to handle near zero, negative prices in commodity futures

Sebi noted that in recent times extreme volatility has been observed in commodity prices globally, particularly in the case of crude oil, wherein the prices had unprecedentedly gone down to zero and

In such a scenario, margins equivalent to even 100 per cent of the futures price would not have been sufficient to cover the steep upward or downward price variations in the futures market, it added.

India saved Rs 5,000 cr by filling strategic reserves with low-priced oil: Dharmendra Pradhan

India saved over Rs 5,000 crore when the country in April-May used two-decade low international oil prices to fill up its three strategic underground crude oil storages, Petroleum Minister Dharmendra

Against such a backdrop, BP’s belief that peak oil demand has been reached and there will either be a decline or no increase hereon should come as a relief.

Lockdown crushes gold smuggling routes; illegal shipments may fall this much by year-end

The coronavirus pandemic has crushed the inflow of gold smuggled into the world’s second-biggest consumer. Illegal shipments of gold to India are estimated to have slowed to a trickle of about 2 ton

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Karnataka farmers urge Centre to exempt ‘Bengaluru Rose’ onions from export ban

The delegation said that farmers in Bengaluru Rural, Kolar and Chikkaballapur districts have grown more than 10,000 tonnes of 'Bengaluru Rose' onion this year.

We argue that the ordinance is a step towards creating a unified national market, thereby strengthening distribution and supply chains for agricultural produce in India.

Cane crushing in Maharashtra to begin from October 15

Expecting a bumper crop, Maharashtra is all set to commence the cane-crushing season of 2020-21 from October 15.

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Govt again cuts import duty on masoor dal

A notification of the Central Board of Indirect Taxes and Customs (CBIC) has amended a June 2017 notification "so as to reduce" the basic customs duty on lentil (masoor dal) for the period from Septem

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Petrol demand returns to pre-COVID-19 levels, diesel demand still down

Petrol sales between September 1 and 15 rose 2.2 per cent year-on-year and were up 7 per cent over the previous month, according to preliminary industry data.

Petrol sales rose to 9,65,000 tonnes during the first half of September as compared to 9,45,000 tonnes in the same period a year back and 9,00,000 tonnes during August 1-15, 2020.

European Commission seeks public comments on India’s Basmati GI right plea

The government recognises 34 Indian rice varieties, both traditional and evolved, as basmati while Pakistan has also a few more.

Considering the past instances of attempts to sell aromatic rice of other countries under basmati, registration under GI will help India to protect the name legally.

Maharashtra farmers seek removal of ban on onion export

Before the move, prices of the kitchen bulb in Lasalgaon, the country's biggest onion market in Maharashtra, had doubled to Rs 3,000 per quintal since March.

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Sugar mills owe nearly Rs 13,000 cr for 2019-20 season to cane farmers as on September 11: Govt

The sugar mills also owe Rs 548 crore for 2018-19 marketing season (October-September), Rs 242 crore for 2017-18 and Rs 1,899 crore for 2016-17 and earlier, taking the total outstanding amount to Rs 1

The Sugarcane (Control) Order 1966 stipulates the payment of cane price within 14 days of supply.

Gold prices in India jump today, still 10% down from record high; global rates flat ahead of US Fed meet  

Gold prices hit a record high of Rs 56,191 per 10 gram in August this year, since then the yellow metal prices have corrected over 9 per cent.

Gems, jewellery export improves 29.18% sequentially in August

The recovery is due to growth in demand for diamonds and jewellery in international markets like the US, China, Europe etc. which have opened for trade, the GJEPC said.

The total shipments in July stood at Rs 10,187.04 crore (USD 1,358.58 million), the GJEPC said in a statement.

Retail tomato prices surge to Rs 80-85/kg in Delhi

Mother Dairy's Safal vegetable outlets were selling tomato at Rs 78/kg, while e-tailer Grofers at Rs 74-75/kg and Big Basket at up to Rs 60 per kg on Saturday.

At Azadpur mandi, Asia's largest fruits and vegetable wholesale market, tomato prices were ruling at Rs 40-60 per kg, according to trade data.

Diesel price dips below Rs 73, petrol rate cut for 2nd time in six months

Petrol price in the national capital fell to Rs 81.86 a litre from Rs 81.99 per litre.

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Demand for natural rubber may revive in Q3 of 2020

The inter-governmental organisation of 13 rubber producing countries in its latest report said the global demand for NR is likely to fall by 2.9 % in Q3 of 2020, after it fell 15% in Q1 because of Chi

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Less supply from states owing to crop damage caused by rains push vegetable prices up in Delhi

In the open market, retail prices of green vegetables like okra (bhindi), cabbage, green chilly, pointed gourds (parwal) among others were selling at Rs 60 per Kg and above.

Potatoes are also being sold at Rs 70- 80 per Kg while tomato Rs 60-80 and onion Rs 40-50.

Sowing of pulses, coarse cereals and oilseeds almost over; rice growing still in progress: Govt

The ministry attributed the record progress in kharif sowing to timely prepositioning of crop inputs, credit and adoption of technologies besides good rainfall.

The final sowing figures for the kharif season are expected to be closed on October 1.

Petroleum products sale in Gujarat lower despite 4 unlockdowns

It would take another three to four months to achieve pre-lockdown level in Gujarat, he said, adding that trade and industries are gradually opening up in the state but still a large chunk of employee

In the case of diesel, sale of the petroleum commodity nosedived from almost 56 crore litre to as low as 11 crore litre.

Covid-19 lockdown re-imposition effect: August diesel sales 12% less than July

While rural agricultural demand is mainly driving diesel consumption, floods in Bihar and northeastern states has moderated the speed of demand recovery. Muted sales of commercial vehicles is also not

Diesel sales itself contribute to around 40% of the total consumption of petroleum products in the country.
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