Kolkata: Nearly 60,000 workers employed in 87 tea gardens in Darjeeling district of West Bengal will get higher bonus for 2006-07. This follows an contract between the Darjeeling Tea Association (DTA), the body of Darjeeling tea planters, and over half a dozen unions controlling these workers. The rates at which the bonus will be paid are as follows: Group A gardens will pay at the rate of 12.6 per cent for 2006-07 compared with 12 per cent in 2005-06. The corresponding figures for other groups are: Group B 11.6 per cent (11.05 per cent), Group C 10.6 per cent ( 10 per cent) and Group D 9.25 per cent (nine per cent). Darjeeling has a total of 87 gardens, of which DTA had authorisation for bonus agreement from 67 gardens, including 16 in Group A, 17 in Group B, 19 in Group C and 15 in Group D.
Saturday, September 29, 2007
Friday, September 28, 2007
Thursday, September 27, 2007
Wednesday, September 26, 2007
Sugar prices up
Shakkar prices hardened in the wholesale gur (jaggery) market here Tueday following reduced arrivals against increased offtake. Marketmen said better offtake by stockists and local parties triggered by restricted supply largely pushed up shakkar prices.
Following are Tuesday's quotations:
Chakku 1300-1350; Pedi 1650-1700; Dhayya 1550-1600.
Shakkar 1650-1700; Khandsari 1600-1700.
In Muzaffarnagar: Raskat 800-875; chakku 1075-1150; and Khurpa N.T.
Pepper Futures Mkt Decline
Tuesday, September 25, 2007
India To Buy 6 Mln T Edible Oils In 2008 - Mistry
India will buy 6 million tonnes of edible oils in the year to October 2008, more than a downwardly revised forecast of 5.5 million tonnes this year, a top industry analyst said on Saturday. "Next year there will be a normal growth in consumption," Dorab Mistry, director of London-based Godrej International, told Reuters in an interview.
"Normal growth in consumption in India is about half a million tonnes or 600,000 tonnes annually."India is the world's second-biggest edible oil importer.
Mistry said India's edible oils imports were likely to be about 5.5 million tonnes in the oil year ending October 2007, lower than expected as high global prices have trimmed demand.
Palm oil, mostly imported from Malaysia and Indonesia, was at a record high of 2,764 ringgit in June, and rival soyoil touched a 23-year high on the Chicago Board of Trade early this year.
The use of palm and soy for producing biofuels has been fuelling a sharp rally in prices globally.
"Originally, we thought India will import 6.4-6.5 million tonnes this year, but now imports will turn to be less than that, mainly because of high prices," Mistry said.
"Consumption has come down slightly. It has not expanded as much as we expected."
But in the long-term, Indian demand will rise at a quicker pace as income levels go up and the economy expands, he said, forcing the country to import more each year with annual domestic output unlikely to see any major improvement.
"India's oilseed production will remain stagnant. We have seen oilseeds in India is stagnating for the last 10 years. It is either much lower than average or just average," Mistry said.
A leading oilseeds trader said on Friday that summer-sown output this year would rise by nearly 400,000 tonnes to 15.52 million tonnes due to good rains.
That would surpass earlier industry estimates of 15.15 million tonnes, and substantially exceed the 13.15 million tonnes produced a year ago.
"Normal growth in consumption in India is about half a million tonnes or 600,000 tonnes annually."India is the world's second-biggest edible oil importer.
Mistry said India's edible oils imports were likely to be about 5.5 million tonnes in the oil year ending October 2007, lower than expected as high global prices have trimmed demand.
Palm oil, mostly imported from Malaysia and Indonesia, was at a record high of 2,764 ringgit in June, and rival soyoil touched a 23-year high on the Chicago Board of Trade early this year.
The use of palm and soy for producing biofuels has been fuelling a sharp rally in prices globally.
"Originally, we thought India will import 6.4-6.5 million tonnes this year, but now imports will turn to be less than that, mainly because of high prices," Mistry said.
"Consumption has come down slightly. It has not expanded as much as we expected."
But in the long-term, Indian demand will rise at a quicker pace as income levels go up and the economy expands, he said, forcing the country to import more each year with annual domestic output unlikely to see any major improvement.
"India's oilseed production will remain stagnant. We have seen oilseeds in India is stagnating for the last 10 years. It is either much lower than average or just average," Mistry said.
A leading oilseeds trader said on Friday that summer-sown output this year would rise by nearly 400,000 tonnes to 15.52 million tonnes due to good rains.
That would surpass earlier industry estimates of 15.15 million tonnes, and substantially exceed the 13.15 million tonnes produced a year ago.
India's Soymeal Exports Seen Up On Freight, China
India will export a record 4 million tonnes of soymeal in the season beginning October as high freight rates have made it more competitive, a top industry official said on Saturday.It is likely to export 3.5 million tonnes in the year to September. China is emerging as a key market.
Davish Jain, chairman of the Central Organisation of Oil Industry and Trade, said that nearly 800,000 tonnes of soymeal exports have already been contracted for the new season crop at around $300 per tonne FOB.
"China is a big, tricky market as Chinese demand keeps fluctuating, but we will be able to sell a substantial quantity this year," Jain told Reuters on the sidelines of an edible oils conference in the tourist state of Goa.
"I will not be surprised if India exports more than a million tonnes to China because of the freight advantage," he added.
Traders have said India now enjoys an advantage over rival South American producers as it is closer to leading Asian markets at a time when freight rates are on the rise.
Indian trade officials said China's soybean crop this year is expected to be 20 percent lower, and the market for Indian soymeal was buoyant.
Jain said India could emerge as Asia's largest supplier of soymeal in the new season.
Davish Jain, chairman of the Central Organisation of Oil Industry and Trade, said that nearly 800,000 tonnes of soymeal exports have already been contracted for the new season crop at around $300 per tonne FOB.
"China is a big, tricky market as Chinese demand keeps fluctuating, but we will be able to sell a substantial quantity this year," Jain told Reuters on the sidelines of an edible oils conference in the tourist state of Goa.
"I will not be surprised if India exports more than a million tonnes to China because of the freight advantage," he added.
Traders have said India now enjoys an advantage over rival South American producers as it is closer to leading Asian markets at a time when freight rates are on the rise.
Indian trade officials said China's soybean crop this year is expected to be 20 percent lower, and the market for Indian soymeal was buoyant.
Jain said India could emerge as Asia's largest supplier of soymeal in the new season.
Pepper Futures Recover
Kochi: Pepper futures market recovered on Sept 24, following rumours that the FMC would take some positive decision soon on the quantity restriction on nearby month position. The futures moved up by Rs 117 to Rs 355 a quintal. Investors who came to sell expired stocks of MG 1 sold at discounted price. Vietnam and Indonesian markets were firm and watching the Indian futures market. Pushing up the prices to higher levels much above the prices of other origins would make Indian pepper uncompetitive and that in turn, would help its competitors to sell their produce, they claimed. On the international market scenario, a latest report from Brazil Pepper Trade Board said markets were steady and somehow dull. New weakness of dollar rates was keeping origin prices up. October contract on NCDEX improved by Rs 274 a quintal on Monday to Rs 12,379. The increase in other contracts was from Rs 117 to Rs 322 a quintal. On NMCE, October contract went up by Rs 326 a quintal to Rs 12,319. January contract fell by Rs 80 a quintal. Spot prices in tandem with the futures market trend increased by Rs 100 a quintal to close at Rs 11,900 (un-garbled) and Rs 12,500 (MG 1) on Sept 24.
Rubber Increases On Covering Groups
Kottayam: Spot prices turned better on Sept 24. Sheet rubber increased to Rs 90 from Rs 89 and Rs. 89.50 a kg respectively at Kottayam and Kochi as a leading tyre company came forward to procure the grade up to the quoted level. The October contract increased to Rs 89.15 (88.30), November to Rs 86.40 (86.02), December to Rs 86.45 (86.03) and January to Rs 87 (86.42) a kg for RSS 4. Spot prices were (Rs/kg): RSS-4: 90 (89); RSS-5: 87.50 (87); ungraded: 85 (84); ISNR 20: 86.50 (86) and latex 60 per cent: 61.55 (60.50).
Transparency In Rubber Futures Sought
Kottayam: Futures trading in rubber should be transparent and efficient and to ensure this, the day-today volatility in prices should be decreased from 2 per cent to one per cent and the transaction of the ready month should be restricted to delivery alone after the first of the same month, said Mr George Valy, President of the Indian Rubber Dealers Federation. He requested the Central Government to take suitable action in the matter. The rubber dealers and tyre company suppliers could escape from the loss incurred due to the variations in prices and interference from speculators could be avoided. He demanded the Forward Marketing Commission to implement the suggestions at the earliest to stabilise the rubber prices for the benefit of the rubber trading community.
Monday, September 24, 2007
Cotton Exports Likely To Go Up 18% To 65 Lakh Bales
Mumbai: In view of expected cotton bumper crop in 2007-08, the country is expected to export over half the amount of cotton it has exported in the past nine years (from 1998-99). On the back of strong production, exports are likely to rise by 18 per cent to 65 lakh bales (1 bale= 170 kg) against last year's exports of 55 lakh bales. Cotton exports may go up to around 65-70 lakh bales in 2007-08, the source said. Consumption is exceeding production worldwide. However, India is one of the few countries where production is more than consumption. East India Cotton Association President K F Jhunjhunwala has also pegged his initial estimate of export figures at 60 lakh bales. Industry experts said that China would aggressively look for imports as it requires more than 11 million tonnes, whereas its domestic production is at 7.5 million tonnes. The consumption level in India is also expected to go up by around 10 per cent this year to 245 lakh bales from 230 lakh bales last year. Acreage under cotton in the US is already down by 20 per cent, which is expected to fall further in the years to come. In spite of higher production in India, marketmen are bullish about the prices for 2007-08 on the back of good export prospects. Prices have already touched Rs 20,000 a candy (356 kg) in the country.
Maize Price Falls In Karnataka
Coimbatore: Maize price in Karnataka declined by 11 per cent to Rs 6,300 per tonne as compared to last week's Rs 7,100 and the market sources attributed the easing of price to the arrivals of new crop in some areas. Across the country, the market yard corn rates prevailed at the same level as in the previous week at Rs 6,800, according to a US Grains Council India report on current commodity prices. The report citing the Union Government said the first estimates on the 2007-08 khariff crop have projected a maize production of 13.07 million tonnes from a crop area of 7.617 million hectares with an average yield at 1.71 tonnes per hectare. The report said that with maize export not being canalised, there are reports of export commitments made to neighbouring countries primarily to take advantage of the prevailing freight.
Kolkata Tea Auction Witnesses Steady Price
Kolkata: Last week, CTC teas, both leaf and dust, saw a good demand at all the three auction centres - Kolkata, Siliguri and Guwahati, with better varieties remaining fully firm to dearer levels. Orthodox teas saw good demand at fully firm rates for all categories with good inquiry from the CIS countries andWest Asia. The north Indian buyers and a major blender also operated with strength. In Assam, the weather condition has improved and crop intakes have regularised. Kenyan teas at Mombasa auctions witnessed a good demand. Best and brighter varieties sold at firm to dearer rates while medium and plainer sorts eased slightly with quality. At Colombo auctions, Sri Lanka saw strong demand continuing unabated from the CIS countries, Iran and Dubai.
Rubber Witnesses Steady Trend
Kottayam: Domestic rubber prices ruled firm in the weekend session on Sept 22. RSS 4 closed flat at Rs 89 and Rs 89.50 a kg respectively at Kottayam and Kochi in the absence of active participants. In futures, the October contract settled at Rs 88 a kg against Rs 87.40 on MCX. On NMCE, the October contract downed the shutters at Rs 88.20 (88.25), November at Rs 86 (86.03), December at Rs 86 (86.15) and January at Rs 86.40 (86.48) a kg for RSS 4. The open interest was quoted at 3,699 (3,652) lots on NMCE with 2,054 (2,077) lots in October, 948 (907) lots in November, 556 (538) lots in December and 141 (130) lots in January. Spot prices were (Rs/kg): RSS-4: 89 (89); RSS-5: 87 (87); ungraded: 84 (84); ISNR 20: 86 (86) and latex 60 per cent: 60.50 (60.50).
Friday, September 21, 2007
TN Chilli Growers Warned On Vast Stocks
Coimbatore: The Tamil Nadu Agricultural University's domestic and export market intelligence cell (DEMIC) has cast the prices of Sannam chillies to rule easy for the coming crop in January owing to huge stocks still held in cold storage points in Tamil Nadu and Andhra Pradesh. The cell has cautioned the prospective chilli growers who may like to sow the crop in the ensuing October sowing season to consider this factor before taking their planting decision as the anticipated price band for the next season crop would be lower only at Rs 25-30 per kg. Cold storages in Tamil Nadu too, are filled with about 15 lakh bags of chillies. The DEMIC team, which held market and trade surveys in Tamil Nadu's principal chilli markets in Ramanad, Paramakudi, Vridunagar, Thoothukudi and Chennai (the latter is fed by supplies from neighbouring Andhra Pradesh), has held that the high prices saw last year was due to huge imports of chilli from India by China.
Rubber Fells On Purchaser Resistance
Kottayam: The rubber prices fell following widespread losses in global indices mainly TOCOM, which lost ground on long liquidation to book, profits at higher levels. The domestic spot market fell on purchaser resistance and sheet rubber RSS 4 weakened to Rs 89.50 from Rs 90 a kg both at Kottayam and Kochi. The October contract on NMCE weakened to Rs 87.60 (88.38), November to Rs 85.18 (85.95), December to Rs 85.27 (85.94) and January contract to Rs 85.76 (86.20) per kg for RSS 4. Spot prices were (Rs/kg): RSS-4: 89.50 (90); RSS-5: 87 (87.50); ungraded: 84.50 (85); ISNR 20: 86 (86.50) and latex 60 per cent: 60.50 (60.50).
Pepper Future Sees Upward Trend
Kochi: Pepper futures improved at close after falling in the morning on liquidation by some of the players. Some brokers liquidated and switched over to November. There have been no arrivals at the terminal market for the past two months. Turnover volume in the exchanges cannot be taken as the stocks available in the country. The net open position indicates of switching over to distance positions. In the international market prices at all the origins remained steady at previous levels. September contract on NCDEX fell by Rs 60 a quintal on Sept 20 to Rs 12,000. All other contracts moved up by Rs 30 to Rs 136 a quintal. Total turnover on NCDEX increased by 1,216 tonnes to 17,889 tonnes. September turnover increased by 8 per cent, while October dropped by 58 per cent. On NMCE total turnover dropped by 425 tonnes to 1,131 tonnes, while October turnover fell by 454 tonnes. September and October positions dropped by 8 per cent and 43 per cent respectively, while November increased by 31 per cent.
Thursday, September 20, 2007
Rubber Sees Upward Trend
Kottayam: Spot prices increased on Sept 19. RSS 4 moved up to Rs 90 a kg from 89.50 both at Kottayam and Kochi as the inflow of rubber to the main marketing centres almost hit the bottom line. The October contract increased to Rs 88.40 (88.02), November to Rs 86 (85.84), December to Rs 86 (85.68) and January to Rs 86.15 (86.12) per kg for RSS 4. The volumes stood at 1,654 (2,295) tonnes and open interest 3,499 (3,499) tonnes. The October contract increased to Rs 88.13 (87.71) a kg on MCX. The open interest on NMCE in October was quoted at 2,145 (2,209) tonnes, November at 866 (844) tonnes, December at 418 (388) tonnes, and January at 70 (58) tonnes. RSS 3 spot increased to Rs 87.72 from Rs 86.79 a kg at Bangkok. The October futures for the grade was better at 256.9 Yen (Rs 89.19) against 252.5 Yen a kg at TOCOM. Spot prices were (Rs/kg): RSS-4: 90 (89.50); RSS-5: 87.50 (87); ungraded: 85 (84); ISNR 20: 86.50 (86.50) and latex 60 per cent: 60.50 (60.50).
Coonoor Tea Sale To Witness Higher Volume On Offer
Coonoor: An increased volume of 11.17 lakh kg has been catalogued for the sales of the Coonoor Tea Trade Association to be held here Sept 20 and Sept 21. This is the highest volume of the last eight weeks except for the auction that took place on August 9 with 11.8 lakh kg. The increased volume is because of increased arrivals due to the favourable rains in many fields. An analysis of information from brokers indicates the fresh offer to the tune of 9.67 lakh kg and the re-prints, 1.44 lakh kg.
Pepper Futures Bounces Back
Kochi: The pepper futures, which rebounded on Sept 18, witnessed a decline on Sept 19. When the prices at other origins ruled firm there was no reason for pushing down the prices, market observers told. It was offering FAQ 500 GL at $3,150 and FAQ 550 GL at $3,300 a tonne (f.o.b). Indonesia reported to have quoted L Asta at $3,400-$3,450 a tonne (f.o.b.), while white pepper was quoted at $4,525 a tonne (f.o.b). On NMCE, October contract declined by Rs 232 a quintal to t Rs 12,000. The fall in other contracts was from Rs 15 to Rs 220 a quintal. The total turnover, on NCDEX, increased by 2,806 tonnes to 16,673 tonnes. October and November turnover increased by 1,662 tonnes and 1,558 tonnes, respectively while September dropped by 34 tonnes. On NMCE, total turnover moved up by 198 tonnes to 1,556 tonnes.
Wednesday, September 19, 2007
Coonoor Tea Affected By Dull Demand
Coonoor: Prices continued to fall at Sale No: 37 of the Coonoor Tea Trade Association (CTTA) last weekend with the excess volume of 40,000 kg over the previous week finding it hard to fetch purchasers. Browner teas lost much more. Brokens and fannings among the orthodox leaf lost due to irregular bids. Secondary orthodox teas eased Rs 3. Among the corporate purchasers, Hindustan Unilever Ltd showed interest on good medium sorts. Girnar and JV Gokal operated on the broken orthodox leaf. On the export front, Pakistan picked up blacker well-made sorts from around Rs 38-40 a kg.
Coimbatore Sale To See Lower Demand For Orthodox Dust
Coimbatore: Total offerings at the weekly tea auctions held here on Sept 21, totaled to 5.60 lakh kg of which leaf grades accounted for 1.49 lakh kg and the rest was of the dust. On the orthodox leaf category, the Nilgiri whole leaf and larger leaf grades remained barely steady and the brokens ruled easier by up to Rs 2. CIS exporters lent fair support and internal demand limited to whole leaf grades. Small quantity of good liquoring CTC leaf witnessed fair demand. The medium ones were quoting lower by Rs 2 and select clean black plainer teas were picked by Pakistan exporters.
Spot Rubber Witnesses Up Trend
Kottayam: The rubber prices increased catalysed by the sharp gains in TOCOM. The international trendsetter increased mainly following the gains in oil, gold and other major commodity futures and its October futures flared up to 252.5 Yen (Rs 89.19) from 245.3 Yen a kg for RSS 3. In the domestic front, Sheet rubber finished better at Rs 89.50 a kg both at Kottayam and Kochi against Rs 88.50 on Sept 19. On NMCE, the last traded price for the October contract was quoted at Rs 88.10 (87.20), November at Rs 85.90 (84.91) , December at Rs 85.60 (84.51) and January at Rs 86.11 (84.62) per kg for RSS 4. Spot prices were (Rs/kg): RSS-4: 89.50 (88.50); RSS-5: 87 (86.50); ungraded: 84 (83); ISNR 20: 86.50 (86) and latex 60 per cent: 60.50 (60).
Tuesday, September 18, 2007
Cardamom Traders Decide To Protest E-Auctions
Kochi: The cardamom traders in Bodinayakannur, the main trading centre of the commodity, on Sept 17, decided to protest e-auction from Sept 17. The traders said the decision to boycott, taken at their meeting attended by 50 members, was to protest the introduction of the new system without giving them enough chance to acquaint themselves with the e-auction system. The Spices Board unveiled the new system in Bodinayakannur late last month and since then the auctions of Cardamom Planters Association (CPA) and STCL Ltd have been held under the electronic system developed by the TCS Ltd.
The traders told from Bodinayakannur that the time taken for each lot was 2 to 3 minutes in the e-auction, where as it took only 10 to 20 seconds in the conventional outcry system. Planters had already registered cardamom with the CPA for the Sept 17, e-auction. Now they might have to shift the commodity to other auction centres either at Nedumkandam or Kumily in Kerala. The Board is understood to be contemplating an option to establish a general e-auction centre in Kerala's Idukki district for those conducting conventional auctions at present and do not want to set up the facility at their respective centres.
The traders told from Bodinayakannur that the time taken for each lot was 2 to 3 minutes in the e-auction, where as it took only 10 to 20 seconds in the conventional outcry system. Planters had already registered cardamom with the CPA for the Sept 17, e-auction. Now they might have to shift the commodity to other auction centres either at Nedumkandam or Kumily in Kerala. The Board is understood to be contemplating an option to establish a general e-auction centre in Kerala's Idukki district for those conducting conventional auctions at present and do not want to set up the facility at their respective centres.
Maize Price Continues To Decline
Coimbatore: Maize prices continued subdued in the week that passed and the price was ruling lower by 3 per cent over previous week at Rs 6,850 per tonne. The total corn planting in India this year was increased by 6.1 per cent at 7.617 million hectares, compared with the 2006 planting area of 7.174 million hectares. The Bajra (pearl millet) prices also decline marginally by two per cent over previous week at Rs 6,300. As against maize, the millet price was lower by 7.8 per cent. The price of sorghum had registered maximum fall of 10 per cent last week at Rs 8,300-Rs 8,350 per tonne, though it is in comparison with the maize price higher by 22 per cent.
Spices Export Aim Increased To $880mn
Coonoor: The Spices Board is aiming an export turnover of $880 million this fiscal against $800 million last year. The Board has set an aim of $10 billion exportsby 2017. The Board envisages a drastic decline in the area under cardamom this year. Its export took a beating from 863 tonnes in 2005-06 to 650 tonnes the following year. Between April and July 2007, only 145 tonnes were exported. The average auction price, however, moved upwards from Rs 313/kg last year to over Rs 400/kg this year. The Board has recommended a Special Purpose Fund for replantation and rejuvenation of cardamom on a total outlay of Rs 211.35 cr during the 10th Plan Period. 'The scheme awaits Government approval.
Pepper Futures On Decline
Kochi: The pepper futures market continued to decline on Sept 18, on restrictions on nearby month position. The September contract is nearing maturity on NCDEX. But exporters who wanted to purchase could not do so as the quantity restrictions, according to which all the seven deliveries of an exporter put together should not exceed 500 tonnes. The stocks held by exchanges are also on the higher side, which is not a healthy sign. There has been no selling on spot for the past nine weeks. Indian parity is at $3,400-3,450 a tonne (c&f). In the international market, Brazil prices were reportedly firm with marginal fluctuations. Vietnam was reportedly offering VAsta at $3,580 a tonne (f.o.b.), and 500 GL FAQ and FAQ 550 GL at $3,150 and $3,300 a tonne (f.o.b.) respectively.
The September contract on the NCDEX fell by Rs 302 a quintal on Sept 17, to Rs 11,968. The decline in other contracts was from Rs 254 to Rs 463 a quintal. On NMCE, the September contract matured and 76 tonnes of pepper was delivered. The October contract declined by Rs 286 a quintal to Rs 11,960. The drop in other contracts was from Rs 310 to Rs 357 a quintal.Total turnover on the NCDEX dropped by 5,065 tonnes to 13,146 tonnes, while on the NMCE it declined by 405 tonnes to 1,887 tonnes. Total open interest on the NCDEX moved up by 34 tonnes to 23,071 tonnes. On the NMCE, total open interest moved up by 28 tonnes to 1,675 tonnes.
The September contract on the NCDEX fell by Rs 302 a quintal on Sept 17, to Rs 11,968. The decline in other contracts was from Rs 254 to Rs 463 a quintal. On NMCE, the September contract matured and 76 tonnes of pepper was delivered. The October contract declined by Rs 286 a quintal to Rs 11,960. The drop in other contracts was from Rs 310 to Rs 357 a quintal.Total turnover on the NCDEX dropped by 5,065 tonnes to 13,146 tonnes, while on the NMCE it declined by 405 tonnes to 1,887 tonnes. Total open interest on the NCDEX moved up by 34 tonnes to 23,071 tonnes. On the NMCE, total open interest moved up by 28 tonnes to 1,675 tonnes.
Rubber Price Witnesses Steady Trend
Kottayam: Rubber prices firmed up further on Sept 17. In spot, sheet rubber increased to Rs 88.50 a kg from Rs 88 a kg both at Kottayam and Kochi as covering groups turned aggressive amidst intensified rains and lingering supply concerns. Sharp gains in domestic futures extended further support to sentiments though major manufactures were unwilling to enhance their quotes from lower levels. The October contract finished at Rs 87.25 (85.10) November at Rs 84.98 (83.17) and December at Rs 84.42 (83.05). The October contract for RSS 4 was quoted higher at Rs 87.73 (85.04) a kg on MCX. Spot prices were (Rs/kg): RSS-4: 88.50 (88); RSS-5: 86.50 (85.50); ungraded: 83 (82); ISNR 20: 86 (85) and latex 60 per cent: 60 (59.45).
Monday, September 17, 2007
India Spice Exports To Hit $10 Bln By 2017
India's spices exports is likely to touch $10 billion by 2017, the head of the state-run Spices Board said on Sunday. We have set up an ambitious target for ourselves and hope to have $10 billion exports by 2017," Chairman V.J Kurian told reporters at the United Planters' Association of Southern India's (UPASI) two-day meeting in the south Indian town.India, which is likely to export 380,000 tonnes in 2007/08, has a 47 percent share in the world market, he said.Exports of organic spices have increased, and we hope to see a major jump in the coming year, Kurian said.
Organic spices exports rose 58 percent to $3.19 million in 2006/07. India is the largest producer, consumer and exporter of spices. India's production in 2007/08 is expected to jump 10 percent from this year's 4 million tonnes.
Organic spices exports rose 58 percent to $3.19 million in 2006/07. India is the largest producer, consumer and exporter of spices. India's production in 2007/08 is expected to jump 10 percent from this year's 4 million tonnes.
Pepper Futures Witnesses Falling Trend
Kochi: Downward trend maintained in the Indian pepper futures when the all other origins ruled steady during the week. High volatility was seen. Bearish activities continued pushing down the prices. The market remained highly speculative. Spot prices also fell by Rs 200 a quintal to Rs 12,000 (un-garbled) and Rs 12,600 (MG 1) during the week. As the fundamental remain unaltered in the world market, the prices of other origins are ruling firm. On NCDEX, the drop was from Rs 274 to Rs 415 quintal, while on NMCE, except for September all the other contracts declined from Rs 265 to Rs 528 a quintal. Turn over on NCDEX during the week fell sharply by 59,834 tonnes to 86,595 tonnes. October witnessed the highest fall of 68,046 tonnes. On NMCE, the turn over during the week dropped by 6,878 tonnes to 10,737 tonnes. Here also October turn over fell by 6,431 tonnes. The total open interest on NCDEX during the week declined by 615 tonnes to 23,037 tonnes. September open position fell by 1,581 tonnes to 3,432 tonnes while the decline in Oct was 235 tonnes to 11,193 tonnes. The purchasers although very discretely are buying and for the time the exporters cash is strong one cannot foresee big changes. The Indian parity for Asta grade continued to remain competitive.
Kolkata Sale Witnesses Good Demand For CTC Teas
Kolkata: There was good demand for CTC teas at North Indian auction centres. Select good quality reached firm to occasionally dearer levels, while the remainder registered a slight easing, following quality. Plainer sorts were steady. Enquiry was forthcoming from the major blenders, western Indian and other domestic market purchasers. Darjeeling teas were well received at firm to dearer levels, with good inquiry from the blenders, local dealers as well as traditional export markets. Cold and rainy conditions continued over the last week in the tea growing regions of North India, and crop intakes slowed down noticeably as a result.
Friday, September 14, 2007
Commodities Are Making New Highs
The yellow metal is shining ahead of festival season, for those looking to buy gold, this could just e the bad news that you were looking to get away from.Gold, trading above $700 per ounce could breach $730 an ounce mark in the international market. That would touch a high not seen in almost in three decades.
Wheat, a staple in Indian diets is also shooting up and could boost inflation at home.
In the international markets, wheat prices have touched $9 a bushel, the highest ever. A drought in Australia has pushed global stockpiles to a 26-year low. Wheat production in Australia is also expected to decline nearly 20 per cent.
Increasing demand for Soya meal and Soya oil has seen prices at all time highs too. Barley, a key ingredient for beer, has seen a near 50 per cent price increase in the last one year.
In the fields of Canada, the world's largest barley producer, farmers are shifting to wheat and other agri produce since it is more profitable. Corn had touched an all time high last year but is off the highs now.
So, next time you pay a higher price for gold or wheat or any other commodity, remember you are just adding your bit to the commodity bull run.
Wheat, a staple in Indian diets is also shooting up and could boost inflation at home.
In the international markets, wheat prices have touched $9 a bushel, the highest ever. A drought in Australia has pushed global stockpiles to a 26-year low. Wheat production in Australia is also expected to decline nearly 20 per cent.
Increasing demand for Soya meal and Soya oil has seen prices at all time highs too. Barley, a key ingredient for beer, has seen a near 50 per cent price increase in the last one year.
In the fields of Canada, the world's largest barley producer, farmers are shifting to wheat and other agri produce since it is more profitable. Corn had touched an all time high last year but is off the highs now.
So, next time you pay a higher price for gold or wheat or any other commodity, remember you are just adding your bit to the commodity bull run.
Tea Body Asks Rational Approach In Bonus Negotiations
Kolkata: Expressing worry over the devastation caused by floods to several tea gardens in Dooars and Terai regions in the northern part of West Bengal, Mr Shashank Prashad, President of Tea Association of India, has asked all concerned to take a reasonable stand in the forthcoming industry-wise bipartite bonus negotiations for 2006-07. The annual bonus talks will begin on Sept 14.
Rubber Witnesses Steady Trend
Kottayam: Physical rubber prices were almost firm on Sept 13. Sheet rubber finished unaltered at Rs 87 a kg at Kottayam, while it improved by 50 paise to Rs 87.50 a kg in tune with a late but sharp recovery in current month futures. On NMCE, the September contract concluded hitting the initial upward daily limit of 2 per cent at Rs 91.36 (89.57) a kg, while the October contracts increased to Rs 84.11 (83.52) November to Rs 82.64 (82.03) and December to Rs 82.37 (81.86) per kg for RSS 4. The October contract fell to Rs 83.90 (83.97) a kg on MCX. Spot prices were (Rs/kg): RSS-4: 87 (87); RSS-5: 85.50 (85.50); ungraded: 80.50 (81.50); ISNR 20: 85 (85) and latex 60 per cent: 59.45 (59.45).
Rice Research Body To Sign Mou With Angrau
Hyderabad: The Manila-based International Rice Research Institute (IRRI) will ink a memorandum of understanding with Acharya N G Ranga Agricultural University (ANGRAU) to work on issues of common interest. The MoU would facilitate exchange of research students and faculty and take up joint research projects. The two institutes would exchange information and research findings that will improve quality of agriculture education and research in critical issues that dogged both India and the Philippines in the area of rice. The agenda for discussions between the Vice-Chancellor and IRRI officials included material support to the Indian university through germ-plasm exchange and managing of rice crop response to climate change.
Chana Futures Witnesses Up Trend
Mumbai: Chana future prices on NCDEX traded higher during Sept 13, early session on account of low arrivals and improved demand from stockists. Chana prices on NCDEX opened at Rs 2,252 per quintal on Seot 13. Jeera future prices were trading higher taking support from firm physical market. Festival demand and firm international demand keeping the prices supported as a result traders are not settling for lower prices. Jeera prices were ruling at Rs 10,390 per quintal during the opening trade on Sept 13. Sugar prices in the futures market fell on hoped higher production from the two major producing countries of Brazil and India. Potato prices ruled higher in the futures market on good demand in the spot market and less arrival. MCX Comdex-the composite index of metals, energy and agri sub-indices-was up 0.19 per cent at 2186.32 points. MCX Metal Index lost 0.58 per cent at 2464.23 points, MCX Energy Index was up 1.19 per cent at 2350.06 points, while MCX Agri Index closed down 0.29 per cent at 1740.30 points.
Thursday, September 13, 2007
Floods Affect Tea Gardens In Jalpaiguri
Kolkata: The Indian Tea Association (ITA) has received reports that many tea gardens in Jalpaiguri district in northern part of West Bengal have been badly affected by the recent floods. In many cases, the flood waters have damaged standing tea bushes, factories and labour lines. The devastation cause by the floods, is wide and varied such as diversion of the Leesh river with river waters flowing over the railway track adjacent to National Highway 31, damage to approach bridge on Chupalang river, the lifeline of Carron tea estate, flooding of Jiti and Jaldhaka rivers eroding tea bearing lands, and the Panna and Basra rivers being in spate has not only cut off the Central Dooars tea estate, but also affected Chuapara tea estate. Tea movement too has been badly affected, causing accumulation of made tea stocks, which, it is feared, might lead to cash flow problems in the tea industry.
Pepper Futures Mkt Regains
Kochi: Pepper futures market increased on Sept 12, on some buying support. Some 30 tonnes of graded pepper is said to have been traded in spot and that have influenced the futures market. Indian parity has increased to $3,500-3,550 a tonne on Sept 12, partially due to a stronger rupee against the dollar. Vietnam has reduced the prices of 500 GL to $3,000 a tonne (f.o.b) and 550 GL to $3,150 a tonne (f.o.b). Brazil and Indonesian prices for Asta grade reportedly ruled firm at previous levels. B Asta was quoted at $3,400 a tonne (f.o.b) and L Asta at $3,575 a tonne (f.o.b).
The increase in other contracts was from Rs 29 to Rs 120 a quintal. The February contract fell by Rs 187 a quintal to close at Rs 12,701. Total turnover on NCDEX declined by 7,428 tonnes to 13,290 tonnes, while that of September and October fell by 5 per cent and 81 per cent. On NMCE total turnover dropped by 700 tonnes to 2,021 tonnes. Total open interest on NCDEX increased by 154 tonnes to 23,022 tonnes. September position declined by 19 per cent while October and November moved up by 47 per cent and 19 per cent respectively. Total open interest on NMCE increased by 8 tonnes to 2,345 tonnes.
The increase in other contracts was from Rs 29 to Rs 120 a quintal. The February contract fell by Rs 187 a quintal to close at Rs 12,701. Total turnover on NCDEX declined by 7,428 tonnes to 13,290 tonnes, while that of September and October fell by 5 per cent and 81 per cent. On NMCE total turnover dropped by 700 tonnes to 2,021 tonnes. Total open interest on NCDEX increased by 154 tonnes to 23,022 tonnes. September position declined by 19 per cent while October and November moved up by 47 per cent and 19 per cent respectively. Total open interest on NMCE increased by 8 tonnes to 2,345 tonnes.
Rubber Witnesses Down Trend
Kottayam: Rubber prices turned weak on Sept 12. RSS 4 (spot) fell to Rs 87 from Rs 88 and Rs 88.50 a kg respectively at Kottayam and Kochi on buyer resistance. In futures, the September contract finished down at Rs 89.90 (90.83), October at Rs 83.60 (84.19) November at Rs 82 (82.75) and December contract at Rs 81.95 (82.39) per kg on NMCE. The volumes totalled 1,065 (1,131) tonnes. The open interest was 3,942 (3,929) lots with 601 (717) lots in September, 2,348 (2,247) lots in October, 704 (697) lots in November and 289 (268) lots in December. The September contract for RSS 4 declined to Rs 86.25 from Rs 87.44 a kg on MCX. RSS 3 weakened at its October futures to 243.7 Yen (Rs 86.53) from 245.9 Yen a kg at TOCOM. Spot prices were (Rs/kg): RSS-4: 87 (88); RSS-5: 85.50 (86); ungraded: 80 (81); ISNR 20: 85 (85.50) and latex 60 per cent: 59.45 (60.50).
Wednesday, September 12, 2007
Rubber Witnesses Up Trend
Kottayam: The news of lower stocks in warehouses kept the domestic rubber rates steady on Sept 11. In the physical front, RSS 4 bounded back to Rs 88 and Rs 88.50 a kg respectively at Kottayam and Kochi from Rs 87 per kg on Sept 10. The prices are hoped to cool down once the September contracts expire on 15th. The September contract increased to Rs 90.61 (89.11), October to Rs 84.10 (83.64) November to Rs 82.75 (82.02) and December to Rs 82.30 (81.98) per kg for RSS 4. The September contract finished the session at Rs 86.35 (85.84) a kg on MCX. Spot prices were (Rs/kg): RSS-4: 88 (87); RSS-5: 86 (84.50); ungraded: 81 (80); ISNR 20: 85.50 (84) and latex 60 per cent: 60.50 (60).
Pepper Future Sees Down Trend
Kochi: Declining trend remained in the pepper futures market on Sept 11. Prices remained competitive at lower levels and yet there were no purchasers because of high volatility in the market and consequent uncertainty in the prices. In the international market, Vietnam prices eased for FAQ 500 GL to $3,100 a tonne (fob). Brazil was offering B Asta at $3,450 a tonne (f.o.b) and B1 at $3,375 a tonne (f.o.b). Lampong Asta was at about $3,575a tonne (c&f) New York.
September contract on NCDEX on Sept 11, declined by Rs 94 a quintal to Rs 12,140. On NMCE, September contract increased by Rs 15 a quintal to Rs 11,905, while January contract increased by Rs 110 a quintal. All other contracts fell by Rs 28 to Rs 263 a quintal. The total turnover on NCDEX went up by 2,208 tonnes to 20,718 tonnes, while that for September dropped by 8 per cent. Total open interest on NCDEX declined by 829 tonnes to 22,868 tonnes. On NMCE, open interest moved up by 40 tonnes to 2,339 tonnes. Spot prices in tandem with the futures market trend fell by Rs 100 a quintal on Sept 11, to close at Rs 11,900 (un-garbled) and Rs 12,500 (MG 1).
September contract on NCDEX on Sept 11, declined by Rs 94 a quintal to Rs 12,140. On NMCE, September contract increased by Rs 15 a quintal to Rs 11,905, while January contract increased by Rs 110 a quintal. All other contracts fell by Rs 28 to Rs 263 a quintal. The total turnover on NCDEX went up by 2,208 tonnes to 20,718 tonnes, while that for September dropped by 8 per cent. Total open interest on NCDEX declined by 829 tonnes to 22,868 tonnes. On NMCE, open interest moved up by 40 tonnes to 2,339 tonnes. Spot prices in tandem with the futures market trend fell by Rs 100 a quintal on Sept 11, to close at Rs 11,900 (un-garbled) and Rs 12,500 (MG 1).
Tuesday, September 11, 2007
Rubber Witnesses Down Trend
Kottayam: A sharp fall in TOCOM hammered spot rubber on Sept 10. RSS 4 fell to Rs 87 from Rs 87.50 a kg both at Kottayam and Kochi. The sentiments were badly affected, as the quotes offered by the tyre sector were much below at Rs 86 a kg for sheet rubber. The September contract increased to Rs 89.33 (87.94), October to Rs 83.66 (83.29) and November to Rs 82 (81.88) a kg, while the December contract fell to Rs 81.90 (81.97) per kg for RSS 4. The transactions totalled 1,358 (793) tonnes. Meanwhile the September contract fell to Rs 85.75 (86.08) a kg on MCX. Physical prices were (Rs/kg): RSS-4: 87 (87.50); RSS-5: 84.50 (85); ungraded: 80 (81.50); ISNR 20: 84 (84.50) and latex 60 per cent: 60 (61.05).
Jeera Futures Decline On NCDEX
Mumbai: Weak spot market in Unjha (Gujarat) pulled jeera futures down 2.8 per cent to Rs 10,074 per quintal. Chana futures too declined by 1.74 per cent to Rs 2,259 per quintal as demand failed to pick despite the festival season. Turmeric prices recorded a loss by 1.54 per cent to settle at Rs 1,978 per quintal on account of long liquidation and selling pressure in the market. Chilli for September delivery also remained weak at Rs 4,732 per quintal as a result of long liquidation. Guar seed prices declined marginally by Rs 9 per quintal to Rs 1,740 on lack of buying support although weather remained clear. Potato (Delhi) ended positive recording a gain of 0.64 per cent at Rs 691 per quintal following poor arrivals from Hasan.
On MCX, the near month potato (Agra) futures hit the lower circuit of 6 per cent at Rs 587 per quintal due delivery pressure. The Tarkeshwar variety also ended down 1.95 per cent at Rs 640 per quintal. Total number of trades was 66,431. MCX Metal Index fell 0.21 per cent at 2448.96 points, MCX Energy Index was down 1.18 per cent at 2281.19 points while MCX Agri index closed down 0.69 per cent at 1745.92 points.
On MCX, the near month potato (Agra) futures hit the lower circuit of 6 per cent at Rs 587 per quintal due delivery pressure. The Tarkeshwar variety also ended down 1.95 per cent at Rs 640 per quintal. Total number of trades was 66,431. MCX Metal Index fell 0.21 per cent at 2448.96 points, MCX Energy Index was down 1.18 per cent at 2281.19 points while MCX Agri index closed down 0.69 per cent at 1745.92 points.
Pepper Futures Fell Sharply
Kochi: 10 Domestic pepper futures declined sharply on Sept 10, to below spot prices on bearish activities and the quantitative restrictions on the nearby month position despite the prices of other origins ruling high and firm. Indian parity was at $3,300 a tonnes (f.o.b.) and there was business taking place at this level. Others were offering Asta grade at $3,650 a tonnes (f.o.b.). In the Global market the purchasers were by and large quiet. And yet, Vietnam prices moved up probably influenced by the upward trend in the Indian futures market last week. Vietnam was offering 500 GL at $3,150 a tonnes f.o.b., while 550 GL at $3,270 a tonnes (f.o.b.). In Indonesia Lampong Asta continued firm at $3,650-3,675 a tonnes (f.o.b.), while FAQ 500 GL was at $3,350 a tonnes (f.o.b.). Vietnam was offering white pepper at $4,850 a tonnes (f.o.b.). The higher prices fetched by the white pepper has led to a squeeze in Asta grade pepper as the bold berries are being converted in to white. September contract on NCDEX declined by Rs 299 a quintal on Monday to Rs 12,214. The drop in other contracts was from Rs 324 to Rs 405 a quintal. On NMCE, September contract fell by Rs 427 a quintal to Rs 11,905. Total turnover on NCDEX increased by 3,226 tonnes to 18,510 tonnes, while of September and October was up by 10 per cent and 77 per cent respectively.
On NMCE, total turnover went up by 578 tonnes to 1,918 tonnes. Total open interest on NCDEX increased by 45 tonnes to 23,697 tonnes. September position fell by 20 per cent, while October and November increased by 49 per cent and 16 per cent respectively. Open interest on NMCE increased by 132 tonnes to 2,299 tonnes. Spot prices in tandem with the futures market trend dropped by Rs 200 a quintal to Rs 12,000 (ungarbled) and Rs 12,600 (MG 1) on Sept 10.
On NMCE, total turnover went up by 578 tonnes to 1,918 tonnes. Total open interest on NCDEX increased by 45 tonnes to 23,697 tonnes. September position fell by 20 per cent, while October and November increased by 49 per cent and 16 per cent respectively. Open interest on NMCE increased by 132 tonnes to 2,299 tonnes. Spot prices in tandem with the futures market trend dropped by Rs 200 a quintal to Rs 12,000 (ungarbled) and Rs 12,600 (MG 1) on Sept 10.
Monday, September 10, 2007
Russia Scraps Ban On Indian Sesame Seeds, Groundnuts
Mumbai: Indian traders can once again begin exporting sesame seeds and groundnuts to Russia. The ban implemented by Russia on imports of Indian sesame seeds and groundnuts has been temporarily lifted with effect from September 11. This decision follows the deliberations that the Indian team comprising Mr S. Dave, Director, Agricultural and Processed Food Products Export Development Authority, Mr Sanjiv Sawla, Chairman, Indian Oilseeds & Produce Exporters Association, and others had with their Russian counterparts.
Coonoor Tea Prices Fell
Coonoor: Prices for brighter liquoring teas managed to increase in a market which generally fell by Rs 2-3 a kg with the demand being confined to quality offers at Sale No: 36 of the Coonoor Tea Trade Association held here on Sept 7. Some 30 per cent of the 10.02 lakh kg on offer went unsold for want of acceptable bids. Whole leaf orthodox gained Rs 2-3 a kg over last week. But, brokens and fannings on the average lost Rs 2 a kg. Medium CTC leaf lost more than Rs 2. Most CTC dusts could be sold only when prices shed Rs 2-3. Quotations held by the brokers indicated bids ranging from Rs 31-34 a kg for the plain dusts grades and from Rs 65-77 for the brighter liquoring grades. They ranged Rs 32-25 a kilo for the plain leaf grades and Rs 62-69 for the brighter liquoring grades.
Western Indian purchasers were selective on quality invoices. Karnataka buyers were selective on orthodox grades. JV Gokal and Girnar increased whole leaf orthodox grades. On the export front, Pakistan bought blacker cleaner grades for Rs 38-40 a kg. CIS shippers picked up medium and plainer bolder grades for Rs 35-40. This week, its RD teas fetched the highest price of Rs 107 a kg. Hittakkal Specialty got Rs 88, Homedale Estate Rs 84 and Vigneshwar Estate Rs 80.
Western Indian purchasers were selective on quality invoices. Karnataka buyers were selective on orthodox grades. JV Gokal and Girnar increased whole leaf orthodox grades. On the export front, Pakistan bought blacker cleaner grades for Rs 38-40 a kg. CIS shippers picked up medium and plainer bolder grades for Rs 35-40. This week, its RD teas fetched the highest price of Rs 107 a kg. Hittakkal Specialty got Rs 88, Homedale Estate Rs 84 and Vigneshwar Estate Rs 80.
Cardamom Price Increases On Good Demand, Short Supply
Kochi: Cardamom prices maintained its upward swing at the sales held in Kerala and Tamil Nadu during the week on short supply and good demand. At the Kumily auction held by Cardamom Processing and Marketing Company (CPMC) the arrivals are 33 tonnes as against 60 tonnes on the same day the previous season, according to trading sources. Purchasers from north India were actively purchasing to meet their future requirement for the ensuing festivals, such as Ramzan, Navaratri and Deepavali. The maximum price on Sept 5, was Rs 550 and minimum Rs 250 a kg. 8 mm bold with good colour was fetching Rs 525-550 while 7-8 mm Rs 475-500 a kg. 6-7mm was being sold at Rs 425-450 a kg. Current bulk was fetching Rs 435-450 a kg .
Kolkata Tea Sale Sees Good Demand
Kolkata: Last week, the CTC teas in the North Indian auction centres met with good demand. Good Assams and larger CTC brokens sold at firm to dearer levels while the rest tended easier. Orthodox teas saw strong demand at firm to dearer levels with good inquiry from CIS, Iran and West Asian markets. Crops are currently following a seasonal pattern. The all India crop till July stood at 459.8 mkg as compared to 460.5 mkg in the same period last year. Kenyan teas at Mombasa witnessed strong demand from Pakistan, CIS and West Asia at all around dearer rates. The Kenyan crop in July fell by one million kg to 22.7 mkg and the reports suggest that the August crops too were lower.
Kochi Tea Auction Sees Lower Price
Kochi: CTC dust met good demand but at lower prices at the Kochi tea sale. Demand for loose tea was evident from AVT, Tata Tea and exporters to CIS countries. Export demand was also evident for medium and below medium grainy as well as finer types. Best CTC varieties fetched Rs 65-72, medium CTC realised Rs 52-60 while below medium quoted Rs 29-38. High grown BOPD fetched Rs 85-100, medium BOPD was at Rs 34-45 and secondaries realised Rs 30-32. Good general demand shored ups the price of whole leaf and flowery grades by Rs 5-10. Following good export enquiry, broken and fannings gained by Rs 2-5. Good CTC broken and fannings were barely steady.
Soyabean Meal Exports May Increase By 10-15%
Mumbai: Higher freight cost and hoped lower output of soyabean in the US and China may keep the Indian soyameal exports at an advantage. Exports of soyabean meal are hoped to be higher by 10-15 per cent with projections of higher crop production. India is hoped to produce 15 per cent higher than 7.6 million tonnes (mt) produced last year. China is projected to produce 14.5 mt compared with 16.2 mt while the US is hoped to produce 71.5 mt compared with 86 mt last year. Indian soyameal prices are ruling at $300 per tonne (f.o.b.) at west coast of India.
Argentina meal is at ruling at $235 per tonne (f.o.b.). Last year, Indian soyameal prices ranged from $180 to $250 escalating from the beginning of the season. The landed cost of soyabean meal to South Asian countries from India is $40 per tonne higher compared to $100 from Argentina due to higher freight cost. India not only derives benefit due to proximity but also Indian quality contains 3-4 per cent higher protein. Despite a significant fall in meal exports in the past five months, good demand for soyabean meal is seen from the buoyant Chinese market as it has a benefit of $50 per tonne on direct import of meal against import of soyabean seeds. Soyabean meal exports for April to August were lower at 5.38 lakh tonnes from 7.96 lakh tonnes in the same period of last year.
Argentina meal is at ruling at $235 per tonne (f.o.b.). Last year, Indian soyameal prices ranged from $180 to $250 escalating from the beginning of the season. The landed cost of soyabean meal to South Asian countries from India is $40 per tonne higher compared to $100 from Argentina due to higher freight cost. India not only derives benefit due to proximity but also Indian quality contains 3-4 per cent higher protein. Despite a significant fall in meal exports in the past five months, good demand for soyabean meal is seen from the buoyant Chinese market as it has a benefit of $50 per tonne on direct import of meal against import of soyabean seeds. Soyabean meal exports for April to August were lower at 5.38 lakh tonnes from 7.96 lakh tonnes in the same period of last year.
Pattukottai Announced A Coir Cluster
Madurai: Pattukottai in Thanjavur district has been announced a coir cluster under a Central scheme called Scheme Fund for Regeneration of Traditional Industries (SFURT). A proposal to the tune of Rs 1.17 crore has been forwarded for implementation and is under consideration of the Union Ministry of Agro and Rural Industries, according to the District Collector. The aim is to promote coir-related products with value addition. Adding value to coir products is not in practice among coconut farmers. The Government has sanctioned Rs 4 crore for construction of a coconut complex at Pattukottai and infrastructure facilities would be provided for farmers to set up industries, while participating in the World Coconut Day celebrations at the Coconut Research Station at Veppankulam recently.
Cotton Lint Price Sees Steady Trend
Coimbatore: Cotton lint prices during the current fortnight remained firm, despite an all round projection of a higher new crop. The Bengal Deshi variety was estimated at Rs 1,600-Rs 1,700 per maund (of 37.3242 kg) in the spot market in Punjab, Haryana and Rajasthan. The J-34 was estimated at Rs 1,900-Rs 2,000 per maund. Gujarat's Shankar-6 ruled at Rs 19,500-Rs 20,500 per candy (of 355.56 kg) and the other popular variety V-797 was quoted at Rs 15,000-Rs 15,300 per candy. The rates for the MECH1/H4 from Madhya Pradesh were at Rs 19,000-Rs 20,000 per candy, whereas the lint from Maharashtra prevailed in the Rs 18,000-Rs 19,500 price band. The rates of DCH-32 from Karnataka continued firm at Rs 31,000-Rs 31,500. The SICA market report said the latest cotton arrivals indicated a volume of 279.45 lakh bales (of 170 kg ) as against the total crop size of 280 lakh bales.
Saturday, September 8, 2007
Pepper Futures Mkt Sees High Volatility
Kochi: The pepper futures market saw high volatility on Sept 7, and fell at the day's closing despite the international remaining steady to firm. The frequent sharp decline and steep increase has kept the purchasers away due to lack of confidence in the market. The demand is slowly improving and once it gained momentum the supply position would become more squeezed. International pepper market was steady to firm but with some reported nervousness. Vietnam was inactive. However, offers were being made at $3,150 -3,240 a tonnes (f.o.b.) for 500 GL. Lampong Asta was quoted at $3,650-3,675 a tonnes (f.o.b.). September Contract on NCDEX fell by Rs 176 on Sept 7, to Rs 12,695 a quintal. The fall in other contracts was from Rs 204 to Rs 226 a quintal. On NMCE, September contract fell by Rs 180 a quintal to Rs 12,600. The decline in other contracts was from Rs 170 to Rs 317 a quintal. Spot prices ruled firm at the previous levels of Rs 12,300 (un-garbled) and Rs 12,900 (MG 1) a quintal on Sept 7
Rupee Rise Impacting Tea Exports
Kochi: With the corrosion in the value of the dollar and the appreciation of the rupee, domestic tea exports have become uncompetitive in the world markets by as much as 10-15 per cent in price. While appreciation of the rupee to abnormal levels has had its impact on the trade in general, it is the merchant exporters who have been the worst affected. Export realisation of this section has significantly come down also due to higher interest rates and increase in ocean freight charges. While the tea sector has been improving as a result of Government measures, there has been a decline in tea exports due to the unprecedented appreciation in the value of the rupee.
AP Govt Plans To Procure 115 Lt Of Paddy
Hyderabad: The Andhra Pradesh Government has declared an action plan to purchase 115 lakh tonnes (lt) of paddy, procurement of 62 lt of rice, 10 lt of maize for the year 2007-08. The plan also comprises procuring 3 lakh quintal of red-gram and onions, and 10 crore litres of oil. The State Department of Consumer Affairs, Food and Civil Supplies organised a workshop on Sept 6, to firm up the various steps needed for the procurement operations for the kharif season 2007-08, and streamline the procurement and minimum support price (MSP).
Rubber Sees Mixed Trend
Kottayam: Physical rubber prices witnessed a mixed trend on Sept 7. Sheet rubber declined to Rs 88 a kg from Rs 88.25 and Rs 88.50 a kg respectively at Kottayam and Kochi. The sentiments were dull as major manufactures were not interested to buy at prevailing levels. The September contract for RSS 4 finished at Rs 86.35 a kg against Rs 86.26 on MCX. The September contract for the grade was quoted at Rs 88.35 (88.32), and October at Rs 83.76 (83.63), while the November contract increased to Rs 82.25 (81.25) and December contract to Rs 82.10 (81.24) per kg on NMCE. The transactions totalled 1,417 (983) lots. Spot prices were (Rs/kg): RSS-4: 88 (88.25); RSS-5: 85.50 (85.50); ungraded: 81.75 (82); ISNR 20: 85 (85) and latex 60 per cent: 61.05 (61.55).
Friday, September 7, 2007
Russia To Ink Indian Sesame Seeds Import Draft Rules On Sept 7
Kolkata: The Export Inspection Council of India (EIC), established primarily to facilitate development of exports via quality control and pre-shipment inspection, is learnt to have been chosen as the agency from the Indian side for inking the draft protocol with Russia for export of sesame seeds. The Russian authorities have been asked to lift the restriction on import of sesame seeds from India, once the protocol is inked. The inking of the protocol, targeted at strengthening co-operation between the Federal Service for Veterinary and Phytosanitary Surveillance (FSVPS), Russian Ministry of Agriculture and India, is hoped to take place on Sept 6, in Moscow. Import of sesame seeds from India by Russia was restricted some months ago by Russian authorities, who claimed to have detected aflatoxin B1 contamination.
Chana Futures Improve On NCDEX
Mumbai: Chana futures on NCDEX gained 1.5 per cent to Rs 2,299 per quintal on strong demand. There were also reports that the Andhra Pradesh Government would purchase 15,000 tonnes of chana seeds in the next 4-5 weeks for rabi sowing. The Andhra Pradesh Government is mulling to distribute the chana seeds among farmers for the rabi sowing in October in the state. Jeera futures pushed up by 0.71 per cent as a result of firm spot market at Unjha. Soyabean futures resumed its downward trend tracking weak domestic fundamental factors like poor demand for soyabean bye products like soyameal and soya oil and bumper production projections in the current year. Refined soya oil futures plummeted by 0.77 per cent to Rs 478 per 10 kg tracking weak CPO market. Potato Tarkeshwar and rubber futures ended lower on MCX. NCDEX reported a total turnover of Rs 2,953 crore, while MCX's was Rs 8,776 crore.
Pepper Futures Mkt Witnesses Up Trend
Kochi: Pepper futures market maintained its upward swing on Sept 6, but much on speculative activities. The high volatility in the trading gives the impression that the way trading is going on uncontrolled that it is in the hands of manipulators apart from speculators. In the international market Vietnam prices increased on Sept 6, with 500 GL going up to $3,180 a tonnes (f.o.b.), while 550 GL at $3,310 a tonnes (f.o.b.) and V Asta at $3,580 a tonnes (f.o.b.). In Brazil prices of B Asta ruled firm at $3,450-3,500 a tonnes (f.o.b.). Lampong Asta eased to $3,550 a tonnes (f.o.b.).
September contract on NCDEX on Sept 6, increased by Rs 152 a quintal to Rs 12,858 . The increase in other contracts was from Rs 132 to Rs 378 a quintal. On NMCE, September contract increased by Rs 173 a quintal to Rs 12,750. The rise in other contracts was from Rs 135 to Rs 271. The total turnover on NCDEX dropped by 5,372 tonnes to 27,599 tonnes. September and October fell by 11 per cent and 78 per cent respectively.
Total open interest on NCDEX increased by 640 tonnes to 24,313 tonnes. September position fell by 22 per cent, while October increased by 49 per cent. On NMCE open interest fell by 94 tonnes to 2,210 tonnes. September and October positions declined by 10 tonnes and 95 tonnes respectively to 477 tonnes and 1,546 tonnes.
September contract on NCDEX on Sept 6, increased by Rs 152 a quintal to Rs 12,858 . The increase in other contracts was from Rs 132 to Rs 378 a quintal. On NMCE, September contract increased by Rs 173 a quintal to Rs 12,750. The rise in other contracts was from Rs 135 to Rs 271. The total turnover on NCDEX dropped by 5,372 tonnes to 27,599 tonnes. September and October fell by 11 per cent and 78 per cent respectively.
Total open interest on NCDEX increased by 640 tonnes to 24,313 tonnes. September position fell by 22 per cent, while October increased by 49 per cent. On NMCE open interest fell by 94 tonnes to 2,210 tonnes. September and October positions declined by 10 tonnes and 95 tonnes respectively to 477 tonnes and 1,546 tonnes.
Rubber Witnesses Down Trend
Kottayam: Spot rubber lost its grip on Sept 6. Sheet rubber settled marginally down at Rs 88.25 and Rs 88 a kg respectively at Kottayam and Kochi against Rs 88.50 on purchasers resistance. The rubber futures weakened absorbing the overall sentiments even amidst falling domestic supplies. The September contract declined to Rs 86.71 (87.01) a kg on MCX. On NMCE, the September contract fell to Rs 88.34 (88.76), October to Rs 83.55 (83.96), November to Rs 81.45 (81.87) and December to Rs 81.13 (81.29) per kg for RSS 4. Spot prices were (Rs/kg): RSS-4: 88.25 (88.50); RSS-5: 85.50 (86.50); ungraded: 82 (83); ISNR 20: 85 (85.50) and latex 60 per cent: 61.55 (62.60).
Thursday, September 6, 2007
Firm World Market Boosts Pepper Futures
Kochi: Indian pepper futures market saw an upward trend for the second day on Sept 5, on reports of firm international market and increase in Indonesian prices. Futures prices have increased above the spot. The latest projections of output in Brazil reportedly put at 25,000 tonnes as against the earlier estimates of 35,000 - 40,000 tonnes. Vietnam has quoted $3,500 a tonnes (f.o.b) for Asta grade. Indian parity on Wednesday was at $3,625 a tonnes (c&f) and thus remained still competitive. September contract on NCDEX on Sept 5, increased by Rs 269 a quintal to Rs 12,655. The increase in other contracts was from Rs 294 to Rs 371 a quintal. On NMCE September contract increased by Rs 271 a quintal to Rs 12,530. The rise in other contracts was from Rs 129 to Rs 375 a quintal. The total turnover on NCDEX increased by 5,922 tonnes to 32,971 tonnes.
The total open interest on NCDEX moved up by 482 tonnes to 23,673 tonnes. September position dropped by 24 per cent while October increased by 48 per cent. The stock position on NCDEX was at 7,000 tonnes, while the open interest for September and October was at 5,720 tonnes and 11,260 tonnes respectively. Total open interest on NMCE declined by 152 tonnes to 2,304 tonnes. September and October position fell by 83 tonnes and 72 tonnes respectively to 487 tonnes and 1,641 tonnes.
The total open interest on NCDEX moved up by 482 tonnes to 23,673 tonnes. September position dropped by 24 per cent while October increased by 48 per cent. The stock position on NCDEX was at 7,000 tonnes, while the open interest for September and October was at 5,720 tonnes and 11,260 tonnes respectively. Total open interest on NMCE declined by 152 tonnes to 2,304 tonnes. September and October position fell by 83 tonnes and 72 tonnes respectively to 487 tonnes and 1,641 tonnes.
Rubber Improves On World Trend
Kottayam: Rubber prices increased on Sept 5. In spot, RSS 4 was steady at Rs 88.50 against Rs 88 a kg at Kottayam and Kochi mostly on covering purchases. Volumes remained weak, as the inflow to the main marketing centres has been poor. The rubber futures recovered partially from the previous day's losses on NMCE. The September contract increased to Rs 88.75 (87.29), October to Rs 83.90 (82.88), November to Rs 81.90 (80.89) and December to Rs 81.48 (80.43) per kg for RSS 4. RSS 3 increased at its October futures to 251.2 Yen (Rs 88.76) a kg from 249.5 Yen a kg at TOCOM. The grade (spot) increased to Rs 88.03 (87.74) a kg at Bangkok. Spot prices were (Rs/kg): RSS-4: 88.50 (88); RSS-5: 86.50 (86.50); ungraded: 83 (82.50); ISNR 20: 85.50 (85) and latex 60 per cent: 62.60 (62.60).
Negotiations Soon On Bonus For Bengal Tea Garden Workers
Kolkata: The industry-level talks for the payment of bonus for 2006-07 to over 2 lakh workers engaged in more than 200 tea gardens in the Dooars and Terai regions of West Bengal will begin here shortly. A total of 24 unions corresponded by their two apex bodies, namely, the Coordination Committee of Tea Plantation Workers, West Bengal, and Defence Committee for Plantation Workers' Rights, West Bengal, will take part in the talks. The garden owners will be represented by four organisations Indian Tea Association, Tea Association of India, Indian Tea Planters' Association, Jalpaiguri, and Terai Indian Planters' Association, Matigara, under the umbrella of Consultative Committee of Plantation Associations.
The bonus rates for 2005-06 changed depending on the Group to which a garden belonged. Thus, Group A gardens paid at the rate 11.25 per cent, Group B at the rate of 10 per cent, Group C at 9.15 per cent and Group D at 8.5 per cent. There were five other Dooars gardens not belonging to any of these groups and the bonus rates for them varied from 8.5 per cent to 10 per cent. There were 75 gardens in Group A - 66 in Dooars and nine in Teria, 38 in Group B (Dooars and Terai 19 each), 32 in Group C (Dooars 21 and Terai 11) and 13 in Group D ( Dooars eight and Terai five). It is estimated that the share of small-growers in the total tea output in Dooars will be about 20 per cent. In Terai, the small-growers account for 50 per cent of the estimated total production of about 77 mkg. In Terai, a total of 5,573 small-growers have a total cropped area of 7,400 hectares as compared to more than 16,000 hectares under 66 organised tea gardens. The difference in the cost of foodgrains supplied to tea garden workers under the erstwhile public distribution system and the present targeted public distribution system entails 60 paise rise in the cost of per kg of made tea.
The bonus rates for 2005-06 changed depending on the Group to which a garden belonged. Thus, Group A gardens paid at the rate 11.25 per cent, Group B at the rate of 10 per cent, Group C at 9.15 per cent and Group D at 8.5 per cent. There were five other Dooars gardens not belonging to any of these groups and the bonus rates for them varied from 8.5 per cent to 10 per cent. There were 75 gardens in Group A - 66 in Dooars and nine in Teria, 38 in Group B (Dooars and Terai 19 each), 32 in Group C (Dooars 21 and Terai 11) and 13 in Group D ( Dooars eight and Terai five). It is estimated that the share of small-growers in the total tea output in Dooars will be about 20 per cent. In Terai, the small-growers account for 50 per cent of the estimated total production of about 77 mkg. In Terai, a total of 5,573 small-growers have a total cropped area of 7,400 hectares as compared to more than 16,000 hectares under 66 organised tea gardens. The difference in the cost of foodgrains supplied to tea garden workers under the erstwhile public distribution system and the present targeted public distribution system entails 60 paise rise in the cost of per kg of made tea.
Coonoor Tea Auctions To Witness Higher Volume
Coonoor: The volume offered for Sale No: 36 of the Coonoor Tea Trade Association auctions to be conducted here on Sept 6 and Sept 7 has increased by 44,000 kg over last week's offer due to increased arrivals and listing of unsold teas from the previous auctions. Catalogues of all the brokers add up to a volume of 10.02 lakh kg. Of the 10.02 lakh kg, as much as 6.87 lakh kg belong to the leaf grades and 3.15 lakh kg, to dust grades. In the leaf catalogues, orthodox variety adds up to only 0.29 lakh kg even as the CTC totals 6.58 lakh kg. In the dust catalogues, orthodox adds to 0.38 lakh kg, while the CTC volume is 2.77 lakh kg.
FMC Asked To Remove Quantity Restriction On Pepper
Kochi: The Cochin Hill Produce Merchants Association (CHPMA) on Sept 5, asked the Forward Markets Commission (FMC) to remove the quantity restriction on nearby month position as it had negatively impacted the pepper trade. The rate of the near month contract is far below the spot price, but the curb is restricting the exporters from taking advantage of the lower prices. Black pepper exports from the country could be in a better position because of the tight supply position in the world market apart from the prevailing low prices for the Indian pepper. The limit has been fixed in order to curb excessive speculations and high volatility of prices, but there is no use.
Wednesday, September 5, 2007
Turmeric Future Witnesses Up Trend
Coimbatore: The futures trading in turmeric since its re-unveil from June last at Multi Commodity Exchange of India Ltd (MCX) has steadily improved momentum with the daily turnover at around Rs 15 crore. Its open interest was around 3,500 tonnes on August 29. Currently, the contract is based on ex-Nizamabad variety, though other varieties such as Rajapore, Salem, Warangal, Erode, Duggirala and Cudappa are also being accepted according to the relative premium or discount rate to the basic variety. Turmeric futures are mandatory delivery contract that expires on 20th of the contract month, according to a communication from MCX. Maharashtra, Orissa, Karnataka, Tamil Nadu and Kerala are major producers of turmeric, but Andhra Pradesh leads in terms of both acreage and output with the country's main turmeric variety Nizamabad bulb coming from that State.
Major Global Tea Producers To Tie Up
Kochi: The major tea producers in the world, in a bid to control production, supply and expand the market, have decided to constitute an International Tea Producers Forum (ITPF) during the International Tea Convention (ITC) that ended at Colombo on August 30. The ITPF is hoped to be formally unveiled at the India International Tea Festival scheduled for November in Guwahati. The tea producing countries felt that ITPF should be developed as a strong body on similar lines of other organisations such as the International Coffee Organization (ICO). The ITC was attended by 14 major producers, comprising India, China, Sri Lanka, Kenya, Indonesia, Malawi and Tanzania. The ITPF would accumulate information on area, age profile of plants, yield etc apart from taking up generic promotion of tea in largely populated countries where its consumption is less.
Apart from creating a common platform it would also take initiatives to fix a permissible limit for maximum residue levels (MRL) in tea. Another important issue is the high cost of production in several producing countries mainly because of higher wages that makes the produce of such countries uncompetitive in terms of price in the world market. If positive measures are taken, the tea estates could become profitable ventures and a good model for others to emulate. Such a step would help regulate tea production bringing in equilibrium between demand and supply.
Apart from creating a common platform it would also take initiatives to fix a permissible limit for maximum residue levels (MRL) in tea. Another important issue is the high cost of production in several producing countries mainly because of higher wages that makes the produce of such countries uncompetitive in terms of price in the world market. If positive measures are taken, the tea estates could become profitable ventures and a good model for others to emulate. Such a step would help regulate tea production bringing in equilibrium between demand and supply.
Pepper Future Mkt Increases
Kochi: Pepper futures market increased on Sept 04, after seeing sharp decline the past two days following reports of increase in prices in Indonesia and Brazil. Prices in the Indonesian local markets have increased and L Asta was being offered at $3,600 a tonne (f.o.b). Brazil said to have quoted B Asta at $3,400 a tonne (f.o.b). Vietnam was slow and offering V Asta at $3,450 a tonne (f.o.b). September contract on NCDEX increased by Rs 477 a quintal on Sept 4, to close at Rs 12,386 from Rs 11,909 on Monday. The increase in other contracts was from Rs 409 to Rs 542 a quintal. On NMCE September contract increased by Rs 298 a quintal to Rs 12,200 from Rs11,902. The increase in other contracts was from Rs 251 to Rs 525 a quintal. On NMCE the total turnover dropped by 202 tonne to 2,864 tonne. The prices remained at previous levels at Rs11,900 (un-garbled) and Rs 12,500 (MG 1) a quintal.
Rubber Witnesses Mixed Trend
Kottayam: Spot rubber prices saw a mixed trend on Sept 4. RSS 4 fell to Rs 88 from Rs Rs 88.50 and Rs 89.50 a kg respectively at Kottayam and Kochi on buyer resistance. Meanwhile latex 60 per cent improved on better demand, while RSS 5 was unchanged and ungraded rubber weak. The rubber futures turned weak recording reasonable losses in all contracts. The September contract on NMCE fell to Rs 87.11 (89.74), October to Rs 82.87 (83.75), November to Rs 80.76 (81.86) and December to Rs 80.40 (81.01) per kg for RSS 4. Physical prices were (Rs/kg): RSS-4: 88 (88.50); RSS-5: 86.50 (86.50); ungraded: 82.50 (83.50); ISNR 20: 85 (86.25) and latex 60 per cent: 62.60 (62.10).
Tuesday, September 4, 2007
World Tea Export Increases By 6.11 Mkg
Coonoor: Global tea exports have increased by 6.11 million kg (mkg) so far this year over the same period of last year. The information available with the Tea Board, the global exports so far this year totalled 529.24 mkg against 523.03 mkg last year. The biggest gainer has been Kenya where the trade reported an increase of 29.94 mkg to reach 151.31 mkg. China showed an increase of 9.66 mkg to reach 1,221.02 mkg. Tanzania gained 2.91 mkg to reach 14.85 mkg. The major loss occurred in India at 11.74 mkg to decline to 75.73 mkg. Sri Lanka exported 11.32 mkg lower to touch 112.01 mkg. Indonesia shipped 4.82 mkg less to total 11.96 mkg. Uganda, Argentina and Zimbabwe exported 2.23 to 2.54 mkg less. The global output increased by 62.20 mkg so far this year over the corresponding period of 2006. Production totalled 741.95 mkg against 679.75 mkg last year.
Increased Arrivals Likely To Activate Decline In Jute Prices
Increased arrivals likely to activate decline in jute prices
Kolkata: The raw jute trade is anxious of fall in the price of the fibre between mid-September and mid-October, when the maximum quantity of the new raw jute crop arrives in the market. Arrivals in the Kolkata market during July and August were barely 7-8 per cent of what is pegged to be this year's jute crop. The rest of the jute crop that has been harvested is lying in upcountry markets. It is hoped that arrivals from all jute-growing areas such as South Bengal, North Bengal, Assam and parts of Bihar will improved from the first week of September. The benchmark TD 4 grade of raw jute was quoted at Rs 1,270 per quintal in Kolkata on August 14. Raw jute prices were likely to ease during the peak arrival period.
In addition to orders for 1.1 lakh bales of B Twill bags for August delivery, the Government agencies have issued orders for 1.5 lakh bales of B Twill bags for September delivery and another one lakh bales for October delivery. The Jute Advisory Board has pegged the quantity of raw jute crop during the 2007-08 jute year at 95 lakh bales. The Jute Balers' Association has estimated it at 89 lakh bales even as Jute Corporation of India has pegged it to be 90 lakh bales. Indian Jute Mills Association has pegged its estimates at 100 lakh bales.
Kolkata: The raw jute trade is anxious of fall in the price of the fibre between mid-September and mid-October, when the maximum quantity of the new raw jute crop arrives in the market. Arrivals in the Kolkata market during July and August were barely 7-8 per cent of what is pegged to be this year's jute crop. The rest of the jute crop that has been harvested is lying in upcountry markets. It is hoped that arrivals from all jute-growing areas such as South Bengal, North Bengal, Assam and parts of Bihar will improved from the first week of September. The benchmark TD 4 grade of raw jute was quoted at Rs 1,270 per quintal in Kolkata on August 14. Raw jute prices were likely to ease during the peak arrival period.
In addition to orders for 1.1 lakh bales of B Twill bags for August delivery, the Government agencies have issued orders for 1.5 lakh bales of B Twill bags for September delivery and another one lakh bales for October delivery. The Jute Advisory Board has pegged the quantity of raw jute crop during the 2007-08 jute year at 95 lakh bales. The Jute Balers' Association has estimated it at 89 lakh bales even as Jute Corporation of India has pegged it to be 90 lakh bales. Indian Jute Mills Association has pegged its estimates at 100 lakh bales.
Pepper Futures Decline
Kochi: Pepper futures market after its sharp decline on Sept 1, faced a marginal fall on Sept 3, on pessimistic activities. The futures market, of late, is seeing high volatility with the prices increasing and falling sharply in the exchange resultant from alleged tug of war between the bulls and bears following the introduction of a curb on the nearby month position. The futures market has been giving unrealistic figures with no convergence with spot and the future. Futures fell below the ready market prices. In the international market Vietnam prices for 500 GL increased last Aug 31, from $2,950 to $3,000-3,050 a tonne (f.o.b.), while Brazil Asta was closed at $3,375 a tonne (f.o.b.). September contract on NCDEX fell by Rs 53 a quintal on Sept 3, to Rs 11,965.
On NMCE September contract, however, increased by Rs 130 to Rs 11,949. October increased by Rs 6, while the drop in other contracts was from Rs 88 to Rs 415 a quintal. The total turnover on NCDEX declined by 4,255 tonnes to 23,442 tonnes, while the fall in September and October was by 10 per cent and 80 per cent respectively. On NMCE total turnover fell by 73 tonnes to 3,066 tonnes. The total open interest on NCDEX increased by 62 tonnes to 23,291 tonnes. September and October positions dropped by 28 per cent and 46 per cent. On NMCE the total open interest increased by 333 tonnes to 2,556 tonnes. September and October increased by 86 tonnes and 248 tonnes.
On NMCE September contract, however, increased by Rs 130 to Rs 11,949. October increased by Rs 6, while the drop in other contracts was from Rs 88 to Rs 415 a quintal. The total turnover on NCDEX declined by 4,255 tonnes to 23,442 tonnes, while the fall in September and October was by 10 per cent and 80 per cent respectively. On NMCE total turnover fell by 73 tonnes to 3,066 tonnes. The total open interest on NCDEX increased by 62 tonnes to 23,291 tonnes. September and October positions dropped by 28 per cent and 46 per cent. On NMCE the total open interest increased by 333 tonnes to 2,556 tonnes. September and October increased by 86 tonnes and 248 tonnes.
Rubber Witnesses Up Trend
Kottayam: Spot rubber showed a better trend on Sept 3. RSS 4 icreased to Rs 88.50 and Rs 89.50 a kg from Rs 87.50 and Rs 88 a kg respectively at Kottayam and Kochi. The grade was traded at Rs 89.50 a kg during morning trade also at Kottayam. The rubber futures was a mixed mood on NMCE. The September contract downed the shutters at Rs 89.70 (89.24), October at Rs 83.70 (83.68), November at Rs 81.86 (81.90) and December at Rs 81 (81.25) per kg for RSS 4. The September contract improved to Rs 88.12 from Rs 87.82 a kg on MCX. Spot prices were (Rs/kg): RSS-4: 88.50 (87.50); RSS-5: 86.50 (85); ungraded: 83.50 (82.50); ISNR 20: 86.25 (84.50) and latex 60 per cent: 62.10 (61.05).
Cotton Exports Likely To Exceed Forecast
Mumbai: Cotton exports are set to rise to 60-65 lakh bales (one bale is 170 kg), against earlier estimates of 55 lakh bales. The forecast is based on ginners assessment, as those in Punjab, Haryana and Rajasthan are getting enquiries from overseas purchasers even before beginning production. Production will begin only in mid-September. The cotton farmers in the northern belt are also getting better prices for their produce. They are procuring cotton at Rs 2,200 per quintal against Rs 1,800 per quintal paid last year. The prices may go up another Rs 100-Rs 150 per quintal once the season starts. Cotton output in the north is pegged at 51.97 lakh bales, about 20,000 bales more than earlier estimates. The area under cultivation has also increased by seven per cent in Punjab and 25 per cent in Rajasthan.
In Gujarat, Maharashtra and Madhya Pradesh, area under cotton cultivation has increased by 5-8 per cent, NCDEX said. India's cotton production for 2007-08 has been estimated at 30 million bales, up from 28 million bales in the previous year. Maharashtra is hopping a staggering output of 388 lakh quintals, up from 325 lakh quintalslast year. China exports to US increased despite WTO restrictions. Indian textile companies have made huge capacity additions using technology-upgrading fund, but rising rupee has taken its toll.
In Gujarat, Maharashtra and Madhya Pradesh, area under cotton cultivation has increased by 5-8 per cent, NCDEX said. India's cotton production for 2007-08 has been estimated at 30 million bales, up from 28 million bales in the previous year. Maharashtra is hopping a staggering output of 388 lakh quintals, up from 325 lakh quintalslast year. China exports to US increased despite WTO restrictions. Indian textile companies have made huge capacity additions using technology-upgrading fund, but rising rupee has taken its toll.
Monday, September 3, 2007
Chana Rates Witnessed Ruling Weak In Near Future
Chennai: Chana prices are likely to rule feeble in the near future in view of increased availability and weak demand for its dal. According to Angel Commodities, vast arrivals of moong in Rajasthan have pressured farmers to liquidate their chana stocks, leading to increased availability. Also, global chickpea production is projected to be higher at 2.16 lakh tonnes against 1.63 lakh tonnes last year. Last week, NCDEX September contract, which continued to be bearish, moved in the Rs 2,212-2,321 a quintal range. On Sept 1, the contract closed at Rs 2,239, while October contract ended at Rs 2,271.
Despite the upcoming festive season, poor offtake from the millers is weighing heavily on the markets. Refined soyabean oil prices are hoped to recover this week on festival demand and better trend in overseas market. In the global market, soya oil prices are ruling firm on Chicago Board of Trade owing to dry and hot weather in the US, which is not favourable for soyabean crop. The medium term outlook was bearish in view of the bumper oilseed production hopes. Last week, NCDEX September refined soya oil futures fell by 1.35 per cent mainly on hopes of a better domestic oilseed production. Persistent overseas demand is likely to a positive factor for mentha oil in the medium term, while in the short term prices would be driven by the quantity of arrivals.
Despite the upcoming festive season, poor offtake from the millers is weighing heavily on the markets. Refined soyabean oil prices are hoped to recover this week on festival demand and better trend in overseas market. In the global market, soya oil prices are ruling firm on Chicago Board of Trade owing to dry and hot weather in the US, which is not favourable for soyabean crop. The medium term outlook was bearish in view of the bumper oilseed production hopes. Last week, NCDEX September refined soya oil futures fell by 1.35 per cent mainly on hopes of a better domestic oilseed production. Persistent overseas demand is likely to a positive factor for mentha oil in the medium term, while in the short term prices would be driven by the quantity of arrivals.
Saturday, September 1, 2007
Cardamom Sees Mixed Trend
Kochi: Cardamom prices saw a mixed trend at sales held in Kerala and Tamil Nadu during the week. New crop fetched higher prices while that for the capsules from the previous crop declined. At Aug 29, auction in Kumily by the Cardamom Processing and Marketing Company (CPMC), out of the 23.5 tonnes arrivals 60 per cent belonged to the fresh crop. Prices of it increased by Rs 25-30 a kg while the prices for the previous crop fell by Rs 15-20 a kg and 22.5 tonnes were old. Maximum price fetched was Rs 504 a kg while minimum Rs 198 a kg. Good colour 8mm capsule was sold at Rs 550-570 a kg; 7-8mm fetched Rs 450-475 a kg while current bulk was sold at Rs 375-390 a kg.
At the auction held by the Header Systems in Nedumkandam where much of the arrivals were from the carryover stock and, hence, the prices were weak. The Spices Board has, meanwhile, urged other auctioneers to explore the possibility of conducting e-auctions at Bodinayakanur soon or create the necessary infrastructure for holding e-auction at their respective centres as early as possible. On MCX, cardamom contracts during the week recorded a turnover of Rs 86.84 crore, open interest of 1,623 tonnes and volume of 388 tonnes. The August contract was down 1.73 per cent at Rs 512 per kg. The plantations are receiving now light showers with intermittent sun shine and that will help extend the current crop season.x
At the auction held by the Header Systems in Nedumkandam where much of the arrivals were from the carryover stock and, hence, the prices were weak. The Spices Board has, meanwhile, urged other auctioneers to explore the possibility of conducting e-auctions at Bodinayakanur soon or create the necessary infrastructure for holding e-auction at their respective centres as early as possible. On MCX, cardamom contracts during the week recorded a turnover of Rs 86.84 crore, open interest of 1,623 tonnes and volume of 388 tonnes. The August contract was down 1.73 per cent at Rs 512 per kg. The plantations are receiving now light showers with intermittent sun shine and that will help extend the current crop season.x
Rubber Board Chairman Urges Not To Hold Stocks
Kottayam: The Chairman of the Rubber Board, Mr Sajen Peter, has cautioned growers that holding rubber stock would be a risk on the presumption that price will increase further, as futures are on the rise. The futures price of natural rubber has increased to Rs 91 a kg even as spot prices are ruling at Rs 88. He also pointed out that the situation is favourable for imports as the international price is currently lower than the Indian price. The loss of tapping days has resulted in a shortage of less than 50,000 tonnes compared to the same period last year. In these circumstances, the futures prices for September have risen only because of the effect of unfair speculations and this has no connection with the realities in the physical market. If the growers decide to hold back their stock anticipating a corresponding rise in the physical market, it may lead to imports, which would have adverse effect on the market in the peak season.
Monsoon Affects Kerala's Cardamom Output
Mumbai: The monsoon may take a heavy toll on the cardamom crop in Kerala this year. Major output centres such as Vandanmedu, Udumbanchola, Rajakkad and Santapara in Idukki have been hard hit by incessant rains and gusty winds. Total output in the State is hoped to be 25 per cent lower at 8,500-9,000 tonnes, compared to 11,235 tonnes last year. Another four to five rounds are left. Production is projected to be much lower than the previous year.
The present arrival in the spot markets is old stock, and full-fledged arrival of the recent harvest will begin in October. Delay in harvesting in Idukki, where 60 per cent of total area is rainfed, may result in lower arrivals in the short term. Kerala accounts for 78 per cent of the county's total cardamom output, while Karnataka is a distant second with 14 per cent followed by Tamil Nadu at seven per cent. Though October is the peak-harvesting period we can expect good purchasing in the market due to upcoming festive demand from domestic as well as UAE markets. Old stocks are also fast depleting. Prices are presently trad \ing in a bearish channel with trend channel support pegged at the Rs 500 level.
The present arrival in the spot markets is old stock, and full-fledged arrival of the recent harvest will begin in October. Delay in harvesting in Idukki, where 60 per cent of total area is rainfed, may result in lower arrivals in the short term. Kerala accounts for 78 per cent of the county's total cardamom output, while Karnataka is a distant second with 14 per cent followed by Tamil Nadu at seven per cent. Though October is the peak-harvesting period we can expect good purchasing in the market due to upcoming festive demand from domestic as well as UAE markets. Old stocks are also fast depleting. Prices are presently trad \ing in a bearish channel with trend channel support pegged at the Rs 500 level.
Rubber Witnesses Firm Trend
Kottayam: Spot rubber finished steady on Aug 31. Sheet rubber RSS 4 was static at Rs 87.50 and Rs 88 a kg respectively at Kottayam and Kochi from Rs 86 a kg as on Aug 30. The volumes were moderate. The rubber futures turned weak quoting the September contract at Rs 87.59 against Rs 88.42 a kg on MCX. The September contract for RSS 4 weakened to Rs 88.60 (89.17), October to Rs 83 (83.62), November to Rs 81.70 (82.02) and December to Rs 80.50 (81.28) per kg on NMCE. Spot prices were (Rs/kg): RSS-4: 87.50 (87.50); RSS-5: 85 (85); ungraded: 82.50 (82.50); ISNR 20: 84.50 (84.50) and latex 60%: 61.05 (61.05).
Centre Approves To Set Up 3 Jute Parks In WB
Kolkata: The Centre has cleared the establishing of three jute parks in West Bengal. An application in this regard had earlier been made to the Centre by the State Government. The Centre has approved the establishing of jute parks in Rajnagar in Murshidabad district, Raiganj in Uttar Dinajpur and one in the district of Cooch Behar. Each of these parks would be establish on 40-50 acres of land. Jute goods and jute-based products will be produced in these parks.
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