On the Multi Commodity Exchange, gold contracts for October delivery traded higher by Rs 323, or 0.62 per cent, at Rs 52,010 per 10 gram in a business turnover of 11,397 lots.

On the National Commodity and Derivatives Exchange, coriander for October delivery went up Rs 18, or 0.27 per cent, to Rs 6,614 per quintal with an open interest of 4,940 lots.

On the National Commodity and Derivatives Exchange, guar seed for September contracts increased by Rs 71, or 1.74 per cent, to Rs 4,150 per 10 quintal with an open interest of 6,980 lots.

On the National Commodity and Derivatives Exchange, refined soya oil for September delivery moved up by Rs 2.3, or 0.25 per cent, to Rs 909 per 10 kg in 6,955 lots.

On the National Commodity and Derivatives Exchange, soybean contracts for September delivery fell Rs 4, or 0.1 per cent, to Rs 3,860 per quintal with an open interest of 4,255 lots.

KUALA LUMPUR: Malaysian palm oil futures edged higher on Tuesday, building on sharp gains in the previous session as market talk raised expectations of higher exports in the month so far, with a rise in Dalian oil contracts also helping sentiment. The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange gained 12 ringgit, or 0.41%, to 2,904 ringgit ($701.79) during 0238 GMT. Palm hovered at a near eight-month high hit on Monday. Cargo surveyors are scheduled to release export volume data from Malaysia for Sept. 1 to 15 later in the day. The market is expecting exports to rise between 10% and 12% from August, traders said on Monday. FUNDAMENTALS

NEW DELHI: Gold and silver prices gained in Tuesday’s trade ahead US Federal Reserve’s policy meet while continuous jump in Covid-19 cases also helped the demand for bullion counters. Total Covid-19 patient count in India has neared 50 lakh mark, the second largest in the world behind the US and there have been over 80,000 death due to the deadly virus. Gold futures on MCX were up 0.30 per cent or Rs 203 at Rs 51,890 per 10 grams. Silver futures rose 0.67 per cent or Rs 463 to Rs 69,428 per kg. Gold prices declined marginally by Rs 24 to Rs 52,465 per 10 gram in the national capital on Monday amid rupee appreciation, according to HDFC Securities. Silver prices, however, rose by Rs 222 to Rs 69,590 per kilogram.

Gold prices held steady on Tuesday, following a sharp rise in the previous session, as the dollar remained subdued ahead of the U.S. Federal Reserve's monetary policy meeting that could provide more clues on stimulus measures and inflation targeting. FUNDAMENTALS Spot gold was flat at $1,956.17 per ounce by 0024 GMT after gaining 1% on Monday. U.S. gold futures ticked up 0.1% at $1,966.40. The dollar index was little changed after posting its worst day in more than two weeks in the last session. A weaker greenback makes gold less expensive for holders of other currencies. Asian shares looked set to open lower on Tuesday, although positive developments around potential COVID-19 vaccines and increased deal activity are likely to stem losses.

TOKYO: Oil prices inched lower on Tuesday as a bleaker outlook for global fuel demand prompted fresh selling, but short-covering ahead of a meeting later this week of OPEC and its allies, known as OPEC+, limited losses. Brent crude was down 3 cents, or 0.1%, at $39.58 a barrel by 0102 GMT, reversing earlier gains. U.S. West Texas Intermediate (WTI) crude futures were down 2 cents, or 0.1%, at $37.24 a barrel. Both contracts ended slightly lower the previous day. Major oil industry producers and traders are forecasting a bleak future for worldwide fuel demand, due to the coronavirus pandemic's ongoing assault on the global economy, with OPEC downgrading its oil demand forecast on Monday and BP citing demand might have peaked in 2019. Worries over an increase in global supply after Libyan commander Khalifa Haftar committed to ending a months-long blockade of oil facilities also weighed on sentiment. "Still, some investors moved to cash in profitable short positions ahead...

World oil demand will tumble by 9.46 million barrels per day (bpd) this year, the Organization of the Petroleum Exporting Countries said in a monthly report, more than the 9.06 million bpd decline expected a month ago.

Citi sees global benchmark Brent crude, which is currently trading near $40 a barrel, averaging around $55 in 2021 before getting back to the $60 mark by the end of the year.

"We support OPEC as far as the interests of the Islamic Republic of Iran are served in a balanced way with other members. Otherwise, membership of no international organization is compulsory," Zamaninia said.

KOLKATA: Potato prices have surged more than 62 per cent since May as production fell in key growing states and demand soared amid the Covid-19 pandemic. Traders in Uttar Pradesh, the largest potato producer in the country, said prices will remain firm at least till March next year. Demand for potato, a staple for Indian kitchens, has been rising during the pandemic as the tuber can be stored longer than other vegetables. In West Bengal, the second largest producer, prices have shot up to Rs 26-28 per kg in the wholesale market from Rs 16-18 in May. Retail prices are ruling at Rs 32-35 a kg in the state. Price is following the same trend in Uttar Pradesh as well. “This year, the crop is down by 20 per cent than last year. So, there is a shortage in supply,” Arvind Agarwal, president of Cold Storage Association of Uttar Pradesh, told ET. “The demand has gone up across all the states due to lockdown.” Uttar Pradesh has produced around 12.4 million tonnes of potato this year as...

On the Multi Commodity Exchange, gold contracts for October delivery traded higher by Rs 151, or 0.29 per cent, at Rs 51,470 per 10 gram in a business turnover of 11,745 lots.

Globally, West Texas Intermediate crude oil was trading 0.48 per cent lower at USD 37.15 per barrel, while Brent crude was quoting 0.55 per cent lower at USD 39.61 per barrel in New York

On the Multi Commodity Exchange, zinc contracts for September delivery traded higher by 20 paise, or 0.1 per cent, at Rs 192.35 per kg with a business turnover of 3,051 lots.

On the Multi Commodity Exchange, copper contracts for September delivery traded higher by Rs 2.80, or 0.53 per cent, at Rs 526.90 per kg in a business turnover of 4,443 lots.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was up 71 ringgit, or 2.53%, at 2,882 ringgit ($694.79) a tonne by 0231 GMT, after hitting its highest since Sept. 3 earlier in the session.

NEW DELHI: Barring zinc and lead, all metal, bullion and energy counters were trading with gains on Monday ahead of the US Federal Reserve’s policy meeting. Gold was up 0.21 per cent while silver added 0.39 per cent. In the base metal block, barring zinc and lead, all counters rose with copper gaining the most at 0.30 per cent. Crude oil was up 0.51 per cent and its peer natural gas was up 2.32 per cent. “Concerns over bleak global demand and a slower than expected economic recovery might push crude prices lower. However, storm hitting US gulf production is expected to limit the loss for crude. Geopolitical tension between the middle east countries may support the crude oil prices and short covering also may be seen in crude oil prices from the lower levels. We are recommending buying crude oil on a dip. should buy crude oil at Rs 2,720, with the stop loss of Rs 2,660, for the target of Rs 2,830,” said Anuj Gupta , DVP- Commodities and Currencies Research, Angel Broking. NCDEX...

Gold prices were flat on Monday as investors maintained a cautious approach ahead of U.S. Federal Reserve's monetary policy decision this week and as optimism around a potential COVID-19 vaccine lifted appetite for riskier assets. FUNDAMENTALS Spot gold was mostly unchanged at $1,941.11 per ounce by 0042 GMT.U.S. gold futures were also steady at $1,948.30. Asian shares started higher on Monday as hopes of a coronavirus vaccine were rekindled after AstraZeneca resumed its phase-3 trial. The World Health Organization reported a record one-day increase in global coronavirus cases on Sunday, with the total rising by 307,930 in 24 hours. Euro zone governments must keep spending heavily to aid the bloc's recovery from its historic pandemic-induced recession, complementing already super-easy monetary policy, European Central Bank President Christine Lagarde said on Sunday.

U.S. West Texas Intermediate (WTI) crude futures were up 9 cents, or 0.2%, at $37.42 a barrel by around 0050 GMT. Brent crude was down 3 cents at $39.80 a barrel.

Founded in Baghdad on Sept. 14, 1960 to counter the power of seven U.S. and British oil companies, OPEC has repeatedly yielded to pressure from Washington to pump more oil since US President Donald Trump took office at the start of 2017.

By Grant Smith It was meant to be the week when OPEC nations gathered in Baghdad to celebrate the cartel’s six decades as a dominant force in global oil markets. Instead, the Organization of Petroleum Exporting Countries and its allies will convene online, and reflect on whether the coranavirus has thwarted their best efforts to keep the market afloat. After reviving crude prices from an unprecedented collapse over the spring, OPEC+ is seeing the recovery stall and fuel demand falter as the deadly pandemic surges once again. Prices slipped below $40 a barrel last week for the first time since June. On Thursday, Saudi Arabia and Russia -- the leading members of the alliance -- will chair a monitoring meeting to assess whether the vast production cuts, which they started easing in August, are still staving off an oil glut. New signs of exporters reneging on the deal aren’t helping. Oil Prices are Down Sharply So Far this Month “There were some major assumptions built in on...