Copra prices down on poor demand
NEWS DIGEST
| Black pepper up on restricted arrivals |
| Prices of Black pepper common edged up in the wholesale kirana marketon Monday largely on tight stocks following restricted arrivals from producing centres and closed with fresh gains. |
| Elsewhere, prices of other spices continued to rule steady on little doing. Traders said tight stocks position following restricted arrival coupled with higher advices from producing centres, pushed up Black pepper prices. Black pepper common prices went up by Rs 100 to settled at Rs 13,000-13,100 per quintal. |
| Prices down at sugar market |
| Prices drifted on the wholesale sugar market on Monday on ample supplies from mills amidst reduced offtake by stockists and bulk consumers and closed in negative zone. Marketmen said apart from adequate stocks position following increased supplies from mills, poor offtake by stockists and bulk consumers also led to a fall in sugar prices. |
| At wholesale market, sugar ready M-30 and S-30 prices eased to Rs.1600-1680 and Rs.1590-1670 against last closing of Rs.1610-1680 and Rs.1600-1670 per quintal respectively. Mill delivery M-30 and S-30 prices also quoted lower at Rs.1440-1550 and Rs 1430-1540. |
| CTC leaf moves up, dust down, others irregular |
| Tea prices witnessed a mixed trend with CTC leaf moving up by Re 1to Rs 2 and other grades ruling firm to irregular at Coimbatore auction held last week, industry sources said on Monday. |
| Exporters to CIS countries operated on well made quality orthodox leaf teas, with best high grown ruling firm and the remaining irregular, while CTC leaf brighter liquoring and better medium teas met some upcountry demand and were steady to dearer by Re one to Rs two per kg. |
| In the dust category, nominal weight orthodox teas witnessed irregular market, while despite fair general demand, high priced popular marks and good liquoring CTC dust ruled lower by Rs 2-3 and medium and plainer sorts easier by Re 1. |
| Orthodox high grown brokens quoted at Rs 80 to Rs 90, medium brokens Rs 46 to Rs 47 and fannings Rs 44 to Rs 46. Best/Good CTC leaf brokens quoted Rs 50 to Rs 54, fannings Rs 48 to Rs 52, medium ctc brokens Rs 46 to Rs 50 and fannings Rs 45 to Rs 49. |
| Edible oils strengthens on millers, global cues |
| Prices or select edible oils rose on the wholesale oils and oilseeds market on Monday on increased offtake by millers along with higher global market advices and registered notable to moderate gains. |
| Industrial oils, on the other side, remained flat on little doing. Marketmen said apart from millers and local parties buying, reports of firming trends in Malaysian palm oil (future) prices, which surged to over two-week high, too influenced the trading sentiments here. |
| In edible oil section, groundnut mill delivery remained in good demand and gathered another Rs.50 at Rs.6500 a quintal on stockists and refining mills buying. Mustard expeller oil in tandem with general trends posted Rs 70 higher at Rs 4500 per quintal. |
| Mustard pakki ghani and kachi ghani tin prices also moved up by Rs 10 each at Rs 720-740 and Rs.770-895 per tin of 15 litre respectively. |
| Brazil looks to double ethanol export |
| Brazil hopes to double its ethanol exports by 2010 to meet growing demand for the alternative fuel, largely from Japan and Sweden, Finance Minister Guido Mantega was quoted as telling the Times newspaper in an interview. |
| He also urged Britain to use more ethanol as part of the fight against global warming, according to the British daily. Brazil aimed to increase its ethanol exports to $1.3 billion in 2010 from $600 million in 2005, largely due to agreements signed with Tokyo and Stockholm, Mantega was quoted as saying . |
| "We would like the majority of countries to adopt these alternative sources of energy and fuel," he told the Times. "In the UK ... it's possible to give more importance to ethanol. We can develop joint projects in such a way that we can introduce these alternative energy sources into regular consumption here," Mantega said, speaking on a trip to London. |