Page 681 - Commodity News
Cotton sowing gains at cost of paddy, groundnut
The sowing season of paddy and groundnut in Gujarat is over due to delayed monsoon
 "Cotton sowing gains at cost of paddy, groundnut")
Price stabilisation fund may operate via Nafed
Fund proposed in the Budget likely to be used exclusively for vegetable and cereal prices
 "Price stabilisation fund may operate via Nafed")
Delayed rains lead to higher salt output, prices decline
A normal salt production year starts in Oct-Nov and goes on till the advent of the monsoon in June; the usual national production is about 24 million tonnes
 "Delayed rains lead to higher salt output, prices decline")
Tea prices decline 13.5% in South India
Lower production and higher exports during the period between January and May have failed to arrest the fall in prices
 "Tea prices decline 13.5% in South India")
Cardamom up 0.7% on rising demand
Spice for delivery in September traded higher by 0.6%
 "Cardamom up 0.7% on rising demand")
Crude oil up 0.3% on overseas cues
Oil for the August delivery moved up by 0.25%
 "Crude oil up 0.3% on overseas cues")
Nickel down 0.2% on global cues
Metal for delivery in August traded lower by 0.22%
 "Nickel down 0.2% on global cues")
Mentha oil down 1.3% on profit-booking
Oil for delivery in the July traded lower by 1.17%
 "Mentha oil down 1.3% on profit-booking")
Silver futures up 0.63% on global cues
Speculators create fresh positions amid covering-up of short positions
 "Silver futures up 0.63% on global cues")
Gold futures up 0.5% on firm global cues
Signs of increased demand in China, India help
 "Gold futures up 0.5% on firm global cues")
UCX suspends trade within 18 mths of launch
India's sixth nationwide commodity exchange pulls down the shutter after MMTC promoted ICEX (fourth) suspended trading early this year
 "UCX suspends trade within 18 mths of launch")
Industry alleges surge in tax evasion on vegetable oil import
As per the estimates, in last six months Rs.150 crore of value added tax was evaded by giving wrong declaration in imports only on JNPT port
 "Industry alleges surge in tax evasion on vegetable oil import")
Gold imports surge 65% in June to $3.12 bn
Silver imports drop 66% to $0.21 bn
 "Gold imports surge 65% in June to $3.12 bn")
Low rains, less sowing fuel price rise in pulses
The kharif season contributes around 30% of India's total annual output of pulses
 "Low rains, less sowing fuel price rise in pulses")
Import duty hike on raw sugar may boost domestic prices: Care
Says hike in ethanol blending requirements from 5 to 10% will augment the profitability of the sugar companies
 "Import duty hike on raw sugar may boost domestic prices: Care")
Natural rubber imports up by 58% to 1.61 LT: Sitharaman
Prices of natural rubber are falling in the domestic following the decline in international market
 "Natural rubber imports up by 58% to 1.61 LT: Sitharaman")
Castorseed down 1.7% as participants trim positions
August contracts also slipped by 1.52%
 "Castorseed down 1.7% as participants trim positions")
Mentha oil up 1.2% on strong industrial demand
Oil for delivery in August gained 1.16%
Palm oil up 0.8% on rising demand
Oil for delivery in August edged up by 0.78%
 "Palm oil up 0.8% on rising demand")
Crude oil up 0.7% on Asian cues
Oil for delivery in August also moved up by 0.65%