20110822 1027 Global Commodities Related News.

CFTC to vote on position limits on Sept 22 -O'Malia
WASHINGTON, Aug 18 (Reuters) - The U.S. Commodity Futures Trading Commission will vote to finalize its long-awaited rule that would curb excessive speculation in the commodity markets on Sept. 22, an official at the agency said on Thursday.
Scott O'Malia, a Republican commissioner, said the futures regulator is considering changes to the class limit, the aggregation rule and the bona fide hedge proposal.

Corn (Source: CME)
US corn futures close higher as traders worry an annual crop tour next week will uncover crop damage. The Pro Farmer tour kicks off Monday and will survey fields spanning from Ohio to South Dakota, releasing nightly crop estimates from individual states and a final output forecast. Farmers and grain elevators are reporting damage from a July heat wave. Based on the reports, the tour "should unveil smaller corn yields, with ears not filled out and small kernel sizes," says PFG Best. December corn gains 12 1/4c to $7.25 1/4 a bushel.

Wheat (Source: CME)
US wheat futures finish higher, with MGEX extending sharp gains on increasing concerns output will fall short of expectations in the northern Plains. Worries about a smaller-than-expected spring-wheat crop drove prices higher as the harvest begins revealing yields. "People are a little bit disappointed" with the spring wheat harvest results, although farmers have just began cutting the crop, says Dale Durchholz of AgriVisor. CBOT December wheat climbs 22c to $7.61 1/4 a bushel, while KCBT December gains 23 1/4c to $8.42 3/4; MGEX December soars 28c to $9.20 3/4.

Rice (Source: CME)
Rice futures close lower as the market extends its setback from a more than 2 1/2-year high. Traders were taking profits after the market reached the peak last week. Yet, analysts say prices still have the potential to climb if the autumn US harvest is smaller than expected. The crop has suffered from intense heat in the southern US this summer and flooding in the spring. CBOT September rice ends down 14c at $16.74 1/2/hundredweight.

US corn at 1-week low, wheat slips as econ worries weigh
SINGAPORE, Aug 19 (Reuters) - Chicago corn slid to a one-week low, while wheat and soybeans lost more ground as renewed concerns over the U.S. economy sliding into a recession hammered commodities and equities.
"Equity markets are falling and the U.S. dollar is strong which are adding pressure on grains and oilseeds," said Ker Chung Yang, analyst at Phillip Futures in Singapore.

Milling wheat dominates Ukraine wheat harvest-AgMin
KIEV, Aug 19 (Reuters) - Ukraine's Farm Ministry said on Friday the share of milling wheat in the 2011 wheat harvest had reached 70 percent as of Aug 18 compared to about 60 percent a month earlier.
"The proportion of milling wheat amounts to 70 percent against 30 percent of feed wheat," the ministry said in a statement.

Argentina trims wheat area outlook, raises corn
BUENOS AIRES, Aug 18 (Reuters) - Argentina's government trimmed its forecast for 2011/12 wheat area to 4.5 million hectares from the 4.7 million hectares projected a month ago, the Agriculture Ministry said in a report on Thursday.
The South American country is one of the world's top suppliers of the grain. Wheat area this season is expected to be 2.9 percent bigger than in the 2010/11 crop year, when farmers produced 14.7 million tonnes of wheat.

EU cleared 233,000 tonnes wheat exports this week
PARIS, Aug 18 (Reuters) - The European Union this week granted export licences for 233,000 tonnes of soft wheat, taking the total since the beginning of the 2011/12 (July-June) season to 1.5 million tonnes, official data showed on Thursday.
The total so far this season compared with 1.8 million tonnes of export licences cleared by the same stage in 2010/11.

Light rains for most of U.S. soy and corn crops
CHICAGO, Aug 18 (Reuters) - Light rainfall and moderate temperatures from Thursday through early next week in the U.S. Midwest will stabilize the corn crop and give a boost to pod-setting soybeans, an agricultural meteorologist said Thursday.
"The 1- to 5-day forecast through Monday is for rains in 80 to 85 percent of the Midwest of at least 0.25 inch, with the most in eastern Nebraska, northern Missouri, southern Indiana and southern Ohio," said Don Keeney, meteorologist for MDA EarthSat Weather.

Russia grain crop seen above 90 mln T-forecaster
MOSCOW, Aug 18 (Reuters) - Russia's 2011 grain harvest is likely to exceed 90 million tonnes, the country's chief weather forecaster said on Thursday as the country reaped grains from 42 percent of the area sown for this year's crop.
"The gross grain crop this year is going to be slightly above 90 million tonnes," Roman Vilfand, director of the Hydrometcentre weather forecasting service, told a news briefing.

Turkmenistan plans to raise 2012 wheat crop
ASHGABAT, Aug 18 (Reuters) - Turkmenistan plans to increase its 2012 wheat crop by 23 percent year-on-year to 1.6 million tonnes after missing its forecast for the current year, a source in the government of the Central Asian country said on Thursday.
The campaign to sow 860,000 hectares of land for the 2012 wheat harvest was already under way in the desert nation, said the source. Like most government officials in the reclusive former Soviet republic, he did not want to be identified.

Japanese Regional Govt Says It Detects Radioactive-Contaminated Rice (Source: CME)
A Japanese regional government said it had detected radioactive-contaminated rice, but said the amount was far below the level that officials have deemed to be unsafe. It was the first public report to date that radioactive materials had affected rice. As this year's harvest season begins, Japan's rice-growing regions are scrambling to make sure that what they ship out this autumn will be safe. Concerns have been mounting about this staple of the Japanese diet, after a summer food scare amid disclosures of the widespread sale of contaminated beef. The tainted rice was found in Ibaraki Prefecture, a southern neighbor to Fukushima Prefecture, in a city about 90 miles south of the stricken Fukushima Daiichi power plant. The prefectural government posted a notice on its website saying that it had detected 52 becquerels of radioactive cesium from a kilogram of brown rice collected Aug. 16 from the city of Hokota in the southern part of the prefecture.
"The level of cesium found in the rice is very low, so this isn't problematic," said Takao Shimizu, a deputy chief of the agriculture ministry's department that oversees distribution of rice. He said that minor contamination is possible because rice can absorb some radioactive elements from the soil. The government prohibits any rice farming on soil contaminated with more than 5,000 becquerels of cesium per kilogram. The detected level was about one-tenth of Japan's regulatory limit of 500 becquerels per kilogram. No cesium was detected from the other two samples taken by the prefecture that day from different locations. Ibaraki is one of six prefectures in Japan that have reported test results to the agriculture ministry, and more prefectures will likely start testing their rice soon as the harvest time approaches.
In prefectures where airborne radiation readings and soil samples have shown relatively high levels of contamination, the agriculture ministry is asking local officials to conduct more thorough tests by dividing the areas into many small districts. Also, the government lifted its ban on the shipment of beef from Miyagi Prefecture--imposed July 28--just north of Fukushima. Miyagi is one of four prefectures where all beef shipments had been halted following the reports of the spread of tainted meat. The decision to lift the ban was based on a judgment that Miyagi now has an effective system in place to monitor its cattle and prevent any contaminated meat from reaching the market, according to the agriculture ministry. Under the new system, Miyagi will test the meat from every cattle from 598 farms--about 11% of the prefecture's 5,396 cattle farms--that had fed their cows contaminated straw. As for the cattle from all the other farms, the prefecture will test at least one cow from each farm every few months.
Fukushima Prefecture, where beef shipments are banned, plans to test every cattle from the danger zone roughly within 18 miles from the nuclear plant, and also from any other farms outside the zone that have fed their cows contaminated straw. For the rest of the cattle farms, the prefecture plans to test at least one cow from each farm upon shipment. Still, the government decided to defer lifting its ban on beef shipments from Fukushima, after discovering a new case of beef contaminated above the limit earlier in the day. Because the reason for contamination wasn't immediately clear, officials will first investigate the case to see if it was also caused by contaminated straw, the agriculture ministry said.

Australia's 2011-12 Wheat Crop Forecast Cut To 21.8 Mln Tons -NAB (Source: CME)
National Australia Bank Ltd. downgraded its forecast for the 2011-12 wheat crop to 21.8 million metric tons, citing dryness in northern New South Wales state and Queensland state. The bank's latest forecast is down 12% from its April projection of 24.75 million tons and 17% from a June estimate of 26.2 million tons by the government's Australian Bureau of Agricultural and Resource Economics and Sciences. "A significant lack of rainfall in the Brisbane and Newcastle port zones had managed to significantly erode topsoil moisture while crop development has been generally slow," the bank, a major agricultural lender, said in a monthly commodities report.

Annual US Crop Tour Will Captivate Grain, Soybean Traders (Source: CME)
Grain traders next week will keep a close eye on an annual U.S. crop tour that will provide the first private, in-depth survey of corn and soybean fields. The tour, organized by agricultural advisory firm Pro Farmer, will assess fields spanning from Ohio to South Dakota. The company will release yield and output estimates based on the results of the tour. "The trade will be closely watching that to get a better handle on how good or poor the crop is around the Midwest," said Tomm Pfitzenmaier, analyst for Summit Commodity Brokerage in Iowa. Grain users are on edge about the size and condition of the crops because strong demand has left inventories at low levels. Prices for corn and soybeans are historically high, reflecting expectations the upcoming harvests won't do much to replenish supplies. Extreme heat has already hurt the crops, particularly corn that was in a key period of development in July. Timely rains can still boost the soybean crop, which was planted after corn in the spring.
Tour participants-including farmers, food companies, grain traders and the media-will divide into two groups to survey fields. One group will fan out Monday from Columbus, Ohio, while the other will begin in Sioux Falls, South Dakota. The groups will issue nightly crop estimates from individual states and meet in Austin, Minn., on Thursday to talk about their findings. Last August, Pro Farmer estimated the corn crop at 13.3 billion bushels and the soybean crop at 3.5 billion bushels. That was well off the final estimates from the U.S. Department of Agriculture, which pegged corn output at 12.4 billion bushels and soybean output at 3.3 billion.

Wheat Prices Rise, Cap Fourth Straight Weekly Gain, on Winter-Crop Concern (Source: Bloomberg)
Wheat futures rose, capping the fourth straight weekly gain, on speculation that U.S. production will decline as dry weather in the southern Great Plains hinders winter-crop seeding in the next two months. Southern Kansas, Oklahoma and Texas will be mostly dry in the next six to 10 days, with only “a few light showers” and temperatures “above to well-above normal” in the west and south, Telvent DTN said in a report. Many areas had half of normal rain this year, according to the National Weather Service. Planting of the winter variety usually starts in September. “You hold out hope, but after nine or 10 months of below- normal rainfall, you start to wonder if it’s ever going to rain,” Jason Britt, the president of Central States Commodities Inc., a broker in Kansas City, Missouri, said in a telephone interview. “As each week goes by, I think we’ll ratchet up a little more weather premium” in prices, he said.

Coffee, sugar fall on risk aversion
LONDON, Aug 19 (Reuters) - ICE raw sugar and arabica coffee futures fell in early trade, battered by risk aversion on growing fears the U.S. economy was sliding into recession and as some European lenders faced short term funding strains.
Arabica coffee  futures fell, weighed by expectations of an extension of Thursday's steep losses on stock markets and by falling prices of commodities such as oil as investors fled risky assets. A strong technical backdrop in arabicas was expected to limit losses.

India's sugar output on June 1 up 25.6 pct y/y-sources
NEW DELHI, June 13 (Reuters) - India's sugar output rose 25.6 percent to 23.26 million tonnes to June 1 from a year earlier, industry sources said on Monday, sufficient to more than cover a year of domestic demand.  
With ample stocks, India has already allowed 500,000 tonnes of open general licence (OGL) exports.  
Mills are likely to ask government permission soon to export more, Abinash Verma, director general of producers' body the Indian Sugar Mills Association (ISMA), said last week.

Thai sugar cane output revised up, premiums fall
BANGKOK, Aug 18 (Reuters) - Thailand, the world's second-biggest sugar exporter, could produce a record 100 million tonnes of sugar cane in 2011/12, which would yield around 10 million tonnes of sugar, sending Thai premiums for next year's delivery down more than half.
The cane forecast by the Thai Sugar Millers Corporation on Thursday matched that by the International Sugar Organization (ISO) this week and was well above a projection by Thailand's Office of Cane and Sugar Board (OCSB) earlier in August of 92-95 million tonnes of cane, or 9.2 million tonnes of sugar.

Physical Sugar-China seen emerging as No. 1 importer
LONDON, Aug 18 (Reuters) - China is set to emerge as the world's biggest importer of raw sugar in 2011/12 after bad weather eroded its domestic output and it has been drawing down state reserves.
China has ramped up imports of sugar in recent months to boost its reserves. According to shipping agency data, China was the top destination for sugar exports from the centre-south of Brazil, the world's main exporter, in July, accounting for 645,000 tonnes.

Brazil coffee belt to turn cooler, rain but no frost
BRASILIA, Aug 18 (Reuters) - A cold front will sweep over Brazil's southeastern coffee belt over the weekend, bringing some rain but no frost, forecaster Somar said Thursday.
The lowest temperature forecast in any coffee area in the coming days was 5 degrees Celsius (41 degrees Fahrenheit), in the hilly Pocos de Caldas area of top coffee state Minas Gerais. Light rain was forecast in the state as well as in smaller growers Parana and Sao Paulo.

Euro Coal-Futures sustain slight downward trend
LONDON, Aug 18 (Reuters) - European coal futures fell on Thursday, sustaining a slow downward trend that began this month as economic uncertainties around the world hamper the outlook for coal demand in 2012.
The benchmark API2 2012 coal futures contract was trading around $126 a tonne at 1430 GMT, down from $127.50 a tonne a week ago, when the current downward trend was set in motion.

Economic pain pushes Brent towards $106
LONDON, Aug 19 (Reuters) - Brent crude fell towards $106, extending the previous session's plunge after weak economic data added to expectations the world would head back into recession and oil demand could shrink.
"This short-term downturn is not done yet. It could take WTI (U.S. crude) to as low as $75. The fundamental picture is not that bad, but if the overall economy remains weak it is very hard to make a case for a bull run in oil," said Tony Nunan, a risk manager with Mitsubishi Corporation in Japan.

Oil Drops for Third Day as Qaddafi Regime Teeters as Rebels Enter Tripoli (Source: Bloomberg)
Oil fell for a third day in New York as Libyan rebels’ pushed into the capital Tripoli and signs of a slowing U.S. economy stoked concern fuel demand will falter in the world’s biggest crude-consuming nation. Futures for October delivery slipped as much as 1 percent amid speculation Libyan leader Muammar Qaddafi’s regime is crumbling, paving the way for a recovery in the country’s crude production. London-traded Brent slumped as much as 1.8 percent, narrowing its premium to U.S. oil from a record. Reports this week may show U.S. companies ordered less equipment in July and the economy grew at a slower pace in the second quarter than previously estimated. “The immediate reaction should be that you’ll see more crude come onto the market” from Libya, said Jonathan Barratt, a managing director of Commodity Broking Services Pty in Sydney, who predicts crude will average $100 a barrel this year. “In a market that has already seen inventories pick-up, it’ll just add weight to weakness in the complex.”

Crude Oil Caps Fourth Weekly Decline; Brent Extends Record Premium to WTI (Source: Bloomberg)
Crude oil fell, capping a fourth weekly decline, on concern that slower global economic growth will reduce fuel demand. Brent oil traded at a record premium to the U.S. contract. Futures in New York have dropped 18 percent since July 22, the biggest four-week decline since October 2008. Citigroup Inc. (C) and JPMorgan Chase & Co. (JPM) cut their U.S. growth forecasts as officials struggle to stem Europe’s sovereign-debt crisis. Oil pared losses as the dollar weakened, making commodities more attractive as an alternative investment. “Sentiment has deteriorated significantly and swiftly over the past week,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. “We’re on the cusp of a recessionary environment globally, which is putting a damper on the demand outlook and being reflected in the oil price.”

Crude Oil Futures Advance in New York, Reversing Earlier 3.9% Decline (Source: Bloomberg)
Crude oil advanced in New York, reversing an earlier decline of 3.9 percent. Crude for September delivery rose 27 cents, or 0.3 percent, to $82.65 a barrel at 10:04 a.m. on the New York Mercantile Exchange.

EU weighs oil embargo against Syria, other measures
BRUSSELS, Aug 19 (Reuters) - The European Union could decide to toughen sanctions against Syrian President Bashar al-Assad's government on Friday, imposing a ban on oil imports from the country and banning business with major companies, EU diplomats said.
The move would follow a significant stepping up of pressure against Assad by the EU and the United States, in response to continued violence against anti-government protesters contesting the four-decade rule of Assad's family.

US oil speculative data released by Senator, sparking ire
WASHINGTON, Aug 18 (Reuters) - Oil trading data that exposed the extensive positions speculators held in the run-up to record high prices in 2008 were intentionally leaked by a U.S. senator, sparking broader concern about industry confidentiality as Congress moves on Wall Street reform.
Senator Bernie Sanders, a staunch critic of oil speculators, leaked the information to a major newspaper in a move that has unsettled both regulators and Wall Street alike.

PIMCO sees commodities rising, sticks with oil
CHICAGO, Aug 18 (Reuters) - Pimco has largely stuck with its positions in the oil market despite the recent slide and expected commodities prices to rise in the longer term, the manager of its largest commodity mutual fund said on Thursday.
Mihir Worah, who manages the $26.9 billion Pacific Investment Management Co's Commodity Real Return Strategy Fund, said the fund had, however, taken measures to protect against an expected slowdown in the U.S. economy and avert risk.

China steps up iron ore drive in Africa
DAKAR, Aug 18 (Reuters) - A bold push by China into iron ore projects in Africa and elsewhere will increase its access to supply and may help moderate prices but will only slowly reduce its dependence on the three companies that dominate the market.
China, the world's largest iron ore consumer, imported 618 million tonnes of iron ore last year, and most of that was supplied by global miners BHP Billiton  , Rio Tinto  and Vale .

Japan July crude steel output almost flat
TOKYO, Aug 19 (Reuters) - Japan's crude steel output was almost flat in July from the previous month, as the strong yen hurt steel exports while carmakers ramped up production following a post-quake slump.  
Crude steel output totaled 9.11 million tonnes in July, down 0.8 percent on a daily production basis from June after adjustment for the number of days in the month, the Japan Iron and Steel Federation said on Friday.

Indonesia to tighten tin rules to close loopholes
JAKARTA, Aug 18 (Reuters) - Indonesia is looking to revise its royalty payments made on all domestic tin shipments, to close a tax loophole and bring these in-line with existing charges on exports in the world's top refined tin exporter, a senior trade official said on Thursday.
Late last week, the trade official in Southeast Asia's largest economy, announced changes to the "royalty" charge and tighter controls on what can and cannot be exported.

Demand lull drags US aluminum premium to 4-mth month low
NEW YORK, Aug 18 (Reuters) - Lackluster physical aluminum demand this summer has poured some cold water on the rally in U.S. Midwest spot premiums this year, dragging them down to a four-month low near 8 cents per lb.
Domestic aluminum demand tends to cool off in the July to September period, but this season's lull may be more pronounced as the economy suffers through another soft patch and metal-intensive industries like housing and manufacturing struggle to grow.

Iron Ore-Shanghai rebar hits 1-week low, ore prices steady
SHANGHAI, Aug 19 (Reuters) - China steel futures slipped to one-week lows on Friday, tracking losses in equities fed by fears the United States may be courting another recession and an unresolved debt crisis in Europe, although firm demand hopes capped losses.
A drop in factory activity in the U.S. Mid-Atlantic region to the lowest level since March 2009 coupled with the debt crisis in the euro zone, dragged down Asian stocks, with South Korea's benchmark shedding 5 percent and Chinese stocks down 1.3 percent.

China imported iron ore stocks dip in week ending Aug 19
BEIJING, Aug 19 (Reuters) - Inventories of imported iron ore at major Chinese ports dipped fractionally this week to finish at 94.65 million tonnes, data from industry consultancy Mysteel showed on Friday.
Deliveries from India and Australia both fell from last Friday, but there was a slight increase in Brazilian shipments over the period.

Copper market in surplus in first half of 2011
LONDON, Aug 18 (Reuters) - The global copper market had a surplus of 107,400 tonnes in the first six months of this year, compared with a surplus of 84,000 tonnes for the whole of last year, the World Bureau of Metal Statistics said.
World mine production in January to June was 7.93 million tonnes, 2.2 percent higher than in the same months of 2010, WBMS said in a statement late on Wednesday.

Bonded copper stocks in Shanghai fall 8-14 percent - trade
HONG KONG, Aug 18 (Reuters) - Bonded copper stocks in Shanghai may have fallen 8-14 percent from late July after improved arbitrage prompted investors and merchants to buy bonded stocks for reselling in the domestic market this month, traders said on Thursday.
About 300,000-320,000 tonnes of bonded stocks, which arrived in Shanghai but are not yet assessed for China's 17 percent value-added tax, may be stored in Shanghai currently, compared to about 350,000 tonnes in late July, traders estimated.

More Chinese copper demand likely soon-Aurubis
HAMBURG, Aug 18 (Reuters) - Copper demand is currently weak because of the mid-year holiday season but a rise in Chinese and European demand is expected soon, Aurubis , Europe's biggest copper producer, said on Thursday.
"A majority of analysts and market observers assume that there will be reinvigorated purchasing activities in the coming weeks, especially in China, which has to stock up more in the international market in order to cover copper demand in the fourth quarter following this year's inventory reduction," Aurubis said in a market report.

Japan July copper cable shipments down 7.5 pct yr/yr
TOKYO, Aug 19 (Reuters) - Japanese copper wire and cable shipments fell 7.5 percent from a year earlier in July to the lowest on record for the month as exports halved and domestic demand shrank 5.4 percent, an industry body said on Friday.  
July shipments totaled an estimated 55,100 tonnes, data from the Japanese Electric Wire and Cable Makers' Association showed, down from revised June shipments of 56,723 tonnes.

METALS-Copper steadies, growth fears linger
LONDON, Aug 19 (Reuters) - Copper steadied on Friday, pausing for breath after the previous session's hefty falls, although growing concerns about a slowdown in the United States and a debt crisis in Europe weighed on sentiment and capped further gains for the metal.
Benchmark copper  was trading at $8,786 at 0920 GMT, up slightly from Thursday's close of $8,774 a tonne. The metal used in power and construction earlier fell to a low of $8,700, its lowest level since August 11.

PRECIOUS-Gold rallies 2 pct to record, equity rout persists
LONDON, Aug 19 (Reuters) - Gold prices rallied more than 2 percent to a record highs on Friday as investors sought refuge from a second day of hefty losses on the stock markets, hurt by deepening concerns over slowing economic growth and the outlook for euro zone banks.
A raft of weak economic data this week has sparked heavy selling of equities and cyclical assets like industrial commodities. European shares extended losses on Friday after posting their biggest one-day fall since Mar. 2009 on Thursday.

Gold Climbs to Record, Capping Best Weekly Run Since 2007 on Haven Demand (Source: Bloomberg)
Gold rose to a record above $1,880 an ounce in New York, rallying for the seventh straight week, as concern that the global economy is slowing drove equities lower. The metal had its longest run of weekly gains since April 2007 as worse-than-expected U.S. economic data and Europe’s debt crisis boost speculation that growth will falter. The MSCI All- Country World Index of equities fell as much as 1.7 percent, heading for the fourth straight weekly drop, after Morgan Stanley cut forecasts for global growth. “Lack of confidence in the global economy is pushing people towards gold,” Tom Pawlicki, a Chicago-based analyst at MF Global Holdings Ltd., said in a telephone interview. “Gold will continue to advance unless leaders are able to resolve the European or U.S. debt crisis.”

Indian Gold Imports May Reach Record 1,000 Tons as Investment Demand Rises (Source: Bloomberg)
Gold imports by India, the world’s biggest consumer, may reach a record this year as investors seek a haven against inflation and volatility in stock markets, a traders’ group said. Imports may be between 950 metric tons and 1,000 tons this year, Prithviraj Kothari, president of the Bombay Bullion Association, told reporters at a gold conference in Kovalam in south India. Consumption in India rose to a record 963.1 tons last year, driving bullion imports to the highest ever at 958 tons, according to the World Gold Council. Rising Indian imports may help extend a 30 percent rally in gold prices to a record that’s made the precious metal the second-best performer on the Thomson Reuters/Jefferies CRB Index of 19 raw materials this year. Bullion is heading for its 11th annual gain as Europe’s sovereign-debt crisis and concern that the U.S. economy may be slowing spur demand for a haven.

India MMTC's Aug gold imports tumble, lowers FY12 target
MUMBAI, Aug 18 (Reuters) - Gold buyers in India are in "wait-and-watch mode", pulling down imports thus far in August by an eighth to 5 tonnes and prompting state-run MMTC to cut FY12 import estimate, a top official at the company said on Thursday.
MMTC is the second biggest importer of the yellow metal in India, the world's biggest gold consumer.

Commodities Rebound, as Gold Climbs to a Record in New York, Nickel Gains (Source: Bloomberg)
Commodities rebounded as silver, copper and gasoline gained on speculation that growth in developing countries will be strong enough to boost raw materials demand. Gold advanced to a record as stocks fell. The Standard & Poor’s GSCI Index of 24 commodities rose as much as 1.5 percent, after plunging 3.3 percent yesterday. Silver futures were up 2.9 percent at 10:46 a.m. in New York, sugar rose 3.2 percent, and gasoline gained 1.7 percent. Copper advanced for the third time this week, and gold rallied as much as 3.3 percent to $1,881.40 an ounce, the highest ever. Commodities are up 1.6 percent this year while the MSCI All-Country World Index of equities tumbled 12 percent on concern the sovereign-debt crisis is threatening global growth and demand for raw materials. Consumption of oil shows no sign of a recession, Goldman Sachs Group Inc. said.

Baltic index at over 5-week high, capesizes rally
LONDON, Aug 18 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, rose to its highest level in nearly six weeks on Thursday, boosted by fresh bookings of iron ore cargos and buying of freight derivatives contracts.    
But brokers said growing world financial turmoil, tighter bank financing and rapid fleet growth would keep dry bulk freight rates under pressure in the coming months.