Page 10 - Commodities

Rice prices in Asia hit 15-yr high after India's 6-week campaign of curbs

Rice is vital to the diets of billions and contributes as much as 60% of the total calorie intake for people in parts of Southeast Asia and Africa

Tea production increases by 6.2% to 165 million kg during July 2023

Tea production in the country increased marginally by 6.2 per cent at 165.01 million kilogramme during July 2023 as compared to 155.29 million kilogramme in previous similar period. As per the latest Tea Board data, North India tea production during July this year stood at 143.05 million kilogramme, as against 135.77 million kilogramme in the corresponding previous period. Production in South India in July 2023 was also marginally higher at 21.95 million kilogramme as against 19.52 million kilogramme in the previous similar period. The percentage of production by small tea growers (STGs) as a proportion of overall volumes increased to 50.9 per cent in July 2023. Thus was 50.2 per cent in the previous similar month of 2022. In North India, both Assam and West Bengal registered higher production volumes during July 2023. The premium Darjeeling variety crop was lower at one million kilogramme during July 2023, as against 1.04 million kilogramme in the previous similar period, accordi

Silver remains unchanged, gold falls by Rs 50, trading at Rs 59,400/10g

The price of 22-carat gold fell by Rs 50, with the yellow metal selling at Rs 54,450

Govt set to ban sugar exports from October for first time in 7 years

India allowed mills to export only 6.1 million tonnes of sugar during the current season to Sept. 30, after letting them sell a record 11.1 million tonnes last season

Enough stock available to meet any sudden increase in demand: Coal India

Coal India Limited (CIL) Chairman and Managing Director P M Prasad on Wednesday said that sufficient coal stock is available in the country and the company is ready to meet any sudden increase in demand. Prasad told shareholders at the 49th AGM that the company is working on a number of initiatives to increase its production capacity, including the development of new mines and the expansion of existing ones. CIL is committed to meeting the country's growing demand for coal and is ready to address any sudden surge in demand, he said. On Tuesday, the coal ministry reviewed the dry fuel's production and offtake in a meeting with senior officials due to the surge in power demand across the country. The country has sufficient coal stocks, with almost 80 million tonnes of coal available with thermal power plants and Coal India, Coal Minister Prahlad Joshi had said. Speaking about FY23 performance, Prasad said that CIL produced a record 703.2 million tonnes (MT) of coal in the fiscal yea

How China's faltering growth threatens to derail commodities markets

Commodities have so far held up better than other assets as the economy has worsened. Freed from the constraints of the pandemic, fuel consumption has risen

NCCF to sell onion at subsidised rate of Rs 25/kg in Delhi from tomorrow

Cooperative NCCF will commence retail sale of onion from the government buffer stock at a subsidised rate of Rs 25 per kg in the national capital from Monday to give relief to consumers from high prices of the kitchen staple, its top official said on Sunday. The National Cooperative Consumers' Federation of India (NCCF) is already selling tomatoes on behalf of the central government at a subsidised rate and it has now been mandated to retail buffer onion. The government has created a buffer stock of 3 lakh tonne of onion for 2023-24 fiscal. It has also decided to procure additional 2 lakh tonne onion for the buffer this year. "To begin with, we will start retailing buffer onions in Delhi. We will sell at a subsidised rate of Rs 25 per kg through our mobile vans and two retail outlets," NCCF Managing Director Anice Joseph Chandra told PTI. Around 10 mobile vans will be dispatched on Monday in the national capital and more areas will be covered gradually. NCCF will also sell the ...

Govt to procure 200,000 tn of onion to create total 500,000 tn buffer stock

The government on Sunday announced it will procure an additional 2 lakh tonnes of onion in order to maintain a total buffer stock of 5 lakh tonnes this year and use that for retail intervention. The announcement has come a day after the government imposed a 40 per cent duty on the export of onions to improve local supplies and check its prices. For the current 2023-24 fiscal, the target for onion buffer was kept at 3 lakh tonnes, which has already been procured. Currently, the same buffer stock is being disposed of in the targeted markets in select states to improve the local availability and check price rise. According to the official data, all-India average retail price of onion was ruling 19 per cent higher at Rs 29.73 per kg on Sunday compared to Rs 25 per kg in the year-ago period. In Delhi, retail price of onion has increased to Rs 37 per kg from Rs 28 per kg in the said period. "In an unprecedented move the government raised the quantum of onion buffer to 5 lakh tonne this .

Wheat markets shrug off Black Sea flashpoints as exports flow: Report

Ukraine said the vessel stopped - the Sukru Okan - was Turkish. A person familiar with the matter said the ship was empty and had unloaded a corn cargo the previous day in Greece

Gold price falls Rs 280 to Rs 59,670, silver dips Rs 500 to Rs 73,000

The price of 22-carat gold also dipped Rs 250, with the yellow metal selling at Rs 54,700

Nifty Energy paves way for positive breakout; adopt buy-on-dips strategy

According to Ravi Nathani, an independent technical analyst, charts reveal an encouraging trend for Nifty Energy index, signaling a positive breakout

Gold, silver prices remain unchanged, yellow metal trading at Rs 601,60/10g

The price of 22-carat gold was also unchanged at Rs 55,150.

Gold price falls Rs 160 to Rs 59,950; silver slumps Rs 2,300 to Rs 75,000

The price of 22-carat gold also fell Rs 150 with the yellow metal selling at Rs 54,950

Gold needs to clear this hurdle for sentiment revival, shows chart

The MCX Gold October futures need to overcome the resistance at Rs 59,930, for fresh buying to emerge, indicates technical chart.

Rice supply faces new threat as Thailand urges crop curbs to save water

Farmers in the key central region have already planted most of their rice but the government is encouraging a switch to other crops that need less water

Gold demand in India this year could fall 10% to hit 3-year low: WGC

In the June quarter, scrap supplies jumped 61% from a year ago to 37.6 metric tons, the highest in nearly 3 years, the data showed

DGTF invites applications for allocation of wheat quota exports to Bhutan

The government has invited applications from exporters to allocate quota for exports of wheat to Bhutan during 2023-24 on humanitarian and food security grounds. In a trade notice, the DGFT (Directorate General of Foreign Trade) has laid out a detailed procedure for allocation of quota for export of wheat, 'atta' and 'maida' on humanitarian and food security grounds, based on requests received from Bhutan. It said the government has approved export of 14,184 tonne of wheat grain; 5,326 tonne of wheat flour (atta); 15,226 tonne of maida to Bhutan in 2023-24. "Accordingly, applications are invited from exporters for allocation of quota," it said. As per the procedure, the minimum threshold for these products will be 100 tonne by land transport to the neighbouring country. "Application would be allowed only if the exporter applies for quantity more than the minimum threshold," it said. In a separate notification, DGFT said it has banned exports of de-oiled rice bran till November 30

Farmers plant 23.7 million hectares rice so far as monsoon rains revive

Higher rice planting in India, the world's second biggest producer of the grain, will ease concerns about the lower output of the staple

Singapore in talks with India to seek non-basmati rice export ban exemption

Singapore is in close contact with Indian authorities to seek exemption from the country's ban on export of non-basmati rice, the city state's food agency said on Friday. Singapore Food Agency (SFA) is working closely with importers to increase the import of different varieties of rice from various sources. Singapore is also in close contact with the Indian authorities to seek exemption from the ban, said a statement from SFA. On July 20, the Indian government banned exports of non-basmati white rice to boost domestic supply and keep retail prices under check during the upcoming festive season. Non-basmati white rice constitutes about 25 per cent of total rice exported from the country. In 2022, India accounted for about 40 per cent of Singapore's imported rice, said the agency. Singapore imports rice from more than 30 countries. Under Singapore's Rice Stockpile Scheme, rice importers must hold a buffer inventory equivalent to twice of their monthly imports. This helps ensure an .

Priced at Rs 4,950 per 10 gm, Kashmir saffron outshining silver varq

Saffron and silver varq are used by sweetmakers to provide Indian sweets with a luxurious feel