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Natural gas fell for a second day in New York as forecasts

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images (7)Natural gas fell for a second day in New York as forecasts for milder weather in February signaled reduced demand for heating fuel.

Gas slid 1.4 percent as Commodity Weather Group LLC said bitter cold across the lower 48 states next week will give way to higher temperatures along the East Coast from Feb. 10 through Feb. 14. The Midwest will see still below-normal readings.

“It looks like this new cycle coming in from the west could push warmer temperatures,” said Phil Flynn, senior market analyst at Price Futures Group based in Chicago. “If temperatures moderate, we may be able to get the market back down to the lower $4s.”

Natural gas for March delivery declined 6.8 cents to settle at $4.943 per million British thermal units on the New York Mercantile Exchange. Trading volume was 13 percent above the 100-day average at 2:35 p.m. Gas futures fell 4.6 percent this week. Prices jumped 17 percent in January, the biggest monthly gain since September 2012.

The premium for March gas to April narrowed to 48.9 cents from 65.3 cents yesterday. April traded 7.5 cents above May versus 7.4 cents yesterday.

Gas futures are the most volatile component in the Standard & Poor’s GSCI commodity index. Prices surged 10 percent to a four-year high of $5.557 on Jan. 28 on an outlook for more frigid weather, and plunged 8.3 percent the next day as some forecast models showed arctic air abating.

Vietnam Pepper Production And Exports Jump In 2013

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As per the latest release from the General Department of Vietnam Customs, Vietnam had exported 1,34,000 tonnes of pepper with value of USD900 million in the whole year 2013, up 14.90% and surged 13.40% respectively in volume and value terms over same period last year. The country exported 6,000 tonnes of pepper with value of USD 43 million in the month of December and the re-estimated figure for November is 6,000 tonnes and USD 40 million.

Vietnam pepper cultivated area estimated higher at 51,100 hectare in 2013, over 48,200 hectare in the last year, recording an increase of 6%. The overall production is estimated at 1,22,100 tonnes in 2013, up from 1,16,000 tonnes, the production increased by 5.30%.

China Baosteel Announces Stainless Steel Prices For 2014

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Chinese Baosteel stainless steel has announced its 304 cold rolled coil price at 16,000 yuan per ton; for hot rolled coil price of 14900 Yuan per ton based on ex-factory price in January 2014.

Meanwhile, Baosteel keep 430 cold rolled coil price unchanged at 9400 yuan per ton and Baoxin offers 430 cold rolled coil of 9,700 Yuan per ton, 430-hot rolled coil of 8400 yuan per ton respectively.

China Hebei Province To Cut Steel Capacity of 67.26 Million Tonnes By 2017

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China’s largest steel base, Hebei province, will cut 67.26 million metric tons of capacity by 2017 without putting too much emphasis on local growth in gross domestic product in order to create a sustainable development of the industry and improve air quality.

Heavy industries such as iron and steel, cement and glass production have been pillars of Hebei’s economy for years. However, the heavy pollution, especially lingering smog, means the province will face huge costs to improve the environment.

According to a plan released by the Hebei Development and Reform Commission, the province will close 21.5 million metric tons of steel capacity annually by 2017. Hebei has the biggest steel output in the country, amounting to 180 million metric tons of crude steel in 2012, a quarter of the total output in China. The reduction in overcapacity will affect Hebei government’s tax revenue of 15.92 billion yuan ($2.62 billion) directly.

Russian Farmers Planning To Sown Crop Planting In 53 Million Hectares In 2014

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Russian farmers are planning to carry out spring fieldwork on an area of some 53 Ml ha in 2014, i.e. 103.2% against 2013. This includes planting spring cereals and pulses on 32 Ml ha (101.6%), the Russian Agriculture Ministry’s press service reported.

A total of 14.7 Ml ha was planted to winter grain and silage crops in the country.

In case of adverse wintering conditions and consequently lower survival of winter crops, spring plantings may expand by the size of lost winter crops acreage.

Abundant precipitation in the Volga and Central federal districts at the time of winter crop planting prevented completing seasonal works entirely within the agronomic timeframe. To minimize the consequences, it is projected to offset the shortfall in winter crop plantings by expanding the 2014 acreage of spring grains and pulses, first of all spring wheat and grain corn. This will allow preserving the area planted to grains and pulses at 45-46 Ml ha and harvesting at least 95 MMT of grain in case of favorable weather.

Indian Rupee: Flat Start To New Year

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Currency notes4C--621x414The Indian rupee commenced the New Year almost flat on Wednesday, January 01, 2014 with the quantum of future stimulus tapering by the Federal Reserve and the general elections due by May to set direction further ahead. The domestic currency opened marginally down by 3 paise at Rs 61.83 against the US dollar and inched up to a high of 61.8250 before slipping back to a low of 61.9050 so far during the

Gold Tests $1,180 Double Bottom, 'Nothing But Noise': Hug

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Peter Hug is on Kitco News to explain gold’s price volatility on the last trading day of 2013. “It looked like the market was caving in,” he says. “[But] this market is nothing but noise.” Hug attributes Tuesday morning’s fluctuations to an extremely thin market as well as traders wanting to lock in their capital losses. He says that when gold was unable to break through its double bottom of $1,180 this morning, bargain hunters came into the market and pushed it right back up. “I would imagine that the range for today has been seen and everybody that needed to square is probably done,” he adds. Tune in now to hear what Hug expects for the new year for gold and silver.

Gold Surrenders Streak as Investors Embrace Stocks With 20% Gain

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imJb60kXMdegInvestors’ 12-year love affair with gold ended in 2013 as they abandoned the precious metal for stock markets in the world’s developed economies, lifting global share prices by the most in four years.

While the Standard & Poor’s 500 Index (SPX) surged to a record in the broadest-ever advance and bonds worldwide lost money for the first time since 1999, it was the 28 percent plunge in gold, the worst in more than three decades, that stunned investors the most, according to Quincy Krosby, a market strategist at Prudential Financial Inc.

“Investors were heartbroken by gold,” Krosby, whose firm oversees more than $1 trillion, said in a telephone interview from Newark, New Jersey. “The selloff was one of the deepest purges in an asset class that I’ve seen. They went into gold because they saw the momentum continuing. Until it stopped. And it stopped violently.”

Demand for bullion as a preserver of wealth collapsed as the global economy showed signs of improving and central bank stimulus, led by the Federal Reserve, failed to ignite the runaway inflation that billionaire hedgefund manager John Paulson and other gold buyers anticipated. Instead, investors poured into

Natural Gas Trims Biggest Annual Gain Since 2005 as Cold Eases

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images (7)Natural gas fell by the most in eight months, trimming the biggest annual increase since 2005, as forecasts for moderating cold signaled reduced demand for heating fuels after frigid weather this week.

The futures fell 4.4 percent, the biggest one-day drop since May 2, as forecasters including MDA Weather Services predicted above-normal East Coast temperatures from Jan. 10 through Jan. 14. Gas surged 26 percent this year, the

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