Govt releases 100,000 tn wheat

The government released 100,000 tn of additional wheat for above poverty line families in September to meet the festive demand, an official release said today. It said the additional release is expected to check price rise.

The additional wheat has been released on request from states and union territories, the release said.

The government is likely to release the same quantity of wheat in October as well. Minister of State for Agriculture, Food and Public Distribution Akhilesh Prasad had earlier said the government would release 100,000 tn extra wheat in October to ensure adequate availability during the festive season.

'No payout of profits on illegal fresh positions'

Forward Markets Commission has asked commodity bourses to withhold profits made by traders taking illegal fresh positions in the five days prior to expiry of seller or both option contracts, the MCX said in a circular.

According to contract terms, no fresh positions are allowed in the last five days. On September 20, violation of contract norms in September chilli contract on National Commodity and Derivatives Exchange was reported in the media.

(CMW)

Tokyo gold futures rises by 2 per cent

Tokyo gold futures jumped 2 per cent to the highest level in almost three weeks on Thursday as technical trends improved after a sharp recovery in oil prices prompted active short-covering and fresh buying.

Key Tokyo Commodity Exchange gold futures for August 2007 delivery rose as high as 2,302 yen a gram"�the highest since September 8. It was also 2.6 per cent above the closely watched chart point of 2,244 yen, which is the 200-day moving average.

Shanghai copper rises slightly

Shanghai copper rose slightly in thin volume on Thursday as Chinese investors closed out ositions ahead of a week-long holiday, with an eye to volatility on the London Metal Exchange and the threat of a copper strike in Canada.

The Shanghai Futures Exchange posted a warning on its web site on Wednesday that investors adjust their positions to limit risk while the exchange is closed next week, noting that world prices have recently been in a state of flux.

Shanghai's most active copper contract, November,rose 0.16 per cent from Wednesday's close to end at 70,690 yuan ($8,943) a tonne.