Global agri-commodity powerhouse, the $44.8 billion Bunge has initiated talks with GMR Industries to pick up a "strategic stake" in the company. If a deal materialises , Bunge could end up achieving its stated objective of getting into sugar manufacturing . Bunge has initiated discussions, while issues being discussed is not known, sources said. "The contours of the ... [full story]
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Spices continue to be the gourmets’ delight internationally. Beating the global slowdown blues, India’s spice exports increased 15% in rupee terms and 6% in dollar terms in the past eight months. Spice exports from India touched 310,830 tonne in April-November 2008, valued at Rs 3,450.5 crore ($786.2 million) against 294,335 tonne, and worth Rs 3,010.3 crore ($742.9 million) ... [full story]
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Brazilian stocks gained for a second day, led by commodity producers and banks, as oil prices surged and investors increased their expectations for interest-rate cuts next year. Petroleo Brasileiro SA jumped the most in almost two weeks after Israeli air strikes in the Gaza strip sent crude up as much as 12 percent. Cia. Vale do Rio Doce, the ... [full story]
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Tokyo rubber futures hit a one-month high on Monday as a rally in other commodities and oil markets helped improve sentiment. * The key Tokyo Commodity Exchange rubber contract for June delivery <0#JRU:> traded at 135.3 yen per kg as of 0402 GMT, up 3.7 yen or 2.8 percent. * The contract earlier rose as high as 139.5 ... [full story]
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Edible oils today rose by up to Rs 200 per quintal in the national capital largely in tandem with firming global trends amid pick up in demand from millers. Sentiments turned better after reports that palm oil futures in Malaysia rose for the second day on expectations that output might decline in the coming six months as plantations ... [full story]
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In a move that may work as a sweetener for the tea industry, the Government of India has, in principal, agreed to share 50% of social infrastructure cost of the plantation industry. The overall cost is around Rs 2,800 crore for the next five years. This move is likely to bring down the cost of tea production by ... [full story]
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The Union Cabinet is likely to take up the issue of minimum support price (MSP) of rabi crops, including wheat and chana, on Thursday. “The Cabinet may decide on rabi MSP this week or at its next meeting,” food and agriculture minister Sharad Pawar said on Tuesday on the sidelines of the international potato conference here. Though the minister ... [full story]
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Sugar prices fell as commodities slumped to the lowest in six years on signs the global recession is deepening, eroding demand for raw materials. Coffee also dropped. The Reuters/Jefferies CRB Index, which includes prices of crops, metals and energy, dropped to the lowest level since November 2002. Before rebounding, U.S. equities fell as much as 2.2 percent, triggered by ... [full story]
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Brazil’s real sank to an eight-week low as falling commodity exports and mounting speculation the central bank will cut interest rates sparked capital flight. “We just don’t know how deep the problem is and the bad news just keeps on coming,” said Marcos Forgione, a trader at B&T Corretora de Cambio in Sao Paulo. The real fell 3.6 ... [full story]
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Asian commodity stocks fell, led by BHP Billiton Ltd., after oil sank to the lowest in almost four years and metals prices dropped on concern the global recession is deepening. BHP Billiton, the world’s largest mining company and Australia’s biggest oil producer, sank 4.2 percent as oil fell below $44 a barrel and Merrill Lynch & Co. said prices ... [full story]
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Asian stocks traded mixed to lower Friday, with commodity stocks retreating in the wake of overnight falls in crude-oil prices, while investors chased up Hong Kong-listed stocks such as China Mobile, which are leveraged to the China growth story. Shares of Honda Motor were up 0.2% amid expectations the auto maker will announce its withdrawal from Formula One racing ... [full story]
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Gold and other commodities prices fell Thursday investors extended their flight from the futures markets amid more signs of economic weakness. The dominating driver of the commodities markets in recent months has been the fear of a sharp drop in demand for raw materials as the country sinks further into a recession. And there were plenty of signs Thursday ... [full story]
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Gold futures closed lower on Thursday as crude-oil prices plunged while the U.S. dollar rose against a basket of major rivals, lowering the precious metal's investment appeal. Gold for December delivery erased earlier gains, falling $15.50, or 2.1 percent, to close at $738.50 an ounce on the Comex division of the New York Mercantile Exchange. "While gold may ... [full story]
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Oil fell for a second day on Friday, dropping more than 2 percent to below $65 a barrel and set for its biggest ever monthly loss after weak U.S. economic data refocused attention on falling demand. U.S. gross domestic product contracted at an annual rate of 0.3 percent for the third quarter, the sharpest fall in the world's largest ... [full story]
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FTSEurofirst 300 closes 7.51 percent higher * Investors brace for possible U.S. rate cut * VW biggest faller in Europe, Porsche among top gainers * Banks and oil sectors lend biggest sector support (updates with closing prices) FRANKFURT, Oct 29 (Reuters) - European shares closed more than 7 percent higher on Wednesday, led by banks ... [full story]
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Commodities markets ticked higher on Monday, recovering from their sharpest ever weekly loss, but questions remain whether governments can release the log-jam in credit markets and save the global financial system. Countries from Europe to Australia rushed out plans on Sunday to shore up their banks, giving equity markets a boost -- the ASX 200 in Sydney rose 5.6 ... [full story]
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Crude oil hit a one-year low Friday as fears intensified about the global economic outlook and the impact on demand. Crude for November delivery fell $8.89 to close at $77.70 a barrel on the New York Mercantile Exchange. Crude’s weekly loss was as much as 17% on fresh concern about declining demand as businesses and consumers tighten their consumption. ... [full story]
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Investors have been selling commodities to reduce risk and raise cash, a process known as deleveraging, amid the global financial crisis. Commodities attracted huge inflows of speculative money earlier this year as a hedge against a weak U.S. dollar and inflation. At end-June, the Commodity Futures Trading Commission (CFTC) put the value of index-linked commodity futures and options ... [full story]
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Block cheese prices on the Chicago Mercantile Exchange averaged $1.85 per pound for the trading week ended Oct. 10, unchanged from the previous week. The closing price for block cheese rose steadily throughout the week, however. Blocked cheese closed at $1.81 per pound Monday, $1.84 per pound Tuesday, $1.85 per pound Wednesday, $1.87 per pound Thursday and $1.88 per ... [full story]
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*Emerging market equities fall to near 2-year low *Emerging sovereign credit spreads widest since June 2005 *Latam currencies weaker versus U.S. dollar By Daniel Bases NEW YORK, Sept 11 (Reuters) - Falling commodity prices hit emerging market assets on Thursday, pulling emerging equities to a near two-year low and sovereign debt spreads to their widest point ... [full story]
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Despite a mid-summer sell off that sliced more than 22 per cent off a key benchmark, commodities have been performing extraordinarily well for some time. According to the Standard & Poor’s Goldman Sachs Commodity Index (S&P/GSCI), commodities are up more than 40 per cent over the last year to August 18. Five-year annualised returns topped 15 per cent. And 10-year ... [full story]
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It sounds like more of the same from the past few weeks: sharemarkets rattled, financial stocks rattled and commodities on the slide: it was up till Friday when it suddenly became a very different story. The US dollar fell as the slide in the euro came to an end; the Australian dollar bounced a couple of cents; gold, copper ... [full story]
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Sovereign wealth funds have invested almost $20bn in commodities futures, according to fresh data from US regulators. It confirms for the first time the presence of state-owned vehicles in the commodities market. The Commodity Futures Trading Commission, the regulator of US commodity markets, said in a report SWFs accounted for about nine per cent of the $200bn invested in ... [full story]
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COMMODITY markets falling nearly 20 per cent during the third quarter have undermined confidence in the resources super-cycle, but some commentators say it is a temporary correction, with longer-term fundamentals "completely unchanged". The prices of commodities such as copper have corrected substantially amid fears that Chinese growth is slowing at a time when the US and Europe are reporting ... [full story]
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MALAYSIA’S total trade expanded by 12.2% during the first six months of this year (Jan-June 2007: 2.2%), in line with increased global demand for commodity products as well as higher import prices. The trade surplus grew to RM67.5bil from RM43.7bil in the corresponding period of last year, with exports accounting for 55.8% of total trade. Despite global uncertainties, external ... [full story]
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As with any asset class, commodities investing often can come down to getting into and out of a given market at the right time. Sounds simple, until you factor in fundamental factors, time horizons, the waxing and waning strength of the U.S. dollar and what the OPEC secretary general had for breakfast this morning. Wouldn't it be nice if ... [full story]
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Obopay and Grameen Solutions have announced what they're calling "a unique, first-of-its-kind alliance to use mobile technology to deliver banking services to a billion of the world’s poorest people by 2018. The Grameen-Obopay Bank A Billion Initiative will provide access to affordable financial services, including cross-border remittances, money transfer, payments, savings and credit accounts. By empowering life and work endeavors ... [full story]
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ING Investment Management India today launched a commodities fund that aims to achieve long-term capital growth by investing primarily in units of global commodity-oriented mutual funds. ING Optimix Global Commodities Fund, an open-ended fund of funds (FoF) scheme, opens for subscription tomorrow and closes on August 25. The fund would be offered under its multi manager investment engine, ... [full story]
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Banks hunted aggressively for commodity specialists in the second quarter as investors chasing the rally in raw materials provided incentives for more hiring in the sector, a commodities headhunter said on Monday. "Many investment banks see their commodities teams as core to their business especially as other revenue streams dry up in these difficult times," said Human Capital, a ... [full story]
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The Canadian dollar declined for the fifth day amid concern that weakening commodity prices may signal slowing economic growth. The dollar fell 0.3 percent to C$1.0231 at 3:16 p.m. in Toronto, from C$1.0198 on July 25. The loonie, as the currency is known because of the bird on the one-dollar coin, has weakened 2.4 percent so far this year ... [full story]
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While other-country government bonds are being shunned amid a gloomy economic outlook, Indonesia's government bonds offer high yields in an inflation-controlled environment, a global analyst says. An estimated global slowdown triggered by high oil and food prices and fears of a U.S. recession have discouraged investors from buying government bonds. However, Chew Soon Gek, chief investment officer for ... [full story]
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Commodities plunged the most since March, led by tumbling grain futures, as rains from eastern Colorado to Pennsylvania improved prospects for U.S. crops. Energy prices also dropped. The Reuters/Jefferies CRB Index fell 2.8 percent to 460.23, the biggest drop since March 19. Corn, soybeans, wheat and cotton plummeted the maximum allowed by U.S. exchanges. Crude oil dropped 2.7 percent ... [full story]
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