After gold, Australia now has shifted its focus on huge deposits of newly found natural gas off its North East coast to earn the post of energy superpower. According to Australia's Resources ministry, projects being ramped up to tap huge undersea fields off the country's northwest could quadruple its exports of liquefied natural gas in the next few years.
Anticipating more gas consumption in three years, India has decided to add over 7,450 km of gas pipeline network to ramp up its supply lines. Speaking at the Asia Gas Partnership Summit here, India's Petroleum Minister Murli Deora said, The challenge for an emerging market like India is to develop pipeline infrastructure in all parts of the country, including in remote areas, in tandem with increasing supplies. Only then we will be able to secure inclusive growth.
Food Corporation of India, the government monolith for the execution of the food policies of the country, has been come under close scrutiny at the recently held international wheat seminar. According to the Union Ministry of Food, the FCI is the main government agency responsible for execution of the food policies of India. When FCI carries unconscionable levels of rice and wheat stocks, there is a smug feeling in the government circles that everything is under control, including prices.
Anything white is doing brisk business in precious metal market nowadays. Whether its is silver, platinum or palladium, all these white precious metals are a big hit with consumers in this year. With a wide spectrum of white metals now available in the jewellery trade, from white gold and platinum to palladium, sterling silver, titanium and stainless steel, more and more people are lining up to buy the white wonder now.
Since their tumble in early February platinum and palladium prices have been extremely strong. From a low of $1,475/oz on 5 February, platinum gained steadily to hit $1,624/oz by 16 March, a gain of 10% and just shy of the $1,627/oz it fixed at in January. Palladium did even better, rising from a low of $395/oz on 5 February to hit $475/oz by 8 March, 20% up from its low, and beating its January high - indeed it's the highest fix for palladium since the same $475/oz seen on 20 June 2008.
After China, platinum jewellery is making inroads in India now. Till now, Indians have been ardent lovers of gold, buying it on every auspicious occasion. Indians are the biggest consumers of the yellow metal in the world. But, things are changing slowly. Platinum is the new craze for younger generation and they go for the white metal.
Indian commodity exchanges and gold trading entities have started recognizing the real strength of retail investors with most of the commodity exchanges in the country coming up with lucrative retail investment options for gold trading. Gold has been considered as one of the important instruments of investment across the country, especially in retail households. Small household units in India are now turning up as potential investors for gold.
Chinese food safety regulator, State Food and Drug Administration is said to have ordered a thorough investigation into the unhygienic supplies of edible oil, which is estimated to be about one-tenth of total Chinese edible oil supplies.
India's cooperative major NAFED has chalked out a scheme to develop country's high potential organic farming, thus to generate income from across the globe.
Most investors confuse money and currency, but they are not the same thing. Money is defined as a medium of exchange, a unit of account and a store of value.
India-based spinners are all set to witness happy days ahead as the country's biggest competitor in yarn exports, Pakistan is said to have put a cap on the yarn exports to a maximum of 35,000 tonnes per month. According to Cotton Association of India expects spinners to realise higher prices for cotton yarn this year because of the recent decision by Pakistan.
Royal Dutch Shell PLC has estimated that its production would move up by 11% to 3.5 million barrels per day 2012 as compared to 3.15 million barrels of oil per day in 2009. Outlining the company's strategy from London, Shell Chief Executive Officer, Peter Voser, said that the company is planning to cut cost by divesting 15% of its refining capacity and 35% of its retail markets. However, he did not specify which downstream assets might be sold or when.
India, the largest sugar consumer in the world, is unlikely to reinstate customs duty on raw sugar import despite a fall in sugar prices and the projected higher output this year. The sugar industry urged the government for the restoration of import duty in order to discourage import in the wake of falling sugar prices in the country. While the government decided to continue duty free sugar.
Wheat production in Germany, Europe's second largest producer, is expected to fall this season due to wet weather conditions. According to DRV farm co-operatives association, German winter wheat harvest, essentially all the crop, will fall by 1.3% to 24.59 million tones. The DRV currently expects no record harvest, but good average yields, the co-operative said.
The World Gold Council (WGC) appointed India's Ajay Mitra as regional head and managing director to Middle East and Turkey.
India-based electronic spot commodity trading bourse, National Spot Exchange Limited (NSEL) is mulling to tap retail segment of gold investors by launching demat gold investment product on its platform on Wednesday, March 17, 2010. The segment, which on lines of cash segment in equities, offers commodities in the demat form in smaller denominations like one gm, two gms, three gms etc.
Ever thought that your cotton T-shirt could monitor your heart rate and breathing, analyse your sweat and even cool you off on a hot summer's day? Or have you thought of a pillow that monitors your brain waves, or a solar-powered dress that can charge your ipod or MP4 player? Well, all this could soon be a reality, thanks to new-age cotton threads.
Vedanta Resources may demerge its aluminium division. According to a report appeared in The Independent in UK, the new firm will be the world's fourth biggest aluminium player, behind Russia's United Company Rusal, America's Alcoa and China's Chalco.
Oil cartel, Organization of the Petroleum Exporting Countries (OPEC) has decided to keep oil production quota unchanged in its meeting today in Vienna. At present, the members of OPEC produce 24.845 million barrels per day and decided to keep this unchanged, according to a report citing delegates.
Despite the high price of gold, India continues to be one of the largest exporters of gold jewellery items in the world. India's export of gold jewellery products in February 2010 saw a big jump of 37.51% compared to the same period last year.
Experts in bullion will always tell you that if you watch the hedging pattern of gold miners, you can predict which way the yellow metal prices will move. So, what is gold hedging? Gold hedging is when a gold producer contractually locks in a gold price to be paid in the future when their gold is produced, regardless of whether the gold price in the future is higher or lower than the agreed upon contractual gold price.
Nigeria's controversial oil industry bill is expected to eventually pass but the government may find it tough to later shift gears as international oil firms targeted under the legislation scale back their investments.
U.S. gold futures rose above $1,120 an ounce on Tuesday, gaining 1.5 percent, as an oil rally prompted commodity funds to buy ahead of an interest rate decision and policy statement by the Federal Reserve.
Once upon a time South Africa was the largest gold producer in the world. But, things have changed now it has fallen to the fourth position in the world as the mines in the country are facing severe power problems and decline in the output. A further decline in the country's mined gold output in 2009 has now relegated the country to fourth position in the world gold production stakes.
Retail participation in gold investment is steadily rising, prompting the commodity exchanges to innovate products as well as delivery mechanisms with significant volumes being generated from retail products like gold guinea. Ahmedabad-based National Multi-commodity Exchange (NMCE) is steadily going ahead with its unique investment product, gold guinea. A guinea, weighing 8 grams each has created a separate class of gold investors.
Noted global investing advisor Marc Faber says people need to accumulate some gold every month as the yellow metal is the best bet against plunging currencies. He said since gold is the only 'currency and commodity' that can withstand economic turmoils and large fiscal deficits of nations, it is imperative that people continue to buy gold. Gold is the best and soundest investment in the world, he said.
According to a report on Idex Online by CHAIM EVEN-ZOHAR, 2009 was probably the best year in a decade for India's diamond industry. In terms of polished diamond exports, India's $15.16 billion in 2009 was only 1.7 percent below the $15.42 billion of the 2008 calendar year. Measured in polished carats, the volume of exports was actually up some 13 percent, reaching a staggering 51.9 million carats.
China's National Bureau of Statistics on Monday said country's crude steel output was 50.36 million tons in February, 22.5% more than in the same month of last year, but 4.1% less than in the 52.53 million tons produced in January.
Last year was dedicated to gold, and 2010 seems to be the year of base metals. According to analysts, prices for aluminium, copper, nickel, lead and zinc are all set to outsmart gold prices this year as industrial demand for these base metals from emerging economies increases. Chin and India are expected to play as the catalyst for base metals prices as these economies will see a huge increase in industrial growth this year.
Last week saw gold prices sliding continuously for 8 days in Delhi bullion market, a record of sorts during the past 4 years. This has made people think that the gold prices are cooling down. Gold prices internationally are at $1,100/oz - just a shade below the all time high seen in January 2010. As an asset, gold has given strong returns over the past five years - especially as other assets faltered during the recession. However, with the world economy seemingly on the mend, it may be time for ...
