Glencore: Profiteering from hunger and chaos

The world’s largest commodities trader is issuing a stock sale, and critics say the firm causes spikes in food prices.

The rapid rise in prices for food, fuel and commodities has been disastrous for the world’s poor, including Indonesian market vendor Lia Romi. But it’s a bonanza for multinational trading firms such as Glencore.

While Romi has trouble feeding her family, Glencore – the world’s largest diversified commodities trader – is planning a US$11billion share sale, likely the largest market debut ever seen on the London Stock Exchange. Continue reading

NSEL opens doors for commodities trading Shariah way

MUMBAI: Investors who refrain from trading in commodities on stock exchanges due to Shariah (Islamic jurisprudence) restrictions, can now actively buy and sell precious commodities like gold and silver in the spot market at real-time prices.

National Spot Exchange (NSEL) has introduced E-series products like E-Gold and E-Silver, wherein retail investors can buy a minimum of 1 unit of gold equivalent to 1 gram of gold and 1 unit of silver equivalent to 100 grams of silver in demat form at real-time Indian prices, which tracks the international gold prices.

If a buyer wants to take delivery of E-Gold in physical form then he can do so in units of 8gm, 10 gm, 100 gm and 1 Kg and any combination thereof. Similarly, E-silver can be taken delivery of in units of 100 gm, 1 kg and 5 Kg, or any combination thereof. Continue reading