Financial Technologies India Ltd. (FTIL), which operates India's biggest commodities exchange, the MCX or Multi Commodity Exchange in India, said it plans to launch a new commodities exchange in Singapore called Singapore Mercantile Exchange or SMX, early next year.

After delaying for almost a fortnight, the Indian government finally decided on Wednesday to hike domestic fuel prices by Rs.5 increase per liter of petrol and Rs.3 per liter of diesel.

Crude oil futures slipped in Asian trading Tuesday as investors sought to gauge whether oil prices have peaked even as many worry that supplies are barely meeting growing global demand.

In a bid to fight inflation which has touched a three and a half years high, steel makers in India have announced that they would be cutting prices for flat steel products by Rs.4,000/tonne while steel bars and rods used in construction will be cheaper by Rs.2,000/tonne.

Oil prices held steady Thursday in Asia after jumping to a record near $124 a barrel as investors captivated by the market's upward momentum seemed to ignore figures showing an increase in U.S. crude and gasoline supplies.

India's gem and jewelry market is witnessing a positive growth with exports rising by 22.27 percent, due to increased trading, the Gem & Jewellery Export Promotion Council (GJEPC) said.

Major rice exporters Vietnam and India on Friday said they will curb overseas sales more in an effort to combat food inflation, threatening to heighten the world's anxiety over staple food supplies.

Oil prices fell Friday on word that a key Iraqi oil pipeline will likely be repaired later in the day.

India's gold demand was up on Monday after a 9 percent drop from last week's all-time high encouraged people to buy moderate quantities of the metal, dealers and traders said.

India will start electronic auctioning of tea from November to allow greater transparency in sales of the product, junior commerce minister said on Thursday.

In a bid to tap into the boom in commodities trading, the Bombay Stock Exchange (BSE) has picked up 26 percent stake in Ahmedabad-based National Multi-Commodity Exchange of India Ltd (NMCE) for about Rs.100 crore ($25 million).

The world's largest securities exchange group, NYSE Euronext, Inc. announced that it will pick up 5 percent stake in India's commodity marketplace, the Multi Commodity Exchange, or MCX, for Rs.240 crore ($60 million), subject to regulatory clearance.

India's gold demand was weak on Tuesday with prices remaining close to all time highs and dealers said unabated scrap sales continued to feed retail demand at discounted prices.

Gold surged to a record high above $876 per ounce on Tuesday as investors poured into the market, confident of further upside in the metal with support from a weaker dollar and firm oil.

The government has deferred implementation of a new law on hallmarking of gold jewellery to certify their purity after trade concerns that it would disrupt the world's largest gold market.

Oil minister Murli Deora said on Thursday that a decision on whether to raise fuel prices would probably be taken by the end of this month.

Oil prices vaulted to a record $100 a barrel on Wednesday as violence in Nigeria, tight energy stockpiles and a weaker dollar triggered a surge of speculative buying, dealers said.

India is expected to raise retail fuel prices in the first week of February, oil secretary M.S. Srinivasan said on Wednesday, a move that could accelerate inflation.

India has to raise retail fuel prices at the earliest as global prices continue to remain firm, an industry body said on Wednesday as it urged the central government to cut duties to soften the impact on consumers.