Kottayam: The rubber rates weakened further on Aug 4. The market declined as certain dealers and growers joined the sellers' queue fearing the trend to remain bearish in short term. Sheet rubber RSS 4 fell to Rs 137.50 from Rs 138.50 a kg on the previous weekend. Meanwhile major manufacturers kept its quotes much below at Rs 137 to avoid an immediate recovery in prices. Spot rates were (Rs/kg): RSS-4: 137.50 (138.50); RSS-5: 135 (137); ungraded: 131.50 (133); ISNR 20: 134.50 (136) and latex 60 per cent: 87 (89).
Tuesday, August 5, 2008
Monday, August 4, 2008
Increasing Export Demand Likely To Push Up Chilli Prices - Aug 04 , 2008
Mumbai: The sharp decline in chilli arrivals in the Guntur spot markets and increasing export demand likely to push up chilli prices in the short term. Inventory in the cold storages has declined from 48 lakh bags last month to 40 lakh bags due to strong export demand from Sri Lanka, Malaysia and the US for good quality such as Badgi and Teja Aswhini.
The market saw a shortage of good quality chilli due to unseasonal rains in the growing region of Andhra Pradesh. Chilli exports in the first two months increased 21 per cent to 50,000 tonnes in the fiscal '09. Despite better realisation, the acreage under chilli cultivation may not go up drastically this crop season because of heavy losses incurred by farmers due to crop damage last year.
Insufficient rain in the last two months has pushed up chilli rates, but it started correcting with the revival of monsoon in Maharashtra and Andhra Pradesh in mid-July.
The market saw a shortage of good quality chilli due to unseasonal rains in the growing region of Andhra Pradesh. Chilli exports in the first two months increased 21 per cent to 50,000 tonnes in the fiscal '09. Despite better realisation, the acreage under chilli cultivation may not go up drastically this crop season because of heavy losses incurred by farmers due to crop damage last year.
Insufficient rain in the last two months has pushed up chilli rates, but it started correcting with the revival of monsoon in Maharashtra and Andhra Pradesh in mid-July.
Rubber Price Falls On Global Cues - Aug 04 , 2008
Kottayam: Physical rubber prices declined into a corrective phase on Aug 2. The trading centres saw moderate selling pressure from dealers mainly as the international prices ruled much below the domestic rates. Sheet rubber declined to Rs 138.50 from Rs 141 a kg while the market made all-round declines on purchaser resistance. Spot prices were (Rs/kg): RSS-4: 138.50 (141); RSS-5: 137 (138.50); ungraded: 133 (134); ISNR 20: 136 (137) and latex 60 per cent: 89.00 (89).
Coonoor Tea Prices Increase - Aug 04 , 2008
Coonoor: Prices increased by Rs 4 a kg at Sale No: 31 of the Coonoor Tea Trade Association (CTTA) auctions here on Aug 1 as the demand was strong enough to absorb the huge volume of 13.39 lakh kg at high bids. Both exporters and domestic traders actively competed. They have good demand from Gujarat, Maharashtra, Punjab, Rajasthan and Karnataka. Whole leaf orthodox teas sold Rs 5-12 a kg more. Brokens got Rs 2-3 more.
High-priced CTC leaf grades were dearer by Rs 2-4. Plainers also increased by Rs 2-4. Primary orthodox dusts were up by Rs 5-10. Brighter liquoring CTC dusts got Rs 2-3 more. Better medium and medium grades appreciated by Rs 3. Plainers were dearer up to Rs 2. Among exporters, Pakistan purchased blacker cleaner sorts paying up to Rs 81 a kg.
CIS operated on bolder grades from Rs 56-64. Egypt got medium CTC dusts for up to Rs 64. Tunisia purchased CTC leaf at Rs 76. Kenya bought CTC smaller dusts for Rs 64.
High-priced CTC leaf grades were dearer by Rs 2-4. Plainers also increased by Rs 2-4. Primary orthodox dusts were up by Rs 5-10. Brighter liquoring CTC dusts got Rs 2-3 more. Better medium and medium grades appreciated by Rs 3. Plainers were dearer up to Rs 2. Among exporters, Pakistan purchased blacker cleaner sorts paying up to Rs 81 a kg.
CIS operated on bolder grades from Rs 56-64. Egypt got medium CTC dusts for up to Rs 64. Tunisia purchased CTC leaf at Rs 76. Kenya bought CTC smaller dusts for Rs 64.
Saturday, August 2, 2008
Government Announces Its New Policy For Low-Priced Wheat Sale- Aug 02 , 2008
NEW DELHI: The government will announce its new policy for low-priced wheat sale in the open market by August 15. A CoS meeting will prepare a blue-print for unveiling the new policy on Friday in New Delhi. About a fortnight back, the Union agriculture minister Sharad Pawar announced that the Centre plans to release 60 lakh tonnes of wheat in the open market to check prices.
The government is planning to allow access to reasonably-priced non-branded wheat which will, however, be more expensive than above poverty line (APL) and below poverty line (BPL) issue price of the PDS. That, in effect, could save the government a fat increase in food subsidy.
"With this announcement, speculators have been warned not to boost wheat prices through hoarding. The price of wheat has remained steady in the recent past," minstry sources maintained. Although wheat wholesale price has remained steady for some weeks now, it has refused to fall.
That is what appears to be bothering the government and pointing to the active involvement of speculators. The higher output and record procurement of wheat should have increased the comfort level of the government on steady wheat WSP.
However, the big procurement has triggered apprehensions about the availability of wheat in the open market. Retail price of wheat, particularly branded wheat, remains high, affect-ing consumers.
Wheat WSP currently rules in the Rs 1,080-1,100 per quintal range. In sourthern markets, the price is pegged higher at an average Rs 200 per quintal on account of transport and other charges.
The high output in the 2007-08 season is viewed as the key reason why wheat WSP is holding steady. Wholesale prices of wheat fell noticeably by Rs 15 a quintal in early June on account of reduced demand from roller flour mills.
The government is planning to allow access to reasonably-priced non-branded wheat which will, however, be more expensive than above poverty line (APL) and below poverty line (BPL) issue price of the PDS. That, in effect, could save the government a fat increase in food subsidy.
"With this announcement, speculators have been warned not to boost wheat prices through hoarding. The price of wheat has remained steady in the recent past," minstry sources maintained. Although wheat wholesale price has remained steady for some weeks now, it has refused to fall.
That is what appears to be bothering the government and pointing to the active involvement of speculators. The higher output and record procurement of wheat should have increased the comfort level of the government on steady wheat WSP.
However, the big procurement has triggered apprehensions about the availability of wheat in the open market. Retail price of wheat, particularly branded wheat, remains high, affect-ing consumers.
Wheat WSP currently rules in the Rs 1,080-1,100 per quintal range. In sourthern markets, the price is pegged higher at an average Rs 200 per quintal on account of transport and other charges.
The high output in the 2007-08 season is viewed as the key reason why wheat WSP is holding steady. Wholesale prices of wheat fell noticeably by Rs 15 a quintal in early June on account of reduced demand from roller flour mills.
Turmeric Futures Extendes Last Trading Sessions - Aug 02 , 2008
The Turmeric futures extended last trading sessions loss today on short selling tracking the weakness in the physical market. The favorable weather in the major growing area added weak cues in the Turmeric futures price. The NCDEX Turmeric futures benchmark October contract drifted lower to the low of Rs 4693 from the opening high of Rs 4750 per quintal. The counter lost nearly Rs 46 per quintal at the sessions low. The counter currently hovering near the sessions low at Rs 4700, technically the price drifted lower below the long term EMA. The open interest in the contract increased 0.92% which stood at 26070 lots as against 25830 lots as on yesterday, indicating short selling.
Copper Prices Fell 2 Percent On Friday - Aug 02 , 2008
Copper which is often used as a hedge against inflation saw a decline in the appeal as the industrial demand for the commodity slowed. The problems in US have been increasing day by day and this has lead to lack of demand from traders. Copper prices fell 2 percent on Friday as a flurry of economic data from the United States still pointed to a severe slowdown and investors worried about metals demand.
After the Federal Reserve stated that it was committed to take out the economy from slump, Dollar saw gains against the major currencies. The dollar experienced strength versus other majors. The greenback climbed to a three-week high against the British pound and also moved to a five-week best against the euro but returned its gains against the European currency.
Copper prices were on its all time highs on 2nd July 2008 when it pulled back. Participants have seen a correction of more than 10% in the prices since than, with the same closing the trading at $ 7900 per tonne on LME.
Inventories data piling up and this is pressurizing the prices. During the month of July inventories have jumped up by 22300 tonnes to 144650 tonnes a rise of 18%. Total cancelled warrants were 14975 tonnes on 31st July 2008 a rise of 131% in a month. Total cancelled warrants at the start of the month were 6475 tonnes.
MCX Copper is now trading at Rs 335 per kg almost unchanged from the last day. Supports for the contract are at 327 levels, Resistances for the contract are at 336 levels. The prices were hovering in the range of Rs 387 per kg on 2nd July from where it has dropped down 14 % so far.
Later Friday morning, the Institute for Supply Management released its report on activity in the manufacturing sector in the month of July, showing no change in business activity compared to the previous month. The ISM said that its purchasing manager’s index edged down to 50.0 in July from 50.2 in June, with 50 the reading that separates expansion and contraction. Economists had expected the index to fall to a reading of 49.2.
After the Federal Reserve stated that it was committed to take out the economy from slump, Dollar saw gains against the major currencies. The dollar experienced strength versus other majors. The greenback climbed to a three-week high against the British pound and also moved to a five-week best against the euro but returned its gains against the European currency.
Copper prices were on its all time highs on 2nd July 2008 when it pulled back. Participants have seen a correction of more than 10% in the prices since than, with the same closing the trading at $ 7900 per tonne on LME.
Inventories data piling up and this is pressurizing the prices. During the month of July inventories have jumped up by 22300 tonnes to 144650 tonnes a rise of 18%. Total cancelled warrants were 14975 tonnes on 31st July 2008 a rise of 131% in a month. Total cancelled warrants at the start of the month were 6475 tonnes.
MCX Copper is now trading at Rs 335 per kg almost unchanged from the last day. Supports for the contract are at 327 levels, Resistances for the contract are at 336 levels. The prices were hovering in the range of Rs 387 per kg on 2nd July from where it has dropped down 14 % so far.
Later Friday morning, the Institute for Supply Management released its report on activity in the manufacturing sector in the month of July, showing no change in business activity compared to the previous month. The ISM said that its purchasing manager’s index edged down to 50.0 in July from 50.2 in June, with 50 the reading that separates expansion and contraction. Economists had expected the index to fall to a reading of 49.2.
Friday, August 1, 2008
India's Coffee Exports Rise 6.2 Percent - Aug 01 , 2008
MUMBAI: India's coffee exports rose 6.2 percent during the first seven months of 2008 on firm export demand from European countries, an official from the Coffee Board said on Friday.
Total exports were 150,927 tonnes during Jan-July, compared with 142,132 tonnes a year-ago, the official, who did not want to be identified, told Reuters. India produces only 4 percent of the world's coffee, but exports 70-80 percent of its output.
Total exports were 150,927 tonnes during Jan-July, compared with 142,132 tonnes a year-ago, the official, who did not want to be identified, told Reuters. India produces only 4 percent of the world's coffee, but exports 70-80 percent of its output.
Copper Futures Are Expectes To Opening Dawn - Aug 01 , 2008
MUMBAI: Copper futures are expected to open slightly lower on the Multi Commodity Exchange of India Ltd (MCX) on Friday, tracking foreign markets where the metal remained nearly steady, an analyst said.
The benchmark August copper was seen opening around 343 rupees per kg. August copper closed at 343.55 rupees on Thursday up 0.35 per cent from the previous day.
Other base metals are expected to open nearly flat, the analyst added. August zinc closed on Thursday at 81.75 rupees per kg, while August lead closed on the MCX at 94.35 rupees per kg on Thursday, both higher than the previous day.
GOLD
Gold futures are expected to open lower on the MCX on Friday amid cautious trade ahead of key U.S. data that could offer fresh direction to the metal, an analyst said. The benchmark October is expected to open around 12,660 rupees per 10 grams. The October contract ended on Thursday at 12,688 rupees, higher from the previous session.
SILVER
September silver on the MCX is seen opening lower at around 24,670 rupees per kg following gold, from its close at 24,720 rupees.
The benchmark August copper was seen opening around 343 rupees per kg. August copper closed at 343.55 rupees on Thursday up 0.35 per cent from the previous day.
Other base metals are expected to open nearly flat, the analyst added. August zinc closed on Thursday at 81.75 rupees per kg, while August lead closed on the MCX at 94.35 rupees per kg on Thursday, both higher than the previous day.
GOLD
Gold futures are expected to open lower on the MCX on Friday amid cautious trade ahead of key U.S. data that could offer fresh direction to the metal, an analyst said. The benchmark October is expected to open around 12,660 rupees per 10 grams. The October contract ended on Thursday at 12,688 rupees, higher from the previous session.
SILVER
September silver on the MCX is seen opening lower at around 24,670 rupees per kg following gold, from its close at 24,720 rupees.
Rubber Rates Increase To Record High - Aug 01 , 2008
Kottayam: The domestic rubber managed to reach another all time high on July 31. Sheet rubber RSS 4 increased sharply to Rs 142 from Rs 139 a kg on renewed purchasing interest as the trend setting global futures took a turn to close in the positive zone. RSS 3 (spot) fell to Rs 133.83 (134.06) a kg at Bangkok. Spot prices were (Rs/kg): RSS-4: 142 (139); RSS-5: 139 (136.50); ungraded: 136 (133); ISNR 20: 137.50 (135) and latex 60 per cent: 90 (90).
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