Tuesday, 23 August 2016

Commodity Market Live

Oil slips below $49 as rising supply trumps hopes for producer action 
Oil fell below $49 a barrel on  Tuesday, giving up part of August's strong rally, as signs of rising supply outweighed hopes that producing nations will agree steps to support prices. A Nigerian militant group, which has claimed a wave of attacks on oil facilities, said at the weekend it was ready for a ceasefire and Iraq resumed pumping through a northern pipeline halted earlier this year. Brent crude was down 59 cents at $48.57 a barrel at 0845 GMT (0445 ET).
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Illicit gold: India's smugglers shut out refiners, banks 
Indian gold refiners just months ago were ramping up capacity and struggling to secure enough ore from miners. Now, they are suspending operations as a surge in smuggled bullion+ wipes out wafer thin margins. Gold importing banks and big jewellers have also been hit by the growing entry of illicit gold+ , which avoids import duties and makes its way on to the so-called "grey market" where it is sold to end-users at a discount. Smuggled gold+ could account for more than a third of demand this year in India - the world's second-biggest buyer of the metal after China - potentially costing the government over $1 billion in lost revenue.  

Silver down 0.3% on weak global cues 
Tracking a weak trend in global markets, silver prices were down by Rs 116 to Rs 45,601 per kg in futures trade today as participants trimmed positions. In futures trading at the Multi Commodity Exchange, silver for delivery in far-month December shed Rs 116 or 0.26% to Rs 45,601 per kg in a business turnover of 15 lots. Similarly, the white metal for delivery in September declined by Rs 109 or 0.24% to Rs 44,625 per kg in a business volume of 405 lots. In the international market, silver fell 0.42% to USD 18.95 an ounce in Singapore today. Marketmen attributed the fall in silver prices at futures trade was largely in line with a weak trend in precious metals in global markets.