Page 10 - Commodities

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

Gold prices eased by Rs 150 to Rs 60,250 per 10 grams in New Delhi

Gold prices eased Rs 150 to Rs 60,250 per 10 grams in the national capital on Thursday amid a fall in yellow metal price overseas, according to HDFC Securities. The precious metal had ended at Rs 60,400 per 10 grams in the previous trade. Silver, however, jumped Rs 150 to Rs 72,900 per kg. "Spot gold prices in the Delhi markets traded at Rs 60,250/10 grams, down Rs 150 per 10 grams," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said. In the international markets, gold was quoting lower at USD 1,955 per ounce, while silver was marginally up at USD 23.27 per ounce. Comex gold prices edged lower in Asian trading hours on Thursday as the dollar and bond yields rebounded from lows in Wednesday's session, Sriram Iyer, Senior Research Analyst at Reliance Securities, said.

Govt's rice procurement reaches 52.06 MT so far; pays Rs 1.6 trn MSP

The government's rice procurement has reached 52.06 million tonnes so far in the ongoing 2022-23 marketing season, benefitting 1.12 crore farmers with MSP of Rs 1.6 lakh crore, the food ministry said on Friday. The Food Corporation of India (FCI) along with state agencies undertakes procurement of paddy under price support scheme. The Centre has set a target to buy 62.60 million tonnes of rice in the 2022-23 marketing season (October-September). The FCI had procured 57.58 million tonnes of rice during the 2021-22 marketing season. According to the food ministry, a total of 52.06 million tonnes of rice was procured up to May 22 of the current kharif marketing season. As many as 1.12 crore farmers have benefited from the procurement operation. About Rs 1,59,659.59 crore has been paid as minimum support price (MSP) to them, it said in a statement. The government has fixed MSP of 'common' grade paddy at Rs 2,040 per quintal, while 'A' grade paddy at Rs 2,060 per quintal for the curren

Nifty Energy, Commodities indices may languish in near-term, show charts

According to the technical analyst, traders must adopt 'sell-on-rise' strategy for both Nifty Energy, and Commodities indices

Wheat output set to touch record at 112.74 MT in 2022-23: Govt data

India's wheat production is set to touch a new record at 112.74 million tonnes in the ongoing 2022-23 crop year (July-June), higher by five million tonnes from the previous year on increased acreage and yield despite unseasonal rains, as per the agriculture ministry's latest data released on Thursday. Besides wheat, a record output has been estimated in rice, maize, oilseeds, and sugarcane. Even the country's overall foodgrains output is estimated to be a record 330.53 million tonnes in the 2022-23 crop year, as against the actual output of 315.61 million tonnes in the previous crop year, as per the third estimate. Foodgrain basket comprises wheat, rice, nutri-coarse cereals and pulses. "The production of wheat in the country is estimated at 112.74 million tonne, which is higher by 5 million tonne as compared to previous year's production," the agriculture ministry said. Wheat production had declined to 107.74 million tonnes due to heat wave in key growing states in 2021-22 crop y

Wheat procurement to fall below estimate by 20% as govt purchases slowed

Lower than expected purchases by the world's second biggest wheat producer could limit New Delhi's ability to intervene in the market to calm prices, which hit a record high earlier this year

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Goa ration card holders get rice swarming with maggots, mites, fungus

Goa's Department of Civil Supplies has now once again drawn attention over alleged mismanagement by supplying rice infested with maggots, mites and fungus to ration card holders in the coastal state

Charts show Nifty Commodities in overbought zone; sell-on-rise strategy apt

The recent bullish run has propelled Nifty Commodities into an overbought zone, implying optimal trading strategy to capitalise on any upward price movements by selling, said technical analyst

Chile to nationalise vast lithium industry, unveils model to share resource

Shock move in country with world's largest lithium reserves would in time transfer control of Chile's vast lithium operations from industry giants SQM and Albemarle to a separate state-owned company

Gold ETFs acquire patina of 4-year low investment in FY23, shows data

Returns, however, beat other asset classes

Wheat output in FY24 may decline by 1-2 mn tonnes due to untimely rains

FCI has procured 700,000 tonnes wheat so far, up from 200,000 tonnes last year

Hindalco: Adjusting to the new environment; metal volumes may stagnate

Capex cut, focus on profitability, healthy balance sheet should help overcome medium-term hurdles

Nifty Commodities show bearish trend, suggest 'sell-on-rise': Ravi Nathani

The technical analyst recommends traders to employ a "sell on the rise" strategy when trading Nifty Commodities, given that its short-term pattern appears to be trading within a range of 5,600-5,400

Gold spot of bother: Little sparkle for financiers despite tailwinds

Increased competition, lower spreads, moderate growth are among hurdles to overcome

Coal India has strong case to increase prices, talks on: CMD Agrawal

Miner needs to be 'adequately compensated'; stakeholders being consulted before a decision