Commodities News
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Petrol to become costliest ever in India’s history if price rises by only this many paise
Pragya Srivastava | May 18, 2018 1:47 PMThe petrol prices were highest in four metro cities on September 14, 2013 — nearly five years ago, when crude oil price was about $112 a barrel.
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Brazil sugar mills are coming to a grinding halt, and India is to blame
Bloomberg | May 18, 2018 12:01 PMSugar has slipped below the average cost of production in Brazil following a slump in global prices this year, making it harder for some mills to fund cane purchases and maintain factories.
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Oil steady on OPEC cuts, strong demand and looming Iran sanctions; Brent crude trips below $80
Reuters | May 18, 2018 8:47 AMOil prices held firm on Friday on strong demand, ongoing supply cuts led by producer cartel OPEC and looming U.S. sanctions against major crude exporter Iran. But markets remained below multi-year highs from the previous day
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Pain at the pump: Brace yourself for even costlier auto fuels
Saurabh Kumar | May 18, 2018 4:40 AMWith oil turning costlier relentlessly — Brent crude went past $80 a barrel on Thursday, up 3.3% from a week ago and a three-and-half-year high, taking the cost of Indian basket to a prohibitive $76 a barrel — and the rupee losing value against the dollar, consumers should brace for more hikes in auto fuel prices.
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Demand for local cotton varieties gaining momentum in Maharashtra
Nanda Kasabe | May 18, 2018 2:00 AMEven as BT variety continues to account for over 96% of the cotton crop in the country, the demand for desi ones is slowly growing, more so in Maharashtra.
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Where is crude oil price headed — $80, $83, $90, $100, or $300?
FE Online | May 17, 2018 5:00 PMOil prices have gained 20% since January to just shy of $80 per barrel, a level not seen since 2014. Where is crude oil price headed?
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Massive petrol, diesel price hike? Fuel prices could rise by Rs 4 a litre as Karnataka polls end
PTI | May 17, 2018 6:06 PMOur computation suggests that downstream oil marketing companies (OMCs) are required to increase retail prices of diesel, said brokerages.
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ONGC capital spending not impacted by oil price: Moody’s
PTI | May 17, 2018 2:47 PMThe decline in oil prices did not significantly affect Oil and Natural Gas Corporation (ONGC), which saw its consolidated EBITDA for 2015-16 decline by only 16 per cent compared to the same period three years earlier.
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India raises Iran oil imports in April to highest since October 2016 as US sanctions loom
Reuters | May 17, 2018 12:55 PMIndia’s oil imports from Iran surged to 640,000 barrels per day (bpd) in April, its highest level since October 2016, according to data from shipping and industry sources, as refiners raised purchases ahead of looming U.S. sanctions against Tehran.
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India worst hit as crude oil’s rise to $80 pushes up Asia’s import bill to $1 trillion
Reuters | May 17, 2018 12:34 PMOil prices are poised to break through $80 per barrel and Asia’s demand is at a record, pushing the cost of the region’s thirst for crude to $1 trillion this year, about twice what it was during the market lull of 2015/2016.
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Price hike continues: Petrol prices near all time high in Delhi, diesel at record high
FE Online | May 17, 2018 10:19 AMIn the fourth straight hike, state-run oil marketing companies increased petrol and diesel prices by 22-24 paise per litre across Delhi, Kolkata, Mumbai and Chennai.
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Oil markets firm as Brent crude edges ever closer to $80 per barrel on tight market; US inventories drop
Reuters | May 17, 2018 8:47 AMOil prices firmed on Thursday, with Brent crude creeping ever closer to $80 per barrel, a level it has not seen since November 2014, as supplies tighten while demand remains strong.
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Vegetable oil imports up 3.5% in April
FE Bureau | May 17, 2018 1:39 AMImport of vegetable oils during April 2018 stood at 1,386,466 tonne compared with 1,339,489 tonne in the same month last year, showing a growth of 3.5%, data released by the Solvent Extractors’ Association of India (SEA) show.
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Forget Iran and OPEC; this is the reason that will take oil price to $90 a barrel
Bloomberg | May 16, 2018 7:33 PMForget Iran and OPEC — there’s another issue that will keep oil prices supported for the next two years, according to Morgan Stanley.
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Another price hike: Petrol costs over Rs 75 per litre in Delhi today, diesel reaches record high
FE Online | May 16, 2018 12:33 PMIn the third straight day of increase on Wednesday, petrol and diesel prices were today hiked 15 paise per litre in Delhi and Mumbai, 14 paise per litre in Kolkata and 16 paise per litre in Chennai.
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Oil dips on signs of ample supply despite OPEC cuts, Iran sanctions
Reuters | May 16, 2018 8:40 AMOil prices fell on Wednesday, weighed down by ample supplies despite ongoing output cuts by producer cartel OPEC and looming U.S. sanctions against major crude exporter Iran.
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Kerala peps up poultry business as Tamil Nadu chicken price takes a high perch
M Sarita Varma | May 16, 2018 3:49 AMKerala is out to put together its homegrown poultry supply chain in a hurry, as the price of Tamil Nadu-sourced broiler chicken has left the coup to perch as high as Rs 220 per kg this week.
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Maharashtra misses tur procurement targets on lack of storage
Nanda Kasabe | May 16, 2018 3:46 AMMaharashtra has again missed its tur (arhar) procurement target for the season despite an extension granted by the Centre until Tuesday.
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Industry seeks additional export subsidy
The Financial Express | May 16, 2018 3:38 AMSenior NCP leader Sharad Pawar on Tuesday met Nripendra Mishra, principal secretary to the PM, and called for urgent measures by the Centre to bail out the country’s ailing sugar sector.
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UP sugar mills miffed at release of just Rs 217-crore power dues
Deepa Jainani | May 16, 2018 3:34 AMEven as cane dues for the sugar season 2017-18 in Uttar Pradesh continue to mount – over Rs 12,000 crore at last count – the Yogi Adityanath government has announced the release of just Rs 217 crore out of the Rs 850-crore power dues owed by the millers for settling the dues.
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Coal imports seen rising on transport constraints
FE Bureau | May 16, 2018 3:22 AMContrary to the Centre’s plan to bring down coal imports, industries are seen to be sourcing more coal from foreign countries in FY19, thanks to the unresolved issue of inadequate transport mechanism to ferry the fuel from the mines to the manufacturing plants.
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Bumper sugar production could lead to drop in prices to single digit
Bloomberg | May 15, 2018 12:06 PMMore than 500 sugar traders, growers, brokers, millers, exporters and fund managers descended on New York for Sugar Week — and it was hard to find a bull among them.
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Petrol, diesel prices hiked for 2nd day in a row post Karnataka polls; diesel price at all-time high in Delhi
FE Online | May 15, 2018 10:30 AMPetrol, diesel price hike in India continued for the second day in a row after Karnataka elections ended.
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Sugar from Pakistan leaves sour taste among mills, politicians
Nanda Kasabe | May 15, 2018 3:48 AMSugar imports from Pakistan at the Vashi Agriculture Produce Market Committee, Mumbai, have irked domestic sugar industry and political leaders.
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We expect Indian market for ethanol as auto fuel to grow, says Kurt Shultz of US Grains Council
May 15, 2018 3:45 AMKurt Shultz, senior director (global strategies), US Grains Council, tells Prabhudatta Mishra that he look forward to India as an export destination on behalf of the association’s farm producers members.
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Oil price hike pinching Indian consumers, says Dharmendra Pradhan in Dubai
Agencies | May 14, 2018 7:56 PMOil minister Dharmendra Pradhan on Monday said that the oil price is pinching the Indian consumers.
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Petrol, diesel prices: The not so curious case from Gujarat to Karnataka polls
Pragya Srivastava | May 14, 2018 5:22 PMAs soon as Karnataka polls were over, the petrol and diesel price returned back to dynamic pricing with a whopping hike of 17 paise and 23 paise respectively, after being on a 19-day-long freeze even as international crude oil prices kept rallying.
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