Commodities

Saudi Aramco, Adnoc committed to $44 bn west coast refinery project: IOC Chairman

Oil demand fell by as much as 49 per cent in April but with the reopening of the economy the demand is coming up, he said.

"Both Adnoc and Saudi Aramco are still committed to the investments in the project," Indian Oil Corp (IOC) Chairman Shrikant Madhav Vaidya said at Energy Intelligence Forum 2020.

Fitch expects marketing, refining volume of oil firms to fall 15% in FY21

"Pent-up demand and the upcoming festival season may support fuel sales in 3QFY21 (October-December), but a sustainable recovery would be subject to risks from the continuing spread of the coronavirus

Edible oil prices rise 10-20% in Maharashtra ahead of festive season

Soybean production is estimated to go up from 100 lakh tonne last season to 125 lakh tonne, while groundnut production is expected to rise up to 55-60 lakh tonne, from 39 lakh tonne last year, he poin

Four sugar companies account for nearly 45% of UP’s cane arrears

Modi Sugar, which has two sugar mills, has dues of Rs 467 crore and has made 40% payments, Yadu group with Rs 98 crore pending has 2 units and paid only 26% of its total cane dues.

Talking to Financial Express, a mill owner requesting anonymity said a majority of the mills have cleared more than 80% of their dues and that they are waiting for the state government to clear their long-standing cogen dues and the subsidy amount from the central government to clear the remaining dues.

Maharashtra sugarcane workers on strike; crushing season likely to be delayed

Sanjay Khatal, MD, MSCSFF, said three meetings were held between various cane cutter organisations and the federation but these fell through since the workers are not willing to budge from their stand

Cane workers are seeking a hike in their wages to Rs 400 per tonne — the same payment, which is given for the use of a harvester machines.

Libya to resume oil production at largest field amid talks

The National Oil Corporation said it has lifted the force majeure that was imposed at the southwestern Sharara oil field after it reached an honor agreement with forces loyal to military commander Kha

Madhya Pradesh moves Supreme Court seeking GI rights on Basmati rice

MP, in its appeal, alleged that APEDA had been given “wrongful” GI tag and the HC order enabled the statutory body to enforce its “wrongfully” granted GI registration against its 80,000 Basmat

Omitting MP had triggered protest from Daawat Foods and farmers from the state, as well as opposition from the state government itself.

Cashew nut prices on revival path

“Cashew industry went through an upheaval not seen in a long time. In less than a month, raw cashew prices came down about 30% and kernel prices came down about 20%.The third quarter has seen thing

Vietnam W320 which had gone down to $2.50-2.70 by June-July has recovered to $2.85-3.05 with reasonable demand at current levels.

Gold bars, coins worth billions shifted ahead of Dutch bank rebuild

Along with the bullion worth 10 billion euros (USD 11.7 billion), the bank also shifted bills worth another 4.5 billion euros (USD 5.3 billion) in the operation that was led by the Royal Dutch Militar

Short supply, high demand push egg prices up in West Bengal

Retail price has shot up to Rs 7 a piece, while branded eggs are sold over Rs 10 per unit, they said.

About 2.7-2.8 crore eggs are consumed daily in West Bengal, while the per-day production stands at 1.8 crore.

Icra: Govt weighing floor price for domestic gas over falling prices

From the consumers’ perspective, the decline in domestic gas price has lowered fuel cost by about 20% for domestic gas-based power generators. Given the nature of power purchase agreements, the bene

Additionally, global GDP, expected to shrink, will mute the demand growth of natural gas in the near term. Additionally, low oil prices will also weigh on LNG price.

Maharashtra millers look at ethanol to reduce sugar production

At a meeting at the Vasantdada Sugar Institute (VSI) in Pune on Friday, millers examined ways to divert at least 10 lakh tonne towards the production of ethanol.

Producing ethanol will not only help stabilise price due to diversion of sugar, but also ease fair and remunerative price (FRP) payments to farmers, he said.

Govt decision to import urad won’t bring down prices drastically: IPGA

Considering this, the government has allotted an import quota for 1.5 lakh tonnes of urad which shall be distributed equally or applied quantity (whichever is lower) only to the eligible and verified

Farm laws: Maharashtra APMCs see 25-30 per cent drop in income

Greenfield Agro Services, which boasts of over 50 farmers from Nashik district, has developed an app and supplies nearly two tonne vegetables per day to 2,000 customers in Thane.

The Maharashtra government has been encouraging alternate markets that have emerged as an attractive option for farmers.

Petrol sales grow for first time since lockdown began; petrol, diesel prices fall this much in September

The sale of petrol rose 2 per cent to 2.2 million tonnes in September compared to 2.16 million tonnes in the same month last year and 1.9 million tonnes during August 2020.

petrol demand, diesel demand, demand for fuel, fuel prices

Cotton procurement in Maharashtra may begin from early November

The minister, who reviewed the preparations for the cotton procurement season of 2020-21, directed the Cotton Corporation of India (CCI) and the Maharashtra State Cooperative Cotton Growers Federation

Govt slashes domestic natural gas price by 25 percent to $1.79/mmBtu

This is the third straight cut after the government, in September 2019, lowered domestic natural gas prices by 12.5% to $3.23/mmBtu.

Indigenous natural gas production caters to about 51% of the country’s requirements, while around 85% of the country’s crude oil is imported.

Govt cuts gas price by 25% to lowest on record

Sources said ONGC in a recent communique to the government has stated that the break-even price to produce gas from new discoveries was in the range of USD 5-9 per mmBtu.

Under the current additive pricing regime, the transportation cost of gas sourced from the KG Basin, touted to be the largest source of upcoming new gas in the country, is in the range of Rs 100 to Rs 193 per mmbtu.

Strong gold demand may continue until global economy is back on solid track

During a webinar, Refinitiv Head (Precious Metals Research) Cameron Alexander said the past few months have been quite extraordinary and many markets continue to be profoundly impacted by COVID-19.

He added that a strong demand for gold as a safe-haven asset is expected to continue at least until we see that the global economy is back on a solid recovery path.

Diesel prices falling back to comfort zone; oil firms lockdown-month profits more than full year profits

The profit of IOCL and HPCL in Q1 FY21 was more than their profits in the previous full year.

petrol prices, diesel prices, commodity prices, lockdown months, crude oil

Maharashtra govt urges farmers to use own soyabean seeds for next season

“Right now, we cannot assess the total seed damage but we expect some shortage to happen and, therefore, have begun planning for the next season, Dilip Zhende, divisional joint director, Department

The state government has supplied for 26.47 lakh quintal of soyabean seeds for 2020-21 season and around two-third of the seed requirement is met through the farmer’s own field, he explained.

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 purchase exceeds 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.

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.

FIEO urges commerce ministry to exclude ‘Bangalore rose’ onion from export ban list

On September 14, the government banned the export of all varieties of onions with immediate effect, a move aimed at increasing availability and checking price of the commodity in the domestic market.

retail inflation, food inflation, MPC, RBI, policy rate, repo rate

Gold prices plunge over Rs 6,800 from record high; check key reasons behind this fall in yellow metal

So far this week, gold prices have fallen Rs 2,326 or 4.50 per cent, while silver has lost Rs 11,206 or 16.5 per cent. The level at which gold is trading today was last seen on July 21 this year.

gold price, silver, gold rate

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.

Gujarat based ginning mills pressed around 1 crore bales last year.

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.
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