Page 11 - Commodities

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

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

LIVE: DK Shivakumar hints at intent to become next Karnataka chief minister

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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