Commodities Daily Report
Tuesday| February 19, 2013www.angelcommodities.com
as on Feb 18, 2013
Last Prev. day WoW MoM YoY
19501 0.17 0.21 -2.68 6.63
5898 0.18 0.01 -2.74 6.00
54.27 -0.11 0.56 0.97 10.09
Nymex Crude Oil - $/bbl
95.53 -0.34 -1.55 -0.03 -6.63
Comex Gold - $/oz
1609 0.04 -2.35 -4.58 -6.80
Pakistan cuts buying tea from Coonoor
There was a mentionable drop in the purchases for Pakistan at Sale No: 7of Coonoor Tea Trade Association (CTTA) auctions. Most major exportersremained silent and some who bought sporadic volume said that theypicked up the teas because the prices were in the low-bracket asdemanded by their buyers.
“Normalcy is yet to return at the Indo
-Pakborder where traces of tension cast shadow on trade including tea
shipments”, an auctioneer told Business Line.
Source: Business Line)
Thundershowers likely in Punjab, Delhi, N-E; showers seen in TN,Kerala
The big western disturbance has cleared out bringing its wake colderwinds and also fog to parts of North-West India. Northwesterly towesterly winds are prevailing over Gangetic plains, an IndiaMeteorological Department (IMD) update said. A weather-driving troughpersisted over South-West Bay of Bengal, as part of an easterly waveentourage. Climes over North-West will switch back to being wet andsnowing with the expected arrival of a fresh system in next two days. TheIMD expects fog/shallow fog to cover parts of Punjab, Haryana, Delhi andnorth Rajasthan on Tuesday morning. Rain or snow may over Jammu andKashmir, Himachal Pradesh and Uttarakhand on Wednesday andincrease, thereafter. This is due to the arrival of the incoming westerndisturbance, which would bring back showers also to Punjab, Haryana,Delhi and North Rajasthan.
Source: Business Line)
Allow scientists to hold field trials of GM crops, says Pawar
Making a case for genetically-modified (GM) technology to boost farmoutput, Agriculture Minister Sharad Pawar said scientists should not bedenied the right to conduct field trials of such crops.
“We cannot afford
to curtail the vigour of our scientific community and deny them the rightto conduct trials, as has been done for some GM crops, despite beingsubjected to strictest controls of bio-
safety,” Pawar told the 84th annual
general meeting of the Indian Council of Agriculture Research (ICAR).Constrained by depleting natural resources, including arable land, Pawar
said “We do not have any option but to try and achieve a maj
orbreakthrough in productivity to ensure food security of 1.2 billion plus
population or our country”.
Source: Business Line)
Cardamom drops on reports of imports from Guatemala
The cardamom market lost flavour last week on weak demand followingreports of imports in large quantity of the commodity from Guatemala atlow prices. However, good export buying has arrested a sharp fall inprices of cardamom. Exporters estimated to have bought 80-100 tonnesof good colour above 7 mm capsules at Rs 850-870 a kg, sources toldBusiness Line. The market, in fact, crashed on Saturday with the averageprice dropping to Rs 640 following reports of imports, trade sources said.The individual auction average thus fell to below Rs 700 after some time,they said. Inferior grade cardamom, or rejection variety as it is called intrade parlance, is said to have been imported even though such material
is available indigenously at Rs 500. Ever since the ban on ‘Pan masala’,
there has been no demand for such material, they said. Added to this, aheavy downpour on Sunday in the major cardamom growing belts inIdukki district aided the creation of a bearish sentiment in the market.
Source: Business Line)
News in brief
Pawar favours raising excise duty on sugar to decontrol industry
ry has favoured the food ministry’s cabinet proposal to
increase excise duty on sugar to offset the financial burden on the centreif it decides to buy the sweetener from the open market for ration shops,agriculture minister Sharad Pawar said on Monday. In October 2012, theexpert panel headed by PMEAC chairman C Rangarajan hadrecommended immediate removal of two major controls
regulatedrelease mechanism and levy sugar obligation. Under the levy sugarsystem, mills are required to sell 10 per cent of their output to the centreat cheaper rates to run ration shops, costing Rs 3,000 crore to industryannually.
“Food ministry has moved a cabinet proposal on removal of
levy sugar and continue supply of subsided sugar in PDS. Currently, thegovernment buys sugar at Rs 17 per kg from millers and sells it at Rs13.50 per kg in PDS. Once levy system is removed, the government has tobuy it at open market price.
“To reduce financial burden and continue
supply of subsidies sugar, the food ministry has proposed increase in
excise duty.... We have supported the proposal,” Pawar told reporters
. Atpresent, the excise duty on sugar is about 70 paise per kg. The centrerequires 27 lakh tonnes of sugar annually for public distribution system(PDS).
Source: Financial Chronicle)
S& P eyes commodity indices trade in India
With India’s commodity trading volumes more than doubling through the
past three years, many global commodity indices majors are nowconsidering India one of the most promising markets for commodityindices trading. S& P Dow Jones Indices ( S& P DJI) feels the potential for
commodities indices trading in the Indian market is immense. “India’s
commodity market is growing big. More and more investors are nowgetting into commodities trading. We are looking at India and the entireAsia
as a potential market for S& P indices,” said Daniel Ung, associate
director (index research & design group), S& P DJI. Currently, commodityindex trading is not allowed in India. In equities, three quarters of thevolumes are accounted for by index derivatives, including futures andoptions (F& O). Globally, commodity index trading is gaining momentumand its share in the overall financial derivatives markets has been on therise. Parliament is likely to pass an amendment to enable indexderivatives on commodity exchanges. However, this may take a fewquarters or a year. After the law is amended, the Forward MarketsCommission (FMC) would have to finalise the regulations.
Punjab to sow new short duration Basmati variety next kharif
Punjab will be the first state to commence cultivation of new the shortduration variety of Basmati rice from the next Kharif season. The newvariety is expected to give boost to export potential of aromatic rice fromthe country. Developed by scientists of Indian Agricultural ResearchInstitute (IARI), under the ministry of agriculture, the new varietyreferred as 'Pusa Basmati 1509' takes about 115-120 days to matureagainst 145-150 days for 'Pusa 1121', which constitute a major chunk of India's aromatic long grain rice exports. Besides, the new variety does notshatter in case of any delay in harvesting and has a superior grain quality.An agriculture ministry official said following the meeting of All India RiceWorkers Group meeting, which consist of rice breeders and otherconcerned officials, in April, the ministry will notify the variety '1509' asBasmati.
Source: Financial Express)
Gur stock position till 18th February 2013
Total around 355101 bags of gur (40kg each) stored in cold storages till18th February 2013 which are 335899 bags (40kg each) lower comparedto last year same period. Out of total 355101 bags of gur, around 155000bags of Chaku gur, 60000 bags of Rascut, 100000 bags of Papdi, and 1500bags of Khurpa stored in the cold storages as reported.