Gold slips more than 2% on dollar rise
• LONDON: Gold prices slipped more than 2% on Thursday, and nearly 5% from session highs as the dollar firmed against the euro. Spot gold fell 2.1% to $738.20 an ounce, compared to $754.30 an ounce late in New York on Wednesday. The metal earlier hit $776.30 an ounce, its highest in a week. Meanwhile, in Mumbai, all commodity markets, including bullion and oilseeds remained closed on Thursday for Bhau beej festival. Copper falls 10% on demand fears
• LONDON: Copper fell by 10% on Thursday as rising London Metal Exchange stocks halted this week's shortcovering rally in industrial metals and recessionary worries returned. Copper for three months delivery fell 10% to an intraday low of $4,190 a tonne after LME stocks came in at 223,875 tonnes, up 6,575 tonnes. Copper was last seen at $4,220, down from $4,655 at the close on Wednesday, when it surged 12.6%. Nickel, which surged 14% on Wednesday fell on Thursday to a low of $11,900, down 12.8%. It stood at $11,950 against $13,640 on Wednesday. Lead dropped, down 8.5% to a low of $1,445 before tracking back to $1,460 versus $1,580. Zinc stocks also came in higher at 182,100 tonnes, sending prices to a low of $1,145 a tonne. It was last seen at $1,155, down 8.3% versus Wednesday's $1,260. Tin shed 6.1% to $14,300 against Wednesday's close of $15,225. Aluminium was 3.7% lower at $2,071, down from $2,151 on Wednesday. Sugar traders unlikely to get extension of sops for exports
• NEW DELHI: The food ministry is believed to have informed the cabinet committee on economic affairs (CCEA) about the decision not to extend the subsidy on sugar exports beyond the 2007-08 season ended September. Official sources said the decision on not extending the subsidy to the current season has been conveyed to the CCEA. The cabinet committee on prices (CCP) had last month decided that the sops should end this September as prices were higher than the last year's rates. Cotton procurement nears 10 lakh quintals till Oct 29
• NEW DELHI: The government agencies have procured nearly 10 lakh quintals of cotton till October 29, with farmers rushing to them following a decline in prices below the minimum support price level in open markets. According to the Cotton Corporation of India (CCI), purchases of the white commodity have crossed 9.9 lakh quintals till October 29. The government has sharply increased the minimum support price (MSP) of standard cotton (long staple) to Rs 3,000 per quintal for 2008-09 from Rs 2,030 in the previous year. The MSP of medium staple cotton has been raised to Rs 2,500 per quintal from Rs 1,800.
• LONDON: Gold prices slipped more than 2% on Thursday, and nearly 5% from session highs as the dollar firmed against the euro. Spot gold fell 2.1% to $738.20 an ounce, compared to $754.30 an ounce late in New York on Wednesday. The metal earlier hit $776.30 an ounce, its highest in a week. Meanwhile, in Mumbai, all commodity markets, including bullion and oilseeds remained closed on Thursday for Bhau beej festival. Copper falls 10% on demand fears
• LONDON: Copper fell by 10% on Thursday as rising London Metal Exchange stocks halted this week's shortcovering rally in industrial metals and recessionary worries returned. Copper for three months delivery fell 10% to an intraday low of $4,190 a tonne after LME stocks came in at 223,875 tonnes, up 6,575 tonnes. Copper was last seen at $4,220, down from $4,655 at the close on Wednesday, when it surged 12.6%. Nickel, which surged 14% on Wednesday fell on Thursday to a low of $11,900, down 12.8%. It stood at $11,950 against $13,640 on Wednesday. Lead dropped, down 8.5% to a low of $1,445 before tracking back to $1,460 versus $1,580. Zinc stocks also came in higher at 182,100 tonnes, sending prices to a low of $1,145 a tonne. It was last seen at $1,155, down 8.3% versus Wednesday's $1,260. Tin shed 6.1% to $14,300 against Wednesday's close of $15,225. Aluminium was 3.7% lower at $2,071, down from $2,151 on Wednesday. Sugar traders unlikely to get extension of sops for exports
• NEW DELHI: The food ministry is believed to have informed the cabinet committee on economic affairs (CCEA) about the decision not to extend the subsidy on sugar exports beyond the 2007-08 season ended September. Official sources said the decision on not extending the subsidy to the current season has been conveyed to the CCEA. The cabinet committee on prices (CCP) had last month decided that the sops should end this September as prices were higher than the last year's rates. Cotton procurement nears 10 lakh quintals till Oct 29
• NEW DELHI: The government agencies have procured nearly 10 lakh quintals of cotton till October 29, with farmers rushing to them following a decline in prices below the minimum support price level in open markets. According to the Cotton Corporation of India (CCI), purchases of the white commodity have crossed 9.9 lakh quintals till October 29. The government has sharply increased the minimum support price (MSP) of standard cotton (long staple) to Rs 3,000 per quintal for 2008-09 from Rs 2,030 in the previous year. The MSP of medium staple cotton has been raised to Rs 2,500 per quintal from Rs 1,800.
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