Category: Commodities News
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China urges US to correct unfair duties on steel products
Beijing, (IANS) : China urged the US to correct its unfair decision to impose high anti-dumping and countervailing duties on imports of Chinese stainless steel sheet and strip. The US Department of Commerce said on Thursday that it had determined that imports of Chinese stainless steel sheet and strip should be subject to anti-dumping duties…
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India’s Q4 gold demand up 3.3%; full year demand drops: World Gold Council
New Delhi, (IANS) : The government’s demonetisation move appears not to have affected the demand for gold, which went up by 3.3 per cent in the fourth quarter (October-December) of 2016, data released by the World Gold Council showed on Friday. However, gold demand for the full year 2016 is lower at 675.5 tonnes, compared…
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Coal India production grows 5.5% in January
Kolkata, (IANS) : Coal India Ltd (CIL) on Thursday reported that its production grew by 5.5 per cent to 55.99 million tonnes (mt) in January as compared to 52.86 mt in the corresponding month last fiscal, but the production during April 2016 to January 2017 remained flat. According to provisional data, the production stood at…
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Note ban impact on gold buying will wane after budget: World Gold Council
By Aparajita Gupta, New Delhi, (IANS) : India’s demonetisation drive has impacted gold demand in the short term but buying is showing signs of revival and post the presentation of the national budget on February 1, the market will be back to normal, says the India chief of World Gold Council. “In November and December (during…
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Cashless transactions in IOC petrol pumps rise to 27% in Bengal
Kolkata, (IANS) : Cashless transactions in petrol pumps of Indian Oil Corporation in West Bengal have increased by more than double after demonetisation, a company official said on Monday. “Cashless transaction is now ranges to 20-27 per cent of sales while before demonetisation, it was around 10 per cent. All the retail outlets are having some…
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Petrol price hiked by 42 paise a litre, diesel by Rs 1.03
New Delhi, (IANS) : Following the recent spurt in oil prices to well over $50 a barrel, state-run Indian Oil Corp (IOC) hiked prices of petrol by 42 paise a litre, and of diesel by Rs 1.03, both in Delhi and effective from Monday, with corresponding increases in other states. “The current level of international product…
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Oil prices drop on OPEC deal concern
New York, (IANS) : Oil prices have ended lower on rising concerns over the extent of the OPEC (Organization of the Petroleum Exporting Countries) member countries implementing the output-cut deal. OPEC reached an agreement in November to cut oil production to curb a global supply glut that has depressed prices for more than two years,…
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Iraq cuts oil production by 170,000 barrels per day
Abu Dhabi, (IANS) : Iraq on Thursday said it has cut oil production by 170,000 barrels per day and will cut it further in the coming days in line with the agreement reached between Opec and non-Opec members in Vienna last month. “We already cut by 170,000 barrels per day and we are going to…
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Gold price touches one month high
New Delhi, (IANS) : Riding on improvement in demand and declining rupee, gold prices in India have hit a one-month high. The price of the yellow metal on Tuesday was hovering around Rs 28,800 per 10 grams for 24 carats, as against around Rs 27,000 per 10 grams a month back. “Demand is slowly picking…
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Lebanon must invest in infrastructure to benefit from oil, says Minister Inaya
Beirut, (IINA) : Lebanese Minister of State for Administrative Development Inaya Ezzeddine on Sunday called on state officials to invest in material infrastructure and human resources to benefit from the recently discovered oil in the country, state media said. “We hope that state and energy ministry officials deal with this fortune … with extreme transparency,…