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Mentha Oil Spot At Sambhal Closed At 1833.50 Per 1kg

Gold prices steadied as the dollar eased following news that China would retaliate against a new round of U.S. tariffs on its goods. China and the United States plunged deeper into a trade war after Beijing added $60 billion of U.S. products to its import tariff list in retaliation for President Donald Trump’s planned levies on $200 billion worth of Chinese goods.

Investors looked past the latest escalation in the U.S.-China trade conflict, seen by some market participants as less severe than expected. Previous developments in the U.S.-China trade conflict had prompted investors to buy the U.S. dollar in the belief that the United States has less to lose from the dispute.

China was quick to respond with its own round of tariffs on $60 billion in American products, which are planned to go into effect simultaneously on Sept. 24. Trump had previously warned that “if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports,” suggesting that tensions were on the rise.

OPEC Secretary General Mohammad Barkindo said that OPEC and non-OPEC countries aim to agree a framework for long-term cooperation by December, when the oil producers plan to meet in Vienna. “Our determination is to institutionalise this cooperation and to get the permanent framework hopefully by December,” Barkindo told a news conference in Fujairah, in the UAE.

Soyabean on NCDEX settled up by 1.86% at 3292 as improving exports demand for Soy Meal Exports triggered lower level buying in coming weeks. China has shown interest in buying soybean de-oiled cake produced in Maharashtra which will help soybean prices to rise above MSP.

Moreover, Government is likely to announce Rs 10,000 Crore package to ensure MSP to oilseeds farmers. According to the data released by SEA, India’s soy Meal Exports down 32% on year to 59,643 tn in August due to dull demand from major importers.

Higher import duty and depreciation in Indian rupee against the dollar has slow down the imports of edible oils in the country during the last three months which is shrinking the edible oil stocks in the country. India’s vegoil imports in August rose 11 percent to 1.5 million tonnes from a year ago, a trade body said.

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This post first appeared on After Italy Verdict Gold Trades Higher On Safe-haven Demands; Silver Down, please read the originial post: here

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Mentha Oil Spot At Sambhal Closed At 1833.50 Per 1kg

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