WORLD OIL HEADS FOR 5PC WEEKLY GAIN
Oil prices rose on Friday, as reports of supply issues in Nigeria and a higher forecast for crude demand helped to set prices on track for a fifth straight day of gains and the largest weekly advance in two weeks.
August West Texas Intermediate crude CLQ7, +1.04 percent rose 24 cents, or 0.5 percent, to $46.32 a barrel on the New York Mercantile Exchange. It’s trading around 4.7 percent higher on the week. September Brent crude LCOU7, +1.12 percent on London’s ICE Futures exchange climbed 26 cents, or 0.5 percent, to $48.68 a barrel, with prices up around 4.2 percent from a week ago.
FORECASTS FOR URANIUM RATE ALL POINT UP
Uranium was the glaring exception amid a broad-based rally in metals and minerals in 2016. The price of U3O8 fell 41 percent in 2016 with the industry tracker UxC’s broker average price hitting 12-year lows below $18 per pound in November.
After top supplier Kazakhstan announced in the second week of January that it’s cutting output by 5.2 million pounds, equal to 3 percent of global production, the price rallied, hitting $26.75 a pound by mid-February.
US TO BECOME LARGEST EXPORTER OF NATURAL GAS
The United States is challenging Australia and Qatar as the world’s largest exporter of natural gas, according to a new report by the International Energy Agency.
The U.S. is already the world’s largest producer of natural gas. The IEA estimated that by 2022 the country’s production will be 890 bcm, more than a fifth of global gas output.
Global gas demand is expected to grow by 1.6 percent a year for the next five years, with consumption on track to hit almost 4,000 billion cubic meters by 2022. China is projected to account for almost 40 percent of growth.
GEA-INDIA SET TO BUILD ASIA’S LARGEST MILK PRODUCTION PLANT
During the first quarter of 2017, GEA in India received an order from AmulFed Dairy for a new dairy plant for the production of 150 tons per day of skim milk powder and 120 tons per day of dairy whitener/baby food. The milk powder plant is scheduled to begin production in 2018.
BANGLADESH TEA RATES KEEP RALLYING
Tea prices in Bangladesh rose for a second straight week on strong demand for quality leaf while sales rose despite higher volume on offer.
Bangladeshi tea fetched an average of 223.38 taka ($2.74) per kg at the weekly auction on Tuesday, compared with 214.77 taka in the previous sale. There was robust demand for quality tea and buyers were ready to pay premiums, which aided the rise both in prices and sales volume despite higher supplies. About 8 percent of the 2.2 million kg offered at the sole auction centre in Chittagong remained unsold. In the previous auction, 15.5 percent of the 1.85 million kg on offer was unsold.
GOLD, SILVER IN RED
Gold and silver were trading in red in the early trade on Friday on account of tepid demand of precious metals by jewellers, industries and retailers. MCX Gold was down 0.22 per cent, or Rs 61, at Rs 27,776 per 10 gram around 10.50 am (IST), while MCX silver was down 0.60 per cent, or Rs 220, at Rs 36,370 per 1 kg.
COFFEE HARVEST DOWN IN BRAZIL
Brazil’s coffee farmers have harvested 56 percent of this season’s crop through July 11, down from 58 percent at the same time last year, consultancy Safras & Mercado said in its weekly survey on Thursday.
Brazil is expected to produce 51.1 million 60-kilogram bags of coffee this season, of which 39.6 million will be arabica beans and 11.5 million robusta, which was more affected by the harvesting delays.
OVERSEAS PALM & SOYA OIL MARKETS KEEPS EDIBLE OILS STEADY
Stable to weak condition in overseas palm and soya oil markets kept domestic edible oils steady on Wednesday. In Mumbai despite improve activities prices for most edible oils rule unchanged. Palmolein declined by Rs2. In absence of rain in most producing states, rising worry about ongoing Kharif crop sowing. Further from August festivals season will start in India and demand for edible oils will rise. All this factors will lead the market trend. However till now domestic and overseas supply remained enough and prices under check said leading broker. Sources said during the day about 1,700 tones palmolein at 530-531 and about 500 tones soyabean refined oil at 635 were bought by stockiest for ready and July. Demand for cotton, groundnut and sunflower remained thin and isolated. Liberty’s rates for Palmolein Ex STC/Shapur were 537/538 for 30 July and Super palmolein 558 for 30 July.