Gold ends below R31k on global cues
Gold prices dip below R31,000 level per 10 gm in the national capital on Thursday on sustained selling by stockists in tandem with a weak global trend. The yellow-metal declined by R100 to R30,900 per 10 gm. However, silver recovered by R100 to R57,500 per kg on scattered enquiries from industrial units. Sentiments in gold remained bearish for the second straight day after it fell in overseas markets as some investors sold the metal amid negotiations among US lawmakers to strike a budget deal before the year-end.
Coffee output may rise 2% this year
India’s coffee output is expected to rise marginally by 2% to 5.3 million bags (3.18 lakh tonne) in the current crop year on the back of high robusta production from Karnataka, a USDA report said. United States Department of Agriculture (USDA) in its latest report on coffee pegged the global production to hit a record for the third consecutive year at 151 million bags (60 kg each) in 2012-13 crop year (October-September).
Cut duty on iron ore fines to 5%: FIMI
Miners’ body FIMI has pitched for a drastic reduction in export duty on low-grade iron ore to 5% from the present 30% saying the current rate has rendered shipment unviable. “We have requested the government to cut duty on iron ore fines in Budget to the level it existed prior to March 2011, at 5%,” said RK Sharma, secretary general, Federation of Indian Mineral Industries. Duty on the key raw material has gone up from zero in FY09 to 5% in FY10, to 20% in FY11 and 30% in FY12, he said.