MUMBAI, Oct 17 (Reuters) – Indian natural rubber output is
likely to drop over 10 percent in 2014/15 from the previous crop
year, hit by heavy rain in key growing regions and as farmers
suspend tapping due to lower prices, the head of the country’s
top producer said.
Falling output amid rising demand from the local auto
industry would force the world’s fifth biggest rubber producer
to increase overseas purchases of the tyre making material.
MUMBAI, Oct 17 (Reuters) – Gold smuggling into India, the
world’s second-biggest consumer of the precious metal, is
becoming more risky for couriers following a surge in seizures
and less profitable for the gangs behind the practice.
After being caught off guard by a jump in smuggling on the
back of a hike in import duty last year, government agencies
have stepped up seizures to the extent that couriers are
demanding more money to carry in gold, according to customs
intelligence officials and an industry analyst.
MUMBAI, Oct 13 (Reuters) – Tokyo rubber futures may edge up
from recent five-year lows this week as China could be raising
imports, although a further fall in crude oil prices would limit
any gains in the global rubber benchmark, dealers said on
Among other soft commodities, Vietnamese robusta prices are
likely to trim their discount to London prices, but Thai raw
sugar discounts could remain steady to New York futures as mills
are eager to cut stock before the new season starts next month.
Cocoa butter could edge higher due to tight supplies.
MUMBAI (Reuters) – Plunging sugar prices have forced at least one sugar mill to default on bank loans and could drive others to do the same, the latest sign of the heavy toll a four-year-old supply glut in the country is taking on producers of the sweetener.
One of the country’s largest sugar mills, Mawana Sugars Ltd (MAWS.NS: Quote, Profile, Research), has defaulted on 2.5 billion rupees ($40 million) of outstanding loans from a consortium of lenders, according to an official from the company.
MUMBAI, Oct 9 (Reuters) – Plunging sugar prices have forced
at least one Indian sugar mill to default on bank loans and
could drive others to do the same, the latest sign of the heavy
toll a four-year-old supply glut in the country is taking on
producers of the sweetener.
One of the country’s largest sugar mills, Mawana Sugars Ltd
, has defaulted on 2.5 billion rupees ($40 million) of
outstanding loans from a consortium of lenders, according to an
official from the company.
MUMBAI, Sept 28 (Reuters) – Palm oil prices are likely to
fall nearly 13 percent to hit a new 5-1/2-year low of 1,900
ringgit ($583.36) per tonne on higher output and sluggish
demand, but losses could be restricted to 2,000 ringgit if the
Malaysian currency depreciates sharply, leading analyst
Dorab Mistry said.
Malaysian palm oil futures settled at 2,177 ringgit
($668.40) per tonne on Friday, after hitting a 5-1/2-year low at
1,914 ringgit on Sept. 2.
MUMBAI, Sept 28 (Reuters) – Malaysia, the world’s
second-biggest palm oil producer, could extend duty free exports
until the end of 2014 if prices of the tropical oil remain at
current levels, a leading palm oil producer told Reuters in an
Malaysia has allowed duty free exports of crude palm oil for
September and October. A further extension in duty free exports
would help it reduce stockpiles but also put pressure on rival
top producer Indonesia to consider similar measures.
MUMBAI, Sept 27 (Reuters) – Malaysian crude palm oil prices
are likely to rise nearly 8 percent to 2,350 ringgit a tonne by
February 2015 as a reduction in inventories and lower yields
offset an expected drop in crude oil prices, a top industry
analyst said on Saturday.
“In oil palm, you will see lower fertiliser applications and
longer gaps between harvesting rounds. The result will be some
drop in output,” James Fry, chairman of commodities consultancy
LMC International, told the Globoil India conference in Mumbai.
MUMBAI, Sept 26 (Reuters) – India’s palm oil imports are
likely to climb around 4 percent to 8.25 million tonnes in the
marketing year starting November as poor monsoon rains curb
growth in local edible oil supplies amid a rise in consumption,
a veteran trader said on Friday.
Higher purchases by India, the world’s top importer of
cooking oils, could support benchmark Malaysian palm oil futures
< FCPOc3> that hit a five-year low earlier this month and have
shed almost a fifth of their value so far in 2014.
MUMBAI/KUALA LUMPUR, Sept 25 (Reuters) – Competing efforts
by leading palm oil producers Indonesia and Malaysia to raise
exports of the tropical oil and the impact of falling crude oil
prices on biodiesel demand will be the primary focus of an
industry conference in India this week.
At the Globoil India 2014 meeting that starts in Mumbai on
Friday, edible oil traders and analysts are also likely to
discuss rising palm oil inventories and an expected bumper U.S.
soybean crop, and the combined impact on palm oil
prices that dropped to a five-year low early this month.