Commodity News

Sugar Prices May Remain Firm In Future

Sugar Prices May Remain Firm In FutureSugar was traded at Rs 65 per quintal higher last week at the commodity exchange and market is expected to remain firm in the coming times due to the fears of low yield.

The rejection of petition, field by the mills on SAP issue supported prices at the commodity exchange.

The court upheld the prices fixed by the government at Rs 140-145 per quintal. Other factors such as depreciation of rupee against US dollar, global slow down and liquidity crunch helped to raise the demand of sugar.

Vegetable Oil Imports Jump 30% in November

Vegetable Oil Imports Jump 30% in NovemberAs prices in the global market continued to decline, vegetable oil imports increased 30 per cent in November compared with the same period a year ago. Total veg oil imports in the country shot up to 555,342 tonnes in November this year as compared to 427,912 tonnes in the corresponding month last year. Of this, edible and non-edible oil comprised 519,032 tonnes and 36,310 tonnes, respectively. Import of RBD palmolein was reported at 137,959 tonnes as compared to 30,014 tonnes in the same month last year. The share of refined oil increased to 27 per cent from 25 per cent in October this year.

Gold Prices Rise By Rs 405 To Rs 12,865

Gold Prices Rise By Rs 405 To Rs 12,865  Gold recorded a rise of Rs 405 to touch Rs 12,865 per 10 gm in Mumbai. The price of yellow metal breached the psychological level of Rs 13,000-mark in Kolkata after a gap of 10 days, while it was just of short of Rs 20 from the Rs 13k in Delhi.

Prices of gold have gone up by more than Rs 1,500 since January 11, 2008, when it closed at Rs 11,355 per 10 gm in Mumbai bullion market. Gold prices firmed up in the global market due to the rise in oil prices and weakness of the U.S. Dollar against the Euro.

Exxon Mobil reports largest quarterly profit in US history

ExxonNew York - The world's largest publicly traded oil company, Exxon Mobil, reported the largest quarterly profit in US history Thursday on the back of record oil prices.

Exxon earned 14.83 billion dollars in the quarter, an increase of 60 per cent on the same quarter of 2007.

Sales increased by 35 per cent to 137.74 billion dollars in the same period, the company reported from its headquarters in Houston in the US state of Texas, far exceeding analysts' forecasts.

Exxon Mobil held the previous quarterly profit record, with 11.7 billion dollars in the second quarter of 2008.

Reliance Money to acquire another 16% stake in NMCE

Reliance Money to acquire another 16% stake in NMCEReliance Money, a unit of Reliance Capital and part of the Anil Dhirubhai Ambani group, has sought permission to acquire an additional 16% stake in the National Multi-Commodity Exchange (NMCE).

Last month, Reliance Money picked up 10% stake in NMCE and now the firm is seeking approval from the Forward Markets Commission (FMC) and Ministry of Consumer Affairs for an additional 16 per cent stake in NMCE within the next three months.

Reliance Money gets nod to acquire 10% stake in NMCE

Reliance Money gets nod to acquire 10% stake in NMCEReliance Money, part of the Reliance Anil Dhirubhai Ambani Group, has informed that it has obtained approval from Ministry of Consumer Affairs to acquire a 10% stake in the National Multi-Commodity Exchange of India (NMCE) Board.

The latest development will mark company’s foray into the national commodity exchange space that is expected to cross an annual turnover of Rs 74 lakh-crore (volume) by next year.

Birla Sun Life rolls out ‘commodity focused fund’

Birla Sun Life rolls out ‘commodity focused fund’Birla Sun Life Asset Management Company has rolled out a commodity focused fund in the Indian market.

This will be the first commodity-focused fund from Birla Sun Life AMC. The primary investment objective of the scheme is to provide long term capital appreciation by investing in securities of domestic and overseas commodity firms.

Reliance Money to pick 26% stake in Ahmedabad-based NMCE

ADAG group’s Reliance Money, the broking and financial services arm of Reliance Capital, has entered into an agreement with the Ahmedabad-based National Multi-Commodities Exchange (NMCE), to pick up 26% stake in the bourse, for an undisclosed amount.

NMCE, the third largest commodities bourse in the country in terms of turnover, is strong in three agro commodities pepper, rubber and raw jute. It also has presence in commodities like isabgul, sacking and rapeseed.

Earlier, the Bombay Stock Exchange (BSE), the oldest stock exchange in India, had announced in February its intentions to buy a 26% stake in NMCE. The deal is yet to be closed.

Inflation rises to 7.67 percent; Commodities & Metals trade higher

InflationInflation has touched a 3-1/2 year high at 7.61 percent as on April 26 compared to 7.57 percent previous week, as per the data released by Government. Rising prices for food and vegetables may cause big trouble for UPA government in upcoming elections. Government is taking measures to curb inflation and has urged industry leaders to reduce prices.

JSW Steel Slashes Steel Prices by Rs 4,000

Due to constant governmental pressure, JSW Steel, a part of $4 billion O.P.JSW Steel Jindal Group, has declared a price reduction of Rs 4,000 per tonne on price list for hot rolled, cold rolled and galvanised products.

The company said that the recent price reduction will be applicable for steel consumption and sales in Indian markets except for term contracts and material consumed for further value added exports.

MCX finally launches future contract in Gold Coins

MCX finally launches future contract in Gold Coins

Premier commodity exchange, Multi Commodity Exchange of India (MCX) has informed that it has launched futures contracts in gold, effective from 8 May 2008.

The 'Gold Guinea' would have two contracts, July and August 2008. The trading unit of the contract would be eight grams and maximum order size would be 10 kg with tick size (minimum price movement) of Re 1 per eight grams. MCX has made delivery under these contracts compulsory.

JSW Steel announces price reduction in HR Coil and Galvanized Sheets

Sajjan Jindal-owned JSW SteelJSW Steel has informed that the company has decided to cut prices on flat steel items used in consumer goods and construction. The company will reduce HR coil price by Rs 500 per tonne with immediate effect.

Further, the company will also lower prices of galvanized sheets by almost Rs 750 per tonne, reacting to the government’s move in cutting down import duty on zinc, coke and ferro alloys.

Last month, the Government had reduced customs duty on metallurgical coke, ferro alloys and zinc from 5 per cent to nil.

MMTC unveils plans to introduce spot trading in gold coins

MMTC unveils plans to introduce spot trading in gold coins

State-run MMTC Limited, India’s Premier bullion trader, plans to introduce spot trading in gold coins on the country's leading agri-commodity bourse National Commodity and Derivative Exchange by July this year.

Currently, gold futures are traded in variants of 10 grams, one kilo and 8 gram coins on NCDEX counter.

MMTC India (MMTC) is a state-owned international trading company which engages in import and export of precious metals, minerals, metals, coal and hydrocarbons, agro products and fertilizers.

Commodity Prices at MCX under pressure

Commodity Prices at MCX under pressureOil touched a new high of $113 per barrel on Tuesday. Technical experts believe that Oil may touch $115 level soon and we can see some correction after a week from now. Inflation has gone out of control of Indian Government. Many illegal stores were raided by government officials recently to check any black marketing in commodities.

Commodity prices were down sharply on Tuesday with major commodities plunging on MCX after the news of raids. Among spices, Jeera was down followed by Black Pepper. Channa Dal prices were also trading much lower compared to earlier close.

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