COMMODITIES

Gold prices retreated to hover near $1,080 on Monday after posting a third straight week of declines as investors remained wary of gains in the dollar which weaken bullion's appeal as a currency hedge. A U.S. proposal to limit bank risks continued to weigh on investor sentiment.

Indian wheat products are finding no takers in the global market because of the high domestic prices, which has even prompted the Prime Minister to call a meeting of the state chief ministers to discuss ways to bring down prices. Food inflation reared up again, with the annual wholesale price index-based inflation in primary food products inching up to 17.40 per cent for the week ended January 16 against the previous week's annual rise of 16.81 per cent. Inflation in items such as potatoes rose ...

Investor holdings in the by Goldessential monitored (pure-play) gold-backed exchange-traded funds were seen decreasing 1.044 tonnes (-33,575 ounces) or 0.06 pct in the week from January 22nd up to and including January 28th, in-house calculations based on official data showed on Friday. One of the thirteen monitored gold ETF's announced an inflow over the reported period, whereas three reported redemptions. Nine reported no change.

Tate & Lyle, world-leading renewable food and industrial ingredients company, has identified four major trends for food industry in USA for 2010 that covers private labels, environmental conscious purchasing, dining in-house and gluten content.

India's cotton arrivals in the domestic market witnessed a minimal rise of 0.1% to 16.50 million bales since the start of crop year to January 23. Higher arrivals in Gujarat and Rajasthan markets offset in other growing states, according to the Cotton Corporation of India's data.

At a time when India's steel industry is slowly rising prices, its counterparts in the US are struggling to do the same as the production costs have gone up. But, the US steel industry is very skeptical about the prices rise as the demand for steel is yet to pick up properly in the country. Even as India and China are witnessing a major surge in demand for steel, the US industry is still slowly picking up pace.

Nickel prices largely depend on global steel demand, which is low in the west and up in China and India now. So, the fall in demand from auto makers in the west and a huge rise in China have complicated the nickel prices. Some 65% of nickel goes into making stainless steel.

As a major step towards it entry into Africa's energy fields, energy hungry India expressed its desire to develop refineries, natural gas and LNG projects in oil-rich Nigeria. India's Petroleum Minister Murli Deora during his visit to the western African country said India has committed to invest more than $360 million in developing two oil blocks in Africa's largest energy-producing country.

The Philippines has decided to buy 2.1 million 50-kg bags of unhusked rice, locally known as palay, from local farmers starting February until April to help farmers. In a statement issued here National Food Authority of Philippines said this is almost a fifth of the agency's full-year procurement target of 11.6 million bags.

Noted global economist Nouriel Roubini says that there have been 'excessive increases' in gold and oil prices that is creating possible commodity bubbles. Talking to reporters at the World Economic Forum at Davos, Switzerland, Roubini-a professor of economics at the New York University--said that there is an urgent need to curb the excessive rise in prices in commodities.

Zimbabwe's diamond sector is facing trouble again in the New Year with a coalition of industry-based associations and representatives in the US met the state department and demanded tough action by the Kimberley Process against the erring miners. They urged strict steps in implementing the joint work plan (JWP) designed to bring Zimbabwe into full KP compliance.

The Energy Information Administration (EIA) is seeking comments and recommendations on information needed to support analysis and increased understanding of energy markets, in support of the Energy and Financial Markets Initiative announced on September 9, 2009. A notice appeared today in the Federal Register describing topics of particular interest, as well as procedures for public comment over the next 60 days. The notice does not itself propose new EIA information collection. Comments receive...

NYSE Liffe, the European derivatives business of NYSE Euronext, today announced that the Exchanges Rapeseed Futures Contract has been added to the benchmark Rogers International Commodity Index (RICI) for the first time. The index now gives European rapeseed a weight of 0.25%.

After the slump in 2009, aluminium consumption is set to shoot up in the coming three years. Chief executive of Rio Tinto's Alcan division Jacynthe Cote told Chinese media that if there's one sector with enormous growth potential, it's aluminium.

With the copper prices rising day by day, several companies have decided hike the price of their consumer durable products, which need usage of copper. Companies like LG, Godrej & Boyce, Videocon and Whirlpool may hike the prices by around 5% in refrigerators, washing machines, air conditioners and flat panel displays by March to make up for increasing input costs.

In the coming decade, nobody can stop the rise of gold, that is what the opinion of Owen Hegarty, an Australian expert in mineral resources. He told a Chinese news agency that gold prices are expected to remain on an upward track in a decade to come despite recent fluctuations. For the foreseeable future, or at least in this decade, all reasons to buy gold are positive, he said.

Oil prices slipped slightly on Monday to approach a one-month low near $74 a barrel on continuing signs of weak demand and concerns over a U.S. proposal to tighten bank trading rules.

Oil prices steadied below $75 a barrel on Monday, after slipping toward a one-month low on continued market unease over possible tighter Chinese monetary policy and a U.S. proposal to toughen bank trading rules.

Oil prices fell on Monday, approaching one-month lows near $74 a barrel, on continued market unease over possible tighter Chinese monetary policy and a U.S. proposal to toughen bank trading rules.

Oil prices fell on Monday, approaching one-month lows near $74 a barrel, on continued market unease over possible tighter monetary policy in China and a U.S. proposal to tighten bank trading rules.

US Geological Survey on Sunday said Venezuela's Orinoco oil belt holds 513 billion barrels of recoverable heavy crude, nearly twice as much as the proven reserves of Saudi Arabia. In its latest estimate the US Geological Survey said the area had the largest accumulation it had ever assessed.

Gold prices recovered in Asian trade Monday as the dollar dropped, reviving demand for the precious metal as an alternative asset. Spot gold was seen trading at $1,099.81 an ounce at 12.00 noon Singapore time while February delivery in New York was at $1,099.20 an ounce at the same time. The precious metal, which touched an all-time high of $1,226.56 last month, slumped to a one-month low of $1,081.95 an ounce on Jan. 22.

Investor holdings in the by Goldessential monitored (pure-play) gold-backed exchange-traded funds were seen decreasing 4.106 tonnes (-132,025 ounces) or 0.25 pct in the week from January 15th up to and including January 21st, in-house calculations based on official data showed on last Friday. Our gold ETF monitor furthermore added the ETFS Physical Swiss Gold (SGOL) to the standard list, bringing the total number of monitored tracked to thirteen. As per January 21st, the single trust held 309,54...

In 2009, almost all central banks showed an increased love for gold. In the recent past, Russia's central bank addded 800,000 ounces of gold to its reserves last month, increasing its holdings of the metal to $22.4 billion. The bank's gold reserves climbed to 20.5 million ounces from 19.7 million the previous month. And, India's central bank also purchased gold in 2009 to increase its foreign reserves.

¨Gold prices will continue to witness an uptrend in 2010 but investors should expect continued high volatility-resembling an amusement park roller coaster ride, according to Jeffrey Nichols, Senior Economic Advisor to Rosland Capital. In his latest commentary on market trends, Jeffrey Nichols said that gold prices won't move up higher without interruption.The two main sources of gold price volatility will continue to be the investment demand for the yellow metal and volatility in dollar's exchan...

Will India have a gold exchange soon? It looks so, if a recommendation from an apex bullion body in India is any indication. A FICCI-Technopak Knowledge Report called Unlocking the Potential of India's Gems & Jewellery Sector has called for setting up of a gold exchange in the country to drive the gold industry in India.

Oil fell by more than $1 to move toward $76 a barrel for the first time this year, as strength in the dollar and weak demand saw crude extend recent losses.

Oil rose near $78 a barrel on Thursday as worries that China will take further measures to temper its booming economy were overshadowed by its return to double-digit growth for the first time since 2008.

Oil fell toward $77 a barrel on Thursday as worries that China will take more measures to temper its booming economy overshadowed its return to double-digit growth for the first time since 2008.