Commodity News

Govt quizzes DLF after audit; realtor to reply soon

A special audit committee formed by the government has investigated the books of accounts of DLF Ltd, India's largest realtor.

The panel has asked DLF to respond to questions raised within 120 days or by April 30. One of the questions pertain to possible evasion of tax by changing the revenue recognition method. DLF said it will respond to the queries in the next two months.

"The assessment is still to be done; it will be wrong to say that any action is being taken against DLF," the developer said.

Copper Drops To Near 4-Year Due To Sluggish Demand

Copper Drops To Near 4-Year Due To Sluggish DemandCopper prices fell to about four-year low in international market following fears of low demand in the wake of global financial crisis. According to recently released data by the World Bureau of Metal Statistics, copper prices declined more than 55 per cent in this year. Analysts at Barclays Capital said that adverse is yet to come and next few quarters would see huge decline in demand as compared to current demand level in the market.

Sugar Prices May Remain Firm In Future

Sugar Prices May Remain Firm In FutureSugar was traded at Rs 65 per quintal higher last week at the commodity exchange and market is expected to remain firm in the coming times due to the fears of low yield.

The rejection of petition, field by the mills on SAP issue supported prices at the commodity exchange.

The court upheld the prices fixed by the government at Rs 140-145 per quintal. Other factors such as depreciation of rupee against US dollar, global slow down and liquidity crunch helped to raise the demand of sugar.

Vegetable Oil Imports Jump 30% in November

Vegetable Oil Imports Jump 30% in NovemberAs prices in the global market continued to decline, vegetable oil imports increased 30 per cent in November compared with the same period a year ago. Total veg oil imports in the country shot up to 555,342 tonnes in November this year as compared to 427,912 tonnes in the corresponding month last year. Of this, edible and non-edible oil comprised 519,032 tonnes and 36,310 tonnes, respectively. Import of RBD palmolein was reported at 137,959 tonnes as compared to 30,014 tonnes in the same month last year. The share of refined oil increased to 27 per cent from 25 per cent in October this year.

Gold Prices Rise By Rs 405 To Rs 12,865

Gold Prices Rise By Rs 405 To Rs 12,865  Gold recorded a rise of Rs 405 to touch Rs 12,865 per 10 gm in Mumbai. The price of yellow metal breached the psychological level of Rs 13,000-mark in Kolkata after a gap of 10 days, while it was just of short of Rs 20 from the Rs 13k in Delhi.

Prices of gold have gone up by more than Rs 1,500 since January 11, 2008, when it closed at Rs 11,355 per 10 gm in Mumbai bullion market. Gold prices firmed up in the global market due to the rise in oil prices and weakness of the U.S. Dollar against the Euro.

Exxon Mobil reports largest quarterly profit in US history

ExxonNew York - The world's largest publicly traded oil company, Exxon Mobil, reported the largest quarterly profit in US history Thursday on the back of record oil prices.

Exxon earned 14.83 billion dollars in the quarter, an increase of 60 per cent on the same quarter of 2007.

Sales increased by 35 per cent to 137.74 billion dollars in the same period, the company reported from its headquarters in Houston in the US state of Texas, far exceeding analysts' forecasts.

Exxon Mobil held the previous quarterly profit record, with 11.7 billion dollars in the second quarter of 2008.