The International Energy Forum (IEF) will discuss major industry concerns including oil-price volatility and the outlook for supply and demand at is ministerial conference starts here Tuesday. The world's largest forum of energy producers and consumers, accounting for more than 90 percent of global oil and gas supply.
After the slump in gold prices in Kerala, jewelers are waiting for the demand to pick up after Easter (April 4) when Christian marriages will see a rise. During the 50-day lent period prior to Easter, Christians do not conduct marriages as this is not allowed by the Church. So, many marriages are lined up immediately after the Easter.
After receiving a glittering response for the initial public offering of the company, Shree Ganesh Jewellery House Ltd (SGJHL), is all set to leave landmarks in the Indian jewellery industry with its focus firm on jewellery making business with design innovation. India's jewellery business had been largely fragmented with many jewellery-makers operating on local levels. Only a few organized players are in the fray to tap the growing consumption demand of gold and silver. This has made it imminen...
Gold is glittering in China, the largest producer and second biggest consumer of the yellow metal in the world. There is a gold buying frenzy across China that the yellow metal is becoming the best investment bet in the country.
China's consumption of aluminium and zinc soared in February which will impact the global prices. Following this market analysts said the prices of zinc and aluminium will witness a rise in the coming days. China's output of primary aluminum reached 1.31 million tonnes during February up 46 KT MoM. Imports of primary aluminum were 19,171 tonnes in February, while exports were 4,739 tonnes with net imports reaching 14,432 tonnes down 16,498 tonnes MoM. SHFE aluminum inventories grew by 36 KT in F...
Precious metals have become a volatile battleground between shorter term investors exiting from long positions in response to a stronger dollar and improving economic conditions in many parts of the world on the one hand, and longer term investors who remain interested in these metals due to the fact that major trade, current account, savings, debt, and currency market imbalances remain unaddressed by governments.
Gold may trade above $1,100 this week. A move to $1,140 or even higher is quite possible based on short-term short covering. There have been heavy volumes of buying and selling between $1,084 and $1,130 over the last two weeks, reflecting a battle between shorter term investors liquidating positions based on a stronger dollar and economic indicators and longer term investors taking price dips as opportunities to buy.
Chinese crude oil supplies from Iran seems to be squeezing as the Asian dragon's crude oil imports from its third largest supplier, Iran, shrank by nearly 40% in the first 2 months of 2010 against the corresponding period last year. Even as the country's economy is thriving and the demand for crude has been rising steadily, the imports have shown a significant fall in the given period.
Faced with the rising stocks on fresh arrivals in Malaysian markets and reduced imports by major consumer markets like India seems to be putting crude palm oil prices on a slippery surface in the coming months with first four months of the current oil year (November 2009 to Octrober 2010) showing not so significant rise in the oil imports in India.
Steel industry in India is on a song now with more and more investments flocking to the country. After multi-national firms like Posco and ArcelorMittal unveiled their plans to set up shop in India, Bhushan Power and Steel Ltd (BPSL) announced its plans to set up a cold rolling mill complex with a capacity of three lakh tonnes in the western region of the country at an initial investment of Rs 800-1,000 crore.
Mumbai-based Prithviraj Kothari, Managing Director, RiddhiSiddhi Bullions Limited (RSBL) one of the largest bullion trading companies in India is of the opinion that silver is the next big opportunity for investing after gold, which is found falling short in meeting investors' expectations for steep growth in returns. In an interaction with Rutam Vora of Commodity Online, Kothari shared his views on better investment opportunity available in India and the company's future plans of introducing ne...
Nabucco Consortium said it will start the construction of the gas pipeline from the Caspian region to Europe. Nabucco Managing Director Reinhard Mitschek said, We are aiming to start with the construction at the end of 2011 and we'll expect first gas to flow at the end of 2014. The Nabucco Consortium has no indication to shift the current timeline.
India, world's largest producer of aromatic, premier variety basmati rice, is planning to expand its market by exporting to two more countries and increasing shipments to existing country, said APFPEDA official on Friday. State run Agricultural and Processed Food Products Export Development Authority (APFPEDA) said that Mexico has contracted for the basmati rice and China is expected to open a market for premium rice soon.
Demand for gold bars and gold coins is rising in major yellow metal consuming nations like China and India as investors are leaving the paper gold-exchange traded funds or Gold ETFs for physical gold. In India, sale of gold coins and gold bars is increasing despite the high price of gold. A recent Commodity Online study said that buying of gold coins has increased across jewellery shops, banks and post offices in India thanks to financial year schemes. In India, the financial year closes on Marc...
Oil tried to sustain forays above $81 with Brent briefly jumping over $1 as confidence over a deal to help debt-ridden Greece was tempered by worries the global recovery could still falter and keep crude demand weak.
U.S. gold futures finished Thursday with moderate gains, bouncing from a 6-week low hit overnight, and ending a choppy session in which prices were batted around by gyrations in the euro, oil and U.S. equity prices as well as impact from gold options expirations.
* For the latest detailed report, click on [GOL/].
Indian steelmaker JSW Steel has inaugurated its fourth consecutive showroom in Mumbai through their authorized dealer K Amishkumar Trading Pvt Ltd in Ghatkopar East, as per a release.
Royal Dutch Shell of the Netherlands and China's China National Petroleum Corp have announced a 30-year deal to jointly develop and produce natural gas in China's Sichuan basin. The deal announced today by Shell, reveals close ties that the Anglo Dutch major has fostered with China's state-owned oil majors and comes close on the heels of Shell teaming up with PetroChina in sealing the acquisition for Australia's coal seam gas producer Arrow Energy yesterday for A$3.5 billion.
India-based Essar Oil is said to seek the shareholders' approval next month to spurt up to USD 1.7 billion in order to finance its expansion plans, while its unlisted parent said it had agreed to buy coal mines in Indonesia. Essar Oil had passed a resolution in December 2007 to raise up to $2 billion either through convertible bonds, or global or American depositary shares, and it later issued $300 million worth of global depositary shares.
Lack of storage facilities threatened to damage huge quantities of wheat in India's northern state of Punjab as another bumper crop is ready for harvest. Over 7.2 million tones of wheat are lying in warehouses across the state, some of it for the last three years. Of this, nearly 6.5 million tones is lying in the open.
In an attempt to ensure food security, Middle East nation Qatar said it plans to invest in a 25,000 hectare rice growing project in Vietnam's Mekong Delta province of Tra Vinh. A high level experts team from the country visited Vietnam to prepare for negotiations on the project, its value has not been announced.
Australia's wheat production is seen under pressure due to the drought in the major wheat growing provinces, said National Australia Bank. Dry conditions in Australia's top grain state represent the major threat to the potential for the country raising wheat production by some 1million tonnes next season, it said.
Great Barrier Island is a large island of New Zealand, situated 100 km to the north-east of central Auckland in the outer Hauraki Gulf. The island is caught in a row over whether mining should be allowed to continue or should it go for tourism promotion. With an area of 285 square kilometres (110 sq mi) it is the fourth-largest island of New Zealand's main chain of islands, with its highest point, Mount Hobson, rising 621 metres.
* COMEX April GCJ0 down $12.20 at $1,091.50 an ounce at 9:48 a.m. EDT (1348 GMT).
* Ranged $1,106 to $1,087.80 - lowest since Feb. 12.
* Gold pressured as dollar jumped over 1 percent against the euro and a basket of currencies .DXY. [USD/]
* Weak euro, losses in equities markets drag gold lower - Peter Buchanan, senior economist at CIBC World Markets.
* U.S. currency extends gains after data showed new orders for durable goods rose for third straight month in February.
Chinese imports of refined copper increased by 12% in February, 2010 over a month earlier as the inbound shipments kept rising on the back of improved demand and steadily falling scrap supplies. Analsts believed that copper prices may get a boost on the increased imports by China.
Gold refineries are facing a strange problem in India now. There is no yellow metal for them to process now. When the gold boom was at its peak in 2008 and 2009, the quantity of scrap gold used to come to the market was very high and many refiners had increased the capacity to process the scrap gold.
Gold prices look well supported at $1100 and will hit its record high of $1,227 by mid-year and $1500 by year-end, according to Jeffrey Nichols, precious metals economist and Senior Economic Advisor to Rosland Capital.. However, the market will experience continued volatility with big swings in both direction around an upward trend this year and beyond, he added.
When it comes to investing in commodities market, everyone these days turns to Jim Rogers, the global investing legend on commodities. Rogers, author of bestselling books like Hot Commodities, A Bull in China, Investment Biker and Adventure Capitalist, is these days settled in Singapore. Rogers offers the most practical advice and information on commodities for beginners and seasoned investors. His books--especially Hot Commodities--are the best resources on how to read the commodities reports i...
At a time, when gold investments have just become sluggish in yielding returns over past few months, silver is now taking the driver's seat to take the bullion traders on a ride. After touching its historical high of over USD 1200 per ounce in late November and early December 2009, gold has remained range-bound between USD 1050 to USD 1150 per ounce, giving a stagnant feeling to the investors, whereas silver has remained more volatile compare to gold during the period. The grey metal has provide...
World's second largest oil consumer, China imported 18.51 million tons of crude oil in February this year, according to General Administration of Customs of China. In a statement issued here, GAC said this was equal to 4.8 million barrels per day and is up 59.6 percent year on year.
