Home Arrow Commodity News Arrow New SEBI norms, world steel production up by 4.4%

Commodity World Roundup

20th Oct – 26th Oct – New SEBI norms, world steel production up by 4.4% & rupee recovers on crude decline

 New SEBI norms, world steel production up by 4.4%

1. SEBI for nominal fee of Rs. 1 Lakh per exchange instead of charging on Turnover slabs

October 25, 2018

SEBI issues guidelines to charge Rs. 1 lakh per exchange on agricultural-commodity derivatives. SEBI changes charges based on turnover slab rates; this move is widely expected to support farmers who want to hedge or deliver their products on the exchanges. Also, the cost of trading will be reduced. Government is taking many steps to promote agricultural commodities among farmers. This move will help to remove the middle man from the process.

Source: Economic Times

2. IL&FS: Advisors will show list of assets to be sold on Saturday

October 26, 2018

Arpwood Capital and JM financial are redrawing list of IL&FS to be liquidated to get short term liquidity in the system. They will be submitting their plan by Saturday. They are analysing assets for 380 creditors of all IL&FS subsidiaries. The advisor will advise the newly appointed board on their recommendations to liquidate IL&FS assets.

Source: Economic Times

3. Gold ETF and Bonds to trade till 7 pm on Dhanteras

October 24, 2018

During festival of Dhanteras, which is two days before Deepawali, exchanges have planned to keep its platform open till 7 pm for this special occasion. Dhanteras will be celebrated on 5th Nov 2018 while exchanges are also open for Muhurat trading on 7th Nov 2018 from 5.30 pm to 6.30 pm.

Source: Economic Times

4. Crude dropped from $86 a barrel to $76 a barrel in just 20 days

October 25, 2018

Crude oil was boiling emerging market economies since the last 7 months after US threatened to impose export ban on Iran oil. But now the market found some relief after the recent decline in crude oil prices. Brent oil dropped $10 from $86 a barrel in a record 20 days.

Source: Livemint

5. Gold at annual high, investment buying increases on global cues

October 24, 2018

Gold crossed Rs. 32,500 per 10 gram at the bullion market in India after international markets sustained above multi-week high. Investment demand is picking up due to a slide in equities. Jeweller also expected demand during auspicious period of Dussehra, Dhanteras and Diwali followed by the wedding season. In India, poor people also buy gold during the wedding season to meet customary rituals.

Source: Business line

6. Indian trade deficit in oil is up by 67% in first half of current financial on rising oil prices

October 25, 2018

Crude oil prices rose to the highest level in two years during the first half of 2018, and this kept pressure on India’s Current Account Deficit (CAD). Indian trade deficit widened in the latest quarterly report and the main reason was a sliding rupee due to higher oil prices. Specially, trade deficit in oil is up by 67% in first half of the current financial year.

Source: Business Standard

7. Rupee recover some losses as crude drops

October 25, 2018

Higher oil prices were the key reason behind the decline of the Indian rupee against the dollar in the last ten months. Brent oil prices dropped more than 13% in the last four weeks from their recent high of $86.74 per barrel towards $75 per barrel. Though the Indian Rupee is finding strength from the declining trend of crude, which will further shrink India’s Current Account Deficit (CAD). Higher oil prices were the key reason behind the decline of the Indian rupee against the dollar in the last ten months. Brent oil prices dropped more than 13% in the last four weeks from their recent high of $86.74 per barrel towards $75 per barrel. Hence, the Indian Rupee is finding strength from the declining trend of crude which will further shrink the Indian Current Account Deficit.

Source: Economic times

8. World steel production up by 4.4% in September

October 24, 2018

The World Steel Association released a press note on Oct 24, mentioning that steel production for the 64 countries was at 151.70 million tonnes during September 2018. It was 4.4% up from same month last year. Global production was at 1,347 mt during the first nine months of the current year, which is 4.7% higher than same period last year.

Source: World-Steel Association Press Release