MMTC contracts 4,000 tonnes of onions in addition to the 17,090 tonnes already contracted

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India’s state trading arm, MMTC has further contracted 4,000 tonnes of Onions from Turkey which is expected to arrive by mid-January, 2020. This 4,000 tonnes is in addition to the 17,090 tonnes of onions already contracted which includes 6090 tonnes arriving from Egypt and 11,000 tonnes from Turkey. The Department of Consumer Affairs has also […]

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Govt extends stock holding limit on onion traders indefinitely to check price rise

With onion prices continuing to rise above Rs 100 per kg, the government of India has extended prohibitions on traders from the stocking of edible bulb across the country for an indefinite period to check price rise. Separately, Food and Consumer Affairs Minister Ram Vilas Paswan did not say by when prices of onion will […]

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De-dollarization push by China and Russia, among others might skyrocket gold prices even higher

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The gold bears have finally caved under the deafening barrage of fiscal and geopolitical catalysts, from Fed hints to intensely brewing conflict with Iran. Gold is already trading well above its 5-year high. Not only has the U.S.-Iran conflict reached a boiling point, with Trump readying to deploy an additional 1,000 troops to the Middle […]

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Egypt’s GASC to pay for wheat within 180 days instead of immediately

Egypt, the world’s largest wheat importer, will go back to paying its grain suppliers within 180 days instead of immediately, a government source and traders said. Egypt’s state grain buyer GASC had said in January it would start immediate on-site payment after obtaining financing from Islamic Trade Finance Corp. for its international purchasing tenders. Before […]

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Egypt’s Zohr Gas Field boosts production six-fold

The huge Zohr gas field offshore Egypt has increased its production six-fold since it started production in January this year, Egypt’s Petroleum Minister Tarek el-Molla has said. Production at Zohr in the Mediterranean has increased to 2 billion cubic feet per day (bcfd) from 350 million bcfd when it began commercial production in January 2018, Egyptian economic […]

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