Commodities
Indian Mills Sign Sugar Import Deals
WSJ.com
Mills in northern India have struck deals in the past 10 days to import 80,000-100,000 metric tons of raw sugar, industry officials said Wednesday.
The raw sugar is being imported mostly from Brazil at $300-$330/ton, free on board. The shipments are expected to arrive in the June-July period.
Indian mills are importing sugar to optimize their unutilized [...]
China, electric cars to drive copper prices
Reuters
Asian urbanization coupled with the electrification of the auto industry should be a boon for copper prices and a huge benefit for copper mining countries such as top producer Chile, mining financier Robert Friedland said on Thursday.
Speaking at the CRU/CESCO copper conference in the Chilean capital of Santiago, Friedland said massive Chinese demand for automobiles [...]
India May Allow Duty-Free Imports of Raw Sugar
Bloomberg.com: Asia
India, the world’s biggest consumer of sugar, may allow mills to import the raw sweetener duty free in two weeks to ease a local shortage and prevent an increase in domestic prices before elections next year.
The government plans to allow refiners to buy sugar from overseas for processing and sale in the local market [...]
India may import raw sugar in 2009
The Economic Times
India will produce less sugar than it would consume this year. Normally this should be enough to make the bulls snort in anticipation of profits. But not this time. The red rags are too many. The crunch will come between April and September 2009. By April domestic production will grind to a halt, [...]
Argentina stimulates ethanol use in fuel
Before coming to Argentina, I did not even know they produced sugar. Brazil is LatAm’s powerhouse in sugar. Two weeks ago I was in Tucuman, Northern Argentina (Amazingly, Sikhs immigrated to NW Argentina, in the 1910s) – the center for sugar production. I smelled the odor of processed sugarcane while driving down the highway from [...]
Indian Government changes customs duty on steel, soyoil
The Economic Times
In wake of the recent fall in international prices of commodities and with a view to safeguard interests of domestic producers, the Indian government has announced certain changes in customs duty rates effective from Nov 18.
The government has withdrawn full exemption of customs duty on few industrial and agricultural commodities. Iron and steel [...]
Rising demand makes India a sugar importer
Commodities-Markets-The Economic Times
Sugar consumption [in India] has increased by two million tonnes in the past two years, pushing up the annual domestic consumption to about 23 mn tonnes from only 19 mn tonnes in 2005-06. Consumption is growing by over 4% annually, but the government prefers to keep tightlipped about it and pegs the annual [...]
Indian textile firms look overseas for cotton
Business Standard
India has also begun importing [cotton] from Argentina, Brazil and the US on account of lower prices. As compared to domestic rates, the imported cotton offers a benefit of Rs 2,000 per bale to these textile companies.
Thanks to a 40 per cent rise in minimum support prices (MSP) for cotton, the domestic prices seem [...]
Global sugar deficit likely to shrink
The Hindu Business Line
The global sugar deficit in 2008-09 may be smaller than the earlier forecast of 3.90 million tonnes as sliding crude oil prices may encourage many Brazilian mills to produce sugar than diverting the crop for ethanol. Weakening Brazilian real will also increase exporters’ realisation.
According to the International Sugar Organisation (ISO) forecast, [...]
Sugar Market to Have Supply Shortfall for Two Seasons
Bloomberg.com
Global sugar demand will outpace supply for two seasons as Indian and European production declines and consumption rises, the International Sugar Organization said.
The ISO in August forecast a decline in output to 161.6 million metric tons in the year to September 2009 and consumption of 165.5 million tons. While slower global economic growth will curb [...]
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