Commodity update

Finance ministry official says import duty on gold increased to 6 pct immediately from 4 pct.

Oil Trades Near One-Week Low as U.S. Crude Inventories Increase Oil traded near the lowest level in almost a week in New York after U.S. crude stockpiles increased and a gauge of New York-area manufacturing contracted for a sixth consecutive month.

Aluminum Glut No Bar to Gains as Barclays Says Sell: Commodities The record glut in aluminum will be no bar to rising prices because of delays in getting metal from warehouses, even as Barclays Plc advises investors to sell and Morgan Stanley says it has the worst outlook of any commodity.

Copper Near Lowest Level in Two Weeks on U.S. Budget Talk Copper declined to the lowest level in almost three weeks amid concerns that budget negotiations deteriorated in the U.S.

Oil Falls on U.S. Supply Forecast Oil fell for a second day as U.S. crude inventories were forecast to increase and on concern that a deal for Greece to buy back its bonds may falter.

Iran May Slash Oil Sales Outlook, Store More as Sanctions Bite Iran may base its budget for the next fiscal year on anticipated exports of 1 million barrels a day of oil, half that shipped in 2011, Fars news agency reported, citing the head of the parliament’s economic committee.