Page 10 - Commodities

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

Global rice market set for government deals as India's ban curbs supplies

Buyers from Africa to Asia are likely to scramble for rice shipments as supplies tighten in coming months following India's decision last week to ban non-basmati white rice exports

Gold price remains stable at Rs 60,160, silver price unchanged at Rs 78,000

The price of 22-carat gold remained flat, with the precious metal selling at Rs 55,150

Gold price unchanged at Rs 60,750, silver prices at Rs 78,400 per kg

The price of ten grams of 22-carat gold was Rs 55,700, the same as Thursday

Tomato is not the villain of the rise in retail inflation in June

The kitchen staple may, however, be responsible for its spike in July

Bias for Nifty Energy index bullish in near-term; buy near support levels

Ravi Nathani, independent market analyst shares his trading strategies for Nifty Energy, and Nifty Commodities indices

Rice prices set to rally further as weather threatens producers' yields

Rice is a staple for more than 3 billion people and nearly 90% of the water-intensive crop is produced in Asia, where the El Nino weather pattern usually brings lower rainfall

Manipur insurgent groups lift blockade to ensure supply of commodities

The insurgent groups, in a press statement, further said that Manipur has been witnessing ethnic violence between Meiteis and Kuki Zo communities since May 3, 2023

Govt to sell tur dal from buffer stocks to millers for augmenting supply

The government will sell tur dal from its buffer stock to eligible millers as part of its efforts to boost domestic supply and keep prices under control. "The government has decided to release tur from the national buffer in a calibrated and targeted manner till imported stocks arrive in the Indian market," an official statement said. The Department of Consumer Affairs has directed National Agricultural Cooperative Marketing Federation (NAFED) and National Cooperative Consumers Federation (NCCF) to dispose of tur dal through online auction among eligible millers to augment the available stocks for milling into tur dal for the consumers, it added. The quantities being auctioned and the frequency will be calibrated on the basis of the assessed impact of the disposal on the availability of tur to consumers at affordable prices. On June 2, the government imposed stock limits on tur and urad by invoking the Essential Commodities Act, 1955 in order to prevent hoarding and unscrupulous ..

MCX shares fall as exchange cancels mock trading session for new platform

Shares of Multi Commodity Exchange (MCX) fell over 3 per cent on Friday, a day after the exchange cancelled the mock trading session for the new trading platform. The exchange is in the process of implementing a new commodity derivative platform. In a circular on Thursday, MCX said, "the exchange had proposed a mock trading session on 22 June 2023, from 05.00 pm to 11.30 pm which stands cancelled." The stock went lower by 3.12 per cent to settle at Rs 1,570.45 on the BSE. During the day, it fell 6.37 per cent to Rs 1,517.80. At NSE, it declined 3.28 per cent to end at Rs 1,568.80. Earlier this week, the exchange had proposed a mock trading session on June 19 also but cancelled the same. The exchange had earlier also announced to conduct mock trading sessions to familiarise members with the new trading platform. "MCX stock price fell on June 23 as media carried reports in the morning about cancellation of mock trading on the previous day. Mock trading has been cancelled on a coup

There two NSE indices look bullish on charts amid market volatility

Considering the bullish trend in the Nifty Energy Index, the recommended trading strategy would be to buy on dips

India considers lithium mining royalty at 3% of London Metal Exchange price

At least dozen cos such as Adani Enterprises, Vedanta Ltd, Reliance Industries, Jindal Steel and Power Ltd, Himadri Chemicals and Korea's LX International are likely to take part in auction

Rice rates at three-month high on low supplies, paddy price hike

India's 5% broken parboiled variety was quoted at $388-$395 per tonne, up from last week's $375-$380

Unprecedented heat and drought threaten global wheat supply: Research

The likelihood of extreme temperatures that could affect crop yields has increased significantly in wheat-producing regions of the US and China, finds a study