Home Arrow Commodity News Arrow Crude oil on the boil, Indian Aluminium exports sour & looming US sanctions on Iran

Commodity World Roundup

01st Sept – 07th Sept – Crude oil on the boil, Indian Aluminium exports sour & looming US sanctions on Iran

Crude oil on the boil, Indian Aluminium exports sour & looming US sanctions on Iran

1. Hedge Fund managers’ speculative position increased on Brent Oil and Crude Oil

3rd Sept 2018

As time nears to US sanctions on Iran, Hedge funds’ net-long position — the difference between bets on higher prices and wagers on a drop — in Brent rose to 389,066 contracts, ICE Futures Europe data show for the week ended August 28. That’s the highest level in seven weeks. Longs rose, while shorts fell to the lowest in almost four months. Total positions on both Brent and WTI increased for the first time since the beginning of July.

Source: Business Standard.

2. Gulf of Mexico rig evacuated on Gordon Hurricane News

4th Sept 2018

Some US companies reported on Monday evacuation and production shutdown at two oil platforms in the Gulf of Mexico ahead of the approach of Gordon, which is expected to come ashore as a hurricane. Oil prices inched up after this news but impact did not last longer.

Source: Money Control

3. Indian Aluminium exports sour16%, top countries are South Korea, Turkey, Mexico & Italy

1st Sept 2018

Aluminium exports rise 16% in April-June on global supply constraints; South Korea was the biggest recipient of Indian aluminium cargo, with a share of 18 per cent. Turkey came next with an uptake of 16 per cent of the shipments, followed by Mexico (13 per cent), Italy (7per cent), USA (6 per cent) and Japan (5 per cent).

Source:Business Standard

4. Gold imports double in August 2018 on global low prices

6th Sept 2018

There has been a sharp jump in gold imports in August due to low prices and jewelers consider it the right time to make jewelry. Imports of gold in India were 100 tons as compared to 46.2 tons in August last year, resulting in doubling of import bill for gold in August. Import growth in tons is 116.5 but the average gold price in the international market in August was down 6.5 per cent compared to the previous August.

Source: Business Standard

5. India imported 245.5 tonnes of Gold, of which 158 tonnes of bullion and 87.5 tonnes of dore

4th Sept 2018

The imports have declined as there has been shift in demand from gold to the stock market; the share of domestically refined gold has been increasing and imports of bullion are coming down. This means the gold refiners are generating value addition in the country. The duty-paid gold imports into India, the world's second biggest buyer of the precious metal, declined by 31.56 percent to 168 tonnes during the April-July period of this fiscal due to sluggish demand.

Source: Money Control

6. US Increases pressure on top Iranian Oil buyers including India

4th Sept 2018

US sanctions on Iran will squeeze their trade flows whether they agree with America or not. All of Iran’s oil customers are affected by increasing US pressure to halt purchases, even as they requested for concessions to cope with the consequences. But Iran is still hopeful that it will keep selling oil in spite of an expected resumption of US sanctions on the country’s crude shipment.

Source: Business Standard

7. India continues to import oil from Iran using Iranian oil tankers

4th Sept 2018

Indian PSU’s are importing oil from Iran using their oil tanking and insurance facilities as Shipping Corporation of India has halted voyage due to US sanctions. India is following Chinese methods to import Crude from Iran. China is also importing crude using Iranian insurance and tanker facilities.

Source: The Hindu

8. Global Base metals prices negative, still costly in India due to falling rupee

4th Sept 2018

Global base metals are declining, but India is not getting benefit due to falling rupee and imports are getting costlier. The Dollar is strengthening due to the positive impact of trade war on US economy resulting in negative commodities prices, but the falling rupee is a big hindrance to pass benefits.

Source: Business Standard

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