Gold prices dropped from record levels by losing R150 to R30,600 per 10 gram in the bullion market on Wednesday on reduced offtake at existing high levels amid weak global cues. Silver also declined by R700 to R55,100 per kg on lack of buying support from industrial units and coin makers. Sentiment turned bearish after gold declined in global markets as investors await the outcome of the US Federal Reserve’s monetary-policy meeting, traders said.
Vedanta aluminium sells at premium
London-listed mining group Vedanta Resources on Wednesday said it has sold 3,000 tonne of aluminium ingots at a premium of $220 a tonne over the London Metal Exchange Price in the Asian market. ?Vedanta Group, India?s largest Aluminium producer, has recently sold 3,000 metric tonne of aluminium ingots 99.7% through a tender at a premium of $220 pmt over LME on a cost, insurance and freight basis in the Asian market,? the company said in a statement.
Coffee production seen good: ICO
Buoyed by rising consumption of coffee and high prices, International Coffee Organisation(ICO) has said that production prospects of the brew are expected to be good in 2012-13, but rising input cost is a major constraint. ?Production prospects for this crop year are considered to be good. Significant production increases are expected in Brazil,? ICO noted in its report.
