Oil rises after Saudi vows to cap crude exports next month

Oil erased early losses after Saudi Arabia pledged to cut its exports to help speed up the the market rebalancing.

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Arhar, soybean, sunflower acreage likely to remain less than last year

With sowing of many kharif crops completed in almost 70 per cent of the normal area, farmers would appear to be increasingly responding to price signals.Sowing will continue for some more weeks and should get a boost from monsoon revival. However, unless there is a big lift, the total area under arhar (red gram), soybean, groundnut and sunflower seems likely to remain less than last year, indicated official data issued on Friday. Sowing of many kharif crops is complete in almost 70 per cent of the normal area covered.Last year saw a sharp fall in prices of many crops, forcing central and state governments to intervene and purchase directly from farmers. In soybean, retail prices have remained around Rs 3,000 a quintal for two years. In arhar and moong (green gram), it dipped to around Rs 4,500 a qtl, much lower than the Centre’s minimum support price (MSP) of Rs 5,050 a qtl and Rs 5,225 a qtl, respectively. The MSP of soybean was Rs 2,775 a qtl for 2016-17. The price drop has also …

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MCX partners with Thomson Reuters to launch co-branded commodity indices

Multi Commodity Exchange of India (MCX) today announced that it has joined hands with Thomson Reuters to launch co-branded commodity indices in India. The move follows signals from Sebi, the regulator of commodity derivatives, to open up commodity markets.Sebi has already allowed trading in commodity options, though the opening up is with a caution. For allowing trading in indices, the regulator was deliberating the issue. Unlike equity indices derivatives, commodity indices are not directly useful for hedging in general but they are used more for assets allocations.According to sources, once MCX is ready with first set of indices, series existing indices for metals, agri etc are likely to be phased out as the new indices will be prepared using more scientific methods.Sources close to the development said that, “In the first phase, MCX proposes to have around 5-6 Indices viz. Couple of Product basked Indices, Couple of single commodity Indices, and Composite Index. Trying to be ready .