India Set to Unveil New Biofuel Policy In bid To Cut Oil, Gas, Coal Imports

India will soon announce a new policy to promote biofuels as part of efforts by the world’s third-largest emitter of greenhouse gases to cut imports of fossil fuels like oil, gas and coal, a government minister said on Thursday.
The government aims to develop a biofuel economy worth 1 trillion rupees ($15.6 billion) in the next two years, Oil Minister Dharmendra Pradhan told a conference on renewable energy on Thursday.
India’s top three state-owned oil companies have pledged a combined $2 billion to carry out research to develop biofuel technologies and the government has pledged to guarantee a return on their investments, Pradhan said.
“The roadmap to lower crude oil imports is connected to biofuel,” Pradhan said. India, the world’s third-biggest oil consumer, aims to cut its crude imports by 10 percent by 2022.
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Gold Rises On Global Cues

Gold futures were trading in the green in the domestic market on Thursday taking positive leads from global markets amid increased buying by local jewellers.
At the MCX, gold futures for October 2017 contract is trading at Rs 28967 per 10 grams, up by 0.43 per cent, after opening at Rs 28900, against a previous close of Rs 28844. It touched the intra-day high of Rs 28996 (at 13:23 hours).
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White Metal Dips On Feeble Global Cues

Silver futures were trading lower during the afternoon trade in the domestic market on Tuesday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels.
At the MCX, silver futures for September 2017 contract was trading at Rs 37248 per kg, down by 0.06 per cent, after opening at Rs 37314, against a previous close of Rs 38,271. It touched the intra-day low of Rs 37,176.
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Copper Futures Dip 0.39% On Muted Spot Demand

Copper futures were trading lower during the noon trade in the domestic market on Tuesday as speculators offloaded their positions amid sluggish demand at the domestic spot markets. Analysts attributed the fall in copper futures to weak trend at the domestic markets owing to slackened demand from consuming industries.
At the MCX, copper futures for August 2017 contract is trading at Rs 408.80 per kg, down by 0.39 per cent, after opening at Rs 411.00, against a previous close of Rs 410.65. It touched the intra-day low of Rs 408.80 (at 12:25 hours).
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Aluminium Futures Rise 0.24% On Upbeat Demand

Aluminium futures were trading higher during the noon trade in the domestic market on Monday taking positive cues from spot market on pick-up in demand. Analysts said widening of positions by participants due to pick up in demand from consuming industries in the spot market mainly influenced aluminium prices at futures trade.
At the MCX, aluminium futures for July 2017 contract is trading at Rs 122.75 per kg, up by 0.24 per cent, after opening at Rs 122.65, against a previous close of Rs 122.45. It touched the intra-day high of Rs 122.90.
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Gold Rises After Yellen Hints At Only Gradual Tightening

Gold prices rose on Thursday after U.S. Federal Reserve Chair Janet Yellen said the central bank would only gradually tighten monetary policy, curbing speculation that interest rates would rise more than once this year.
Spot gold rose 0.3 percent to $1,223.11 per ounce at 0351 GMT. U.S. gold futures for August delivery rose 0.3 percent to $1,222.60 per ounce.
The U.S. economy is healthy enough for the Fed to raise rates and begin winding down its massive bond portfolio, although low inflation and a low neutral rate may leave the central bank with diminished leeway, Yellen said on Wednesday.
The dollar slipped as Yellen’s comments sparked a significant decline in U.S. Treasury yields.
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Aluminium Futures Fall On Sluggish Demand

Aluminium futures were trading lower during the noon trade in the domestic market on Wednesday as investors and speculators cut down their bets in the industrial metal amid fall in physical demand for aluminium at the domestic spot market. Further, a slide in physical demand for aluminium at the domestic spot market was due to trimming of positions by traders in the spot markets.
At the MCX, aluminium futures for July 2017 contract is trading at Rs 122.15 per kg, down by 0.01 per cent, after opening at Rs 122.45, against a previous close of Rs 122.15. It touched the intra-day low of Rs 121.80 (at 14:00 hours).
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