Commodities articles

India Jewelers Plan Shutdown to Demand Easier Gold Import Rules

Gold jewelers in India, the world’s second-biggest consumer, are planning a nationwide shutdown next week to demand easing of curbs on precious metal imports. Bullion dealers and jewelers will shut shops on March 10 to protest restrictions on imports, Kumar Jain, a spokesman for the Bombay Bullion Association, said by phone. Jewelers want the import

Consumers Lead Canada Growth to Faster-Than-Expected 2.9%

Canada’s economic growth unexpectedly accelerated in the fourth quarter as consumers kept spending and companies added to inventories. Gross domestic product grew at a 2.9 percent annualized pace from October through December compared with 2.7 percent in the prior three months, Statistics Canada said today in Ottawa. Economists surveyed by Bloomberg predicted growth would slow

Official: Iraqi crude oil exports jump in February

BAGHDAD (AP) — A senior Iraqi official says daily oil exports have shot up in February to 2.8 million barrels from nearly 2.3 million barrels in the previous month, thanks to a small group of international oil companies developing oil fields and export infrastructure. Iraq’s Deputy Prime Minister for energy, Hussain al-Shahristani, also said Saturday

Gold Drops for Second Time in Three Days as Equities Gain

Gold declined for the second time in three days as gains in equities curbed demand for the precious metal as an alternative investment. The MSCI All-Country World Index of stocks extended an advance to the highest since December 2007. Gold tumbled 28 percent last year after some investors lost their faith in the precious metal

Coffee Posts Biggest Monthly Gain in 19 Years on Parched Brazil

Coffee futures posted the biggest monthly gain in almost two decades on mounting concern that abnormally dry weather will reduce the crop in Brazil, the world’s top producer and exporter. Brazil’s southeast including Minas Gerais, the biggest state grower, is having the driest summer since 1972, said Hamilton Carvahlo of the National Institute of Meteorology

Gold Fix Study Shows Signs of Decade of Bank Manipulation

The London gold fix, the benchmark used by miners, jewelers and central banks to value the metal, may have been manipulated for a decade by the banks setting it, researchers say. Unusual trading patterns around 3 p.m. in London, when the so-called afternoon fix is set on a private conference call between five of the

Dream of U.S. Oil Independence Slams Against Shale Costs

The path toward U.S. energy independence, made possible by a boom in shale oil, will be much harder than it seems.Just a few of the roadblocks: Independent producers will spend $1.50 drilling this year for every dollar they get back. Shale output drops faster than production from conventional methods. It will take 2,500 new wells