The European Union (E.U.) disapproves of Ukraine’s participation in negotiations to establish the ‘grain OPEÑ’, a partnership of Kazakhstan, Russia and Ukraine for pursuing a common policy on the world grain market, according to UKRINFORM.

E.U. Commissioner for Agriculture and Rural Development Mariann Fischer Boel made the statement on June 16 following the completion of negotiations with Ukraine’s Agricultural Policy Minister Yuriy Melnyk.

According to Boel, the E.U. does not approve Ukraine’s participation in the grain pool because Ukraine is a World Trade Organization member while Russia and Kazakhstan are not members. Melnyk said on June 7, at the World Grain Forum in St. Petersburg, Russia that the Ukraine is ready to enter the grain pool jointly with Russia and Kazakhstan for joint work on the world grain market.

Popularity: 70% [?]

Uzbekistan has halved natural gas supplies to Tajikistan over arrears, a Tajik gas transit company executive said on Tuesday. Tajikistan owes Uzbekistan $17.5 million but is unable to pay due to outstanding consumer debt. Uzbekistan meets 98% of Tajikistan’s natural gas needs.

Popularity: 66% [?]

Gold prices jittered on the back of rising Dollar. The group 8 meeting focused on the Dollar, with Russia supporting the Dollar saying that there was no other alternative for the currency. This infused buying in Dollar against the majors and metals saw sharp correction. Dollar closed at 1.3783 against the EURO. Early Asian trades are witnessing some profit taking with Dollar at 1.3795 against the EURO.

The COMEX division of the New York Mercantile Exchange, August Gold fell $13.20, or 1.4%, to $927.50 an ounce. The June contract ended at $926.90, the lowest settlement for a front-month contract since May 19. MCX Gold on the other hand closed at Rs 14403 per 10 grams down Rs 77. The contract is expected to recover from here with price targets of Rs 14450 levels.

Popularity: 62% [?]

 The Gold price in Hong Kong fell 18 HK dollars to open at 8,590 per tael on Tuesday, according to the Chinese Gold and Silver Exchange Society. The price is equivalent to 931.24 U.S. dollars a troy ounce, down 1.95 U.S. dollars at Tuesday’s exchange rate of one U.S. dollar against 7.743 HK dollars.

Popularity: 60% [?]

China’s May imports of unwrought copper and semi-finished copper products hit a fresh high for the fourth straight month on continued arbitrage trade, though domestic consumption waned ahead of low seasonal demand in the summer.

Imports of unwrought aluminium and semi-finished aluminium products in May dropped 24.6 percent on the month due to reduced arrivals of booked arbitrage imports for primary aluminium after record inflows in April.

China, the world’s top consumer of copper and aluminium, imported 422,666 tonnes of unwrought copper, including anode, refined and alloy, and semi-finished products, in May, up 5.7 percent from April’s record 399,833 tonnes, data from the General Administration of Customs showed on Thursday.

The data from China provided enough boost to Copper prices and as expected breach above Rs 250 per kg sparked Copper towards Rs 256.75 per kg before closing at Rs 255.85 per kg. Morning session today is expected to bring profit booking in the counter with price targets of Rs 253-52.

Popularity: 68% [?]