Noida handicrafts fair to begin on Oct 13

NEWS DIGEST

Handicrafts exporters hope to generate business of up to Rs 1,500 crore from the forthcoming Indian Handicrafts and Gifts Fair 2006, where more than 7,500 overseas buyers are expected to come.

The five-day fair from October 13 in Greater Noida, will see about 2,000 domestic companies display their products in more than 1,000 categories ranging from textiles, home furnishings and gift items, Navratan Samdaria, Chairman of India Expo Centre and Mart, said here.

Last year, about 4,500 overseas buyers had placed orders worth Rs 1,200 crore, he said, adding this year a business of at least Rs 1,500 crore was expected.

Malaysian cride palm oil futures rise

Malaysian crude palm oil futures rose on Tuesday as traders stepped up buying following buoyant export data and higher soyoil prices.

By the mid-session break, the benchmark third-month December contract on the Bursa Malaysia Derivatives was up 9 ringgit at 1,563 ringgit ($423.5) a tonne, with volumes of 2,655 lots of 25 tonne each."

The market found support from the export numbers for this month and a rising Chicago market. But volumes won't rise much because some Malaysian states are on holiday and demand is weak," said one Kuala Lumpur-based trader.

Tokyo rubber futures decline to 1 week-low

Tokyo rubber futures fell to a near one-week low on Tuesday due to technical selling as they struggled to stay above a key resistance level of 230.0 yen despite the strength of other commodities.

Investors sold after prices did not rise in line with other commodities futures, dealers said. By 0506 GMT, the benchmark March 2007 contract was down 7.7 yen at 224.4 yen ($1.88) per kg.

"A technical correction plus some disappointed selling because rubber didn't go up despite the strength of other commodities led players to liquidate contracts," a Singapore-based trader said.

NCDEX accredits new delivery centres

The National Commodity and Derivatives Exchange (NCDEX) has accredited four additional warehouses as delivery centres to facilitate delivery of commodities on expiry of futures contracts.

NCDEX said in a circular to its all trading and clearing members that it has accredited two additional warehouses each as delivery centres for Gur Chousa and Tur commodities, while asking its members to effect delivery of these commodities through these warehouses.

National Collateral Management Services Ltd (NCMSL) Commodity Multilink Point in Meerut has been accredited as delivery centre for Gur Chousa, while (NCMSL) in Hyderabad has been accredited as delivery centre for Gur Chousa and Tur.