Commodities News
Oil prices continue to slide as supply overhang prevails
Reuters | June 09, 2017 6:51 AM
Oil prices continued to slide on Friday, adding to sharp declines from earlier this week as evidence mounted that a fuel supply overhang continued despite an ongoing effort led by OPEC to tighten the market by holding back production.
Import duty hike to support domestic sugar prices, says Icra
PTI | July 13, 2017 5:26 PMThe government's decision to increase import duty on sugar from 40 per cent to 50 per cent is expected to support near term domestic sugar prices, a report said.
Saudis fall from king to prince: Iraq edges out Saudi Arabia as top oil supplier to India for third month in May
Bloomberg | June 14, 2017 6:37 PMGST rates: India's gold imports in May surges fourfold from a year ago to 103 tonnes
Reuters | June 05, 2017 4:49 PMOil remains weak after OPEC-led output cut extension falls below expectations
Reuters | May 26, 2017 8:32 AMOil prices rise as market expects extended production cut
Reuters | May 24, 2017 8:30 AMCommodity currencies nurse losses after oil slumps; pound falters
Reuters | May 26, 2017 7:29 AM-
Modi’s giant oil PSU plan takes shape as Cabinet approves ONGC HPCL merger
FE Online | July 19, 2017 7:26 PMThe government’s plan to build a mega oil PSU of global scale got a shot in the arm today with the Union Cabinet clearing the proposed acquisition of state-run refiner and marketer HPCL by the oil exploration and production giant ONGC.
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Government refiners to buy less Iran oil in 2017/18: Oil minister Dharmendra Pradhan
Reuters | July 19, 2017 7:07 PMIndia’s state refiners plan to buy less Iranian oil in 2017/18 compared with the last fiscal year, Oil Minister Dharmendra Pradhan said on Wednesday.
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Anti-dumping duty likely on certain type of synthetic rubber
PTI | July 19, 2017 2:48 PMThe government may impose anti- dumping duty of up to $266 per tonne on a certain type of rubber, used in items like footwear and conveyor belts, from EU, Korea and Thailand.
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Mega oil PSU merger inches ahead: ONGC-HPCL deal on Cabinet agenda today
FE Online | July 19, 2017 10:06 AMONGC’s proposed Rs 29,000-crore acquisition of the government’s entire 51% equity stake in HPCL will likely be discussed at the Union Cabinet meeting later today.
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Gold steady near highest in over two weeks on weaker dollar
Reuters | July 19, 2017 7:28 AMGold prices held steady on Wednesday after hitting their highest in over two weeks in the previous session, buoyed as the dollar hovered near ten-month lows.
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7-year old dispute haunts RIL, Shell, ONGC, as government slaps Rs 20,000 crore notice
FE Online | July 18, 2017 4:47 PMThe government has slapped a notice on Reliance Industries, Royal Dutch Shell and ONGC, seeking about Rs 20,000 crore in a seven-year old dispute over cost recovery in Panna/Mukta and Tapti (PMT) oil and gas fields, which it had partly won last year.
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Falling gold returns fail to deter Indian buyer; Gold buying in India among the highest in the world
FE Online | July 18, 2017 1:43 PMIs gold a dead investment? The Indian gold buyer does not believe so. The Indian penchant for the yellow metal needs no elaboration. While gold as an investment may have had poor returns, there are no brakes on the Indian jewellery buyer.
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Mega oil PSU: ONGC-HPCL deal not done yet, but here’s government’s next big merger move
FE Online | July 17, 2017 1:26 PMWhile a deal for ONGC’s proposed takeover of HPCL is yet to be finalised, the Centre has already embarked on its next ambitious project: combining the behemoth refiner and marketer Indian Oil Corp and smaller oil exploration firm Oil India Ltd.
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Import duty hike to support domestic sugar prices, says Icra
PTI | July 13, 2017 5:26 PMThe government’s decision to increase import duty on sugar from 40 per cent to 50 per cent is expected to support near term domestic sugar prices, a report said.
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Gold tops Rs 29,000, up Rs 160 on firm global cues
PTI | July 13, 2017 3:12 PMGold regained the Rs 29,000-mark by rising Rs 160 to Rs 29,050 per 10 grams at the bullion market largely in tandem with a firm global trend and persistent buying by local jewellers.
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Basmati rice challenges abound for Indian farmers as EU demands crackdown on fungicides
FE Online | July 13, 2017 2:53 PMFarmers sowing Basmati rice in India have been facing big challenges after the recent European Union decision to bring down the maximum residue limits for Tricyclazole in imported rice shipments.
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Oil prices dip as OPEC expects less demand for its crude
Reuters | July 13, 2017 8:45 AMOil prices dipped early on Thursday as producer club OPEC said it expected demand for its crude to decline next year as rivals pump more, pointing to a market surplus in 2018 despite efforts to tighten the market.
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Gold steady after Yellen hints at only gradual tightening
Reuters | July 13, 2017 8:42 AMGold prices held steady on Thursday after U.S. Federal Reserve Chair said the central bank would only gradually tighten monetary policy, curbing speculation that interest rates would rise more than once this year.
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Bumper production makes maize prices crash under MSP in Punjab
Sandip Das | July 13, 2017 3:42 AMThe mandi maize prices are presently ruling around `1,000 to `1,100 per quintal depending on the moisture content in the state while the Centre has declared MSP of `1,365 per quintal for the current crop year.
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Now, OPEC says India’s galloping economic expansion will surpass China’s slowing growth
FE Online | July 12, 2017 7:32 PMIndia’s economic growth will accelerate to 7.5% in the next year 2018, widening the lead over China, whose economic expansion will slow further to 6.2%, oil bloc OPEC said.
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Govt eyes Rs 50,000 cr windfall; may ask ONGC to pay 40%-50% premium for HPCL stake buyout
FE Online | July 12, 2017 3:10 PMFinance Ministry and Oil Ministry are reportedly keen to have state-run Oil and Natural Gas Corp pay a 40%-50% premium for buying a 51% equity stake in Hindustan Petroleum Corp from the government.
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Reliance Industries gets a green nod for Rs 2,100 crore expansion of petrochemical complex
PTI | July 12, 2017 11:12 AMThe government today gave green signal to Reliance Industries Ltd for expansion of its petrochemical complex in Gujarat, entailing an investment of Rs 2,100 crore.
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Fuel prices in Maharashtra to come down as surcharge to be slashed
PTI | July 12, 2017 10:26 AMThe prices of petrol and diesel are set to come down in Maharashtra as the government has decided to slash the state surcharge levied on petroleum products.
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Monsoon lull hits soybean sowing operations
Nanda Kasabe | July 12, 2017 4:05 AMThe lull in the progress of monsoon and bearish trend in soybean prices does not augur well for the growers this Kharif season.
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Coal ministry mulls easing evacuation mode before third tranche of linkage auction
Indronil Roychowdhury | July 12, 2017 4:01 AMWith the third tranche of linkage auction on the anvil, the coal ministry now wants to adopt a flexible mode of transportation using both the roadways and railways for easy evacuation of coal.
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Petrol, diesel prices cut coming soon in Maharashtra as government set to slash surcharge
PTI | July 11, 2017 11:59 PMThe prices of petrol and diesel are set to come down in Maharashtra as the government has decided to slash the state surcharge levied on petroleum products.
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Oil, gas investment set to recover slightly: IEA
AFP | July 11, 2017 7:29 PMInvestment in the oil and gas industry will see a tentative recovery in 2017 after an “unprecedented contraction” in 2016 and 2015 in face of stubbornly low energy prices, the International Energy Agency said in a report today.
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Goldman shocks OPEC again, says oil prices could plummet below $40 a barrel
Bloomberg | July 11, 2017 1:44 PMOPEC needs to “shock and awe” the oil market for prices to gain, according to Goldman Sachs Group Inc.
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Sugar stocks in demand post import duty hike, gain up to 5.4%
PTI | July 11, 2017 1:32 PMSugar stocks today rose by up to 5.4 per cent after the government increased import duty to 50 per cent, from the existing 40 per cent, to restrict cheap inward shipments and maintain domestic prices.
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Gold futures down 0.43%, Silver plunges Rs 354 on weak global cues
PTI | July 11, 2017 11:41 AMGold prices drifted lower by 0.43 per cent to Rs 27,860 per 10 grams in futures trade today as participants indulged in trimming their bets, tracking a weak trend overseas.
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Gold falls slightly as dollar, equities gain ahead of Yellen testimony
Reuters | July 11, 2017 11:09 AMGold edged lower on Tuesday on a firmer dollar and equities as the market awaited cues on the path of interest rate hikes in the United States ahead of Federal Reserve Chair Janet Yellen’s testimony on Wednesday.
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NSP, a pathbreaking opportunity for Indian steel industry
Sushim Banerjee | July 11, 2017 4:52 AMIt is a matter of great satisfaction that National Steel Policy 2017 prepared by steel ministry has been approved by the government for implementation.
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