Decision on FDI in commodity exchanges in 4-6 weeks
NEWS DIGEST
| Bhave was speaking at a conference of commodity exchanges organised by the Forward Markets Commission. Last month, foreigners were allowed to invest up to 26% of a stock exchange's capital. |
| NCDEX modifies turmeric contracts expiring from June |
| The National Commodity and Derivatives Exchange has modified certain quality specifications for turmeric contracts expiring in June and onwards. Fingers of Desi Cuddapah ""variety produced mainly in Maharashtra "" can now be used for delivery, an official at the exchange said. |
| At present, NCDEX allows delivery only of Rajapore, Erode, and Salem (Tamil Nadu) varieties). The second modification is the inclusion of Warangal in Andhra Pradesh as an additional delivery centre, a circular from exchange said today. |
| The existing centres include Sangli (Maharashtra), Erode (Tamil Nadu), and Duggirala (Andhra Pradesh). "Since Warangal is also an important producer of turmeric in the country, we have decided to include it as a additional centre," the official said. |
| Mace, nutmeg up in thin trading |
| In thin trading, prices of mace and nutmeg strengthened in the wholesale kirana market today owing to short supply against fresh demand and closed with moderate gains. |
| Traders said restricted arrivals from producing centres against increased offtake by retailers and stockists mainly helped mace and nutmeg prices to go up. |
| Mace-red and yellow prices traded higher at Rs 505-510 and Rs 485-490 against last closing of Rs 445-460 and Rs 440450 per kilo respectively following short supply against increase demand from retailers and stockists. |
| Urad dal, moong dal prices firm up |
| Prices of urad dal and moong dal firmed up, while that of sugar eased in the wholesale foodgrains market here today. Thoor dal strengthened by Rs 100 per quintal to Rs 3,400 from yesterday's level of Rs 3,300. Moong dal also rose by Rs 50 per quintal to Rs 4, 250 against yesterday's rate of Rs 4,200. |
| However, Sugar dropped by Rs 20 per quintal to Rs 1,550 over yesterday's Rs 1,570. |
| Chemicals remain steady in thin trade |
| Steady conditions prevailed on the wholesale chemicals market today with prices after moving in a narrow range in scattered deals and settled around previous closing. |
| Arrivals and offtake remained at a low ebb, which also reduced the volume of business. Traders said negligible enquiries from consuming industries kept prices unchanged. |
| Soymeal spot remain firm |
| Spot soymeal basis offers were mostly steady on Tuesday, with unseasonably mild weather in parts of the United States keeping a lid on demand. Sharp declines in CBOT soymeal futures were also keeping buyers sidelined, as they waited for even lower values. |
| Selling by index funds rebalancing their positions in CBOT futures fuelled losses in corn, soy and wheat futures. "We'll have to wait until the funds finish rebalancing, and until Friday for the USDA report which could give some direction," a soymeal dealer said. |
| Another dealer said mild winter conditions were limiting demand. "Cattle will eat more when it's 20 degrees (Fahrenheit) than when it's 60 degrees," he added. |
| Wheat futures trade on lower side |
| Wheat futures on the Chicago Board of Trade were lower at mid-session on Tuesday on speculative selling after a US government report confirmed a large long position held by index funds, traders said. |
| The report raised concerns about the potential for long liquidation, a bearish factor that kept traders on edge. But trading volume was light to moderate, they said. |