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Commodity World Roundup

04th Aug – 10th Aug – Rise in fuel prices due to Iran, US tension and SEBI may allow futures trading of Fuel

Rise in fuel prices due to Iran, US tension and SEBI may allow futures trading of Fuel

1. India is creating its own domestic gold council

Aug 10, 2018

The government has formed an ad-hoc committee of a dozen industry stakeholders who will frame the structure for a domestic council for gold and jewellery. Majority stakeholders will be a part of it including — karigars and goldsmiths — to the largest ones, jeweller and bullion dealer. The main aim of this is to promote exports of handmade and customised jewellery, thereby generating more jobs.

Source: Economic Times

2. Crude prices are rising as US sanction taking shape on Iran

Aug 10, 2018

Oil prices increased on Thursday as concerns are rising over the supply of Iranian crude as the US re-imposed new sanctions on Tehran. The sanctions will not hit Iranian crude oil directly until November. US President Donald Trump is looking at as many countries as possible to reduce or stop their oil imports from Iran.

Source: Moneycontrol

3. Rain deficit will hit crop condition and the prospect of cotton production this year

Aug 10, 2018

Gujarat has a similar acreage of cotton this year as it was last year but Cotton farmers expecting a lower yield and crop failure due to lesser rainfall this year. The cotton industry believes that it will be harmful to standing cotton crop if the state does not have a good spell of monsoon instantly.

Source: Financial Express

4. Before Cane Crushing season in Maharashtra, the government is looking at starting at least 10 sick units.

Aug 10, 2018

Maharashtra’s cane crushing season will start from October 1, Government of has taken this decision after discussions with all the stakeholders involved, that government is gearing up to commence crushing early due to excess production in several cane growing regions. The government is looking at starting at least 10 sick units. Around 195 factories will commence crushing this season.

Source: Financial Express

5. OPEC should re-consider output changes by extraordinary meeting

Aug 09, 2018

Iran has suggested to OPEC that it may need to hold an extraordinary meeting, which is adding fuel to current Iran and US tension. After months of underproduction for almost a year, the Organization of the Petroleum Exporting Countries agreed with Russia and other oil-producing allies to raise output from July by returning to 100 per cent compliance with previously decided cuts.

Source: Reuters

6. Retail investor decreased participation in Capital market through Mutual funds

Aug 08, 2018

As per latest data released, total AUM for July month stood at Rs 23.05 lakh crore, compared with Rs 19.96 lakh crore a year ago, a rise of 15.5 per cent. Data show that equity-oriented mutual fund schemes added Rs 8,512 crore in July, slightly lower than Rs 8,794 crore in June. In July 2017, investors had poured Rs 12,037 crore into equity mutual funds.

Source: Economic times

7. Fuel prices on rise, petrol cross Rs. 77 per litre in Delhi in two months

Aug 08, 2018

Indian retail selling prices have been firming up since July 30 as international crude oil rates inched up. Domestic rates have risen by Rs 0.90 a litre in case of petrol in nine days while diesel prices have risen by Rs 0.88 per litre.

Source: Times of India

8. SEBI is in the final stage to allow future trading in Petrol and Diesel

Aug 06, 2018

The petroleum and natural gas ministry have already approved the proposal. Petrol and diesel are among the 90-plus commodities that have been approved by the government for derivatives trading. Globally, petrol and diesel derivatives are traded on the Nymex and ICE exchanges. With this step in India, More than 60K retail petrol pumps and millions of small and big transporters, bulk users, and diesel-consuming industries will now be able to hedge the price risk of petrol and diesel.

Source: Press reader