Simbhaoli commissions ethanol plant in UP
NEWS DIGEST
| The project was completed in nine months, Simbhaoli Sugar informed the Bombay Stock Exchange. |
| "Simbhaoli has become one of the largest producers of ethanol today. We envisage higher revenues from our ethanol business as Simbhaoli is poised to benefit from the government's ethanol blended petrol programme and also because of its proximity to key markets of Delhi, UP and Haryana," company Chairman and Managing Director G S Mann said. |
| J&K govt to expand HYV crop area |
| The Jammu and Kashmir Agriculture Department is trying to bring around 39,000 hectares of agricultural land in Anantnag district under the high yielding variety (HYV) crops this rabi season, an official said here. |
| While over 24,500 hectares will have oil seed cultivation, 10,000 hectares would be used for fodder, pulses and wheat and another 4,450 hectares for vegetables. |
| Global consumption of rubber to rise 3% |
| Global consumption of natural and synthetic rubber will rise around 3 per cent in 2007, about the same rate as in 2006, as firm demand from main buyers helps offset volatile prices, an industry official said on Thursday. |
| "It's roughly stable. On average, it's about 3 and 3.5 per cent," said Hidde Smit, secretary-general of the International Rubber Study Group, told Reuters on the sidelines of a conference. |
| The IRSG has said global consumption of natural and synthetic rubber was expected to increase to 21.5 million tonne in 2006 from 20.7 million tonne last year. |
| The price of natural rubber has risen more than 300 per cent since 2001 and the world's three main producers, Thailand, Indonesia and Malaysia are cashing in on soaring demand, especially from China, said dealers. |
| Malaysian crude palm oil futures up |
| Malaysian crude palm oil futures closed higher on Thursday, ending a three-day decline on the back of a recovery in crude oil prices, dealers said. |
| The benchmark third-month December contract on the Bursa Malaysia Derivatives exchange finished up 14 ringgit at 1,537 ringgit ($417) a tonne after trading in a range from 1,530 to 1,543 ringgit. |
| "This recovery is under the influence of crude oil, there is nothing else," said one dealer. Other traded contracts closed up between nine and 16 ringgit. Overall volume stood at 7,033 lots of 25 tonnes each. |
| Palm oil is increasingly tracking crude oil prices because of the rapidly expanding global biofuel industry based on vegetable oils, which are seen as a cheaper alternative to fossil fuels. |
| Oil steadied above $59 a barrel on Thursday, supported by signs that the Organization of the Petroleum Exporting Countries might make larger cuts in output to prop up prices. |
| Indonesia palm oil prices rise |
| Indonesia palm oil prices climbed on Thursday, tracking gains in Malaysian crude palm oil futures,traders said. In North Sumatra's Medan, crude palm oil rose to 4,160 rupiah ($0.452) a kg from 4,128 on Wednesday. |
| "Players embraced gains in Malaysia which led to higher local prices," a Medan-based trader said, adding 1,000 tonne of crude palm oil changed hands. |