BONDS, CURRENCIES & COMMODITIES


• India will receive 93% of the normal rainfall this year. This is lower than the previous forecast of 96% by the India Meteorological Department.   • The Central Government has increased the minimum support price of sugarcane by Rs26 per quintal to Rs107.76 per quintal for the current...

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By all accounts, the price of gold should have gone up by now. All governments around the world have pumped in trillions of dollars to stabilise their economies which everybody suspects would lead to inflation and higher prices for gold. Besides, geopolitical factors are not all that favourable...

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• Iron ore prices touched a four-month high in June following higher demand from China even though a final decision on long-term contract prices remained unresolved between Australian suppliers and Chinese buyers.  • The National Commodity & Derivatives Exchange (NCDEX) may divest a part of...

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The Organisation of Petroleum Exporting Countries (OPEC) increased crude oil production by 300,000 barrels per day to 28.39 million barrels per day in May 2009. According to John Kingston, global director at Platts, a leading provider of energy information globally, “with the recent increases in...

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• A few days after the government allowed trading in wheat futures again, the Forward Markets Commission (FMC) has banned trading in sugar futures till December 31 fearing that it could create inflationary pressures on the commodity. The FMC blow comes even before a new government has come to...

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China has rejected the 33% cut in iron ore prices agreed to by Japanese steelmakers like Nippon Steel and one of the biggest ore supplier Rio Tinto; however, the world’s fourth largest mill, Posco of Korea is prepared to accept the deal. For over 40 years, the iron ore market has maintained an...

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• International Sugar Organisation said that sugar deficit will reach 7.8 million tonnes this year, the highest in a decade and more than the estimate of 4.3 million tonnes made in February 2009. Even a bumper harvest in Brazil has not improved the situation. • International Energy Agency...

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The ban on futures trading in wheat has been lifted by the government after two years because wheat stocks are in surplus now. Futures trading in rice, tur and urad are still banned. Last month, BC Khatua, chairman Forward Markets Commission, had said that he hoped the ban on all three items...

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• Has steel turned around? In late April, John P Surma, chairman & CEO of US Steel, said that “we continue to face an extremely difficult global economic environment. We expect an operating loss in the second quarter as our order book remains at low levels and idled facility carrying costs...

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Crude oil production is outpacing demand with the result that millions of barrels of oil are getting added to the inventory. Commercial crude stockpiles as reported by the US Energy Information Administration is at 19-year highs. And yet oil shows no signs of declining below $50. What is the...

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• According to a report by Merrill Lynch, sugar prices are expected to rise by as much as 20% over the next five months and remain firm till September 2011 caused by a tight supply due to lower production and a decline in inventory (buffer stock). Sugar is available in the range of Rs23-Rs25 per...

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According to Association of Natural Rubber Producing Countries (ANRPC), global natural rubber output would fall 2.2% to 8.9 million tonnes in 2009. It also reported that Thailand, which accounts for about 33% of the global supply, has dropped its production by 13.9% during the first two months...

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• According to GFMS Metals Consulting of UK, zinc average prices may drop 39% in 2009 as a decline in supply will be outpaced by a drop in consumption. Zinc surplus is forecast to widen to 210,000 tonnes, compared with 198,000 tonnes a year ago, before narrowing to 46,000 tonnes in 2010 and...

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Wheat prices are crashing, thanks to an oversupply of the commodity. Nearly 78 million tonnes of wheat has been added to the existing stocks during the current season. This coupled with a two-year ban imposed by the government on export of wheat is creating a much bigger problem. State agencies...

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• Prices of natural gas are declining sharply. The commodity faces its first globalised glut in history. While new giant facilities are ready to go on stream in the US, Asian and European countries that import the gas are facing a slowdown. Gas from Qatar, Egypt, Nigeria and Algeria that...

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After lying low for quite some time, crude prices are on the rise again. For the first time in 10 weeks, crude was trading above $50 a barrel after hitting a low of $32.40 a barrel in December 2008. This rise in crude prices is being attributed to a recovering economy as well as the weakening...

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