- Crude oil prices rose in the week following a rebound in the stock markets, and on a bigger than expected fall in US crude oil inventories; prices ended at $75.44 a barrel on July 8 as compared to $72.95 a barrel on July 1.
- US crude oil inventories fell by 7.3 mn barrels to 355.8 mn barrels for the week to July 2.
- Department of Consumer Affairs seeks Cabinet approval for amending the Forward Contracts (Regulation) Act, 1952, to provide more teeth to Forward Markets Commission and introduce complex products such as options and index contracts.
- Agriculture Minister says that the time is ripe for India to consider "drastic" decisions on lifting controls on sugar, as production is likely to be enough to meet the local demand in the new season beginning October.
- Government says that guar gum exports, originating in or consigned from India to the European Union will be allowed only if penta chlorophenol content in the guar gum split, or pulverized form is at 0.01 mg/kg.
- Steel Ministry proposes to bring imports of hot-rolled coils under the restricted list to curb the flurry of imports from China.
- The Supreme Court issues notice to the government on a plea by Bajaj Hindusthan challenging an amendment to the Essential Commodities Act that said levy sugar price would not be based on cane price fixed by a state government or that agreed between millers and farmers.
- Hindustan Zinc raises price of zinc by Rs.2500 a tonne to Rs.101500, while keeping lead prices unchanged at Rs.97600 a tonne.
Source: Crisil Weekly Market Update, Reliance Mutual Fund
Posted by - Chintan Dedhia
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