Page 12 - Commodities

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

Catch all the latest updates from across the globe here

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

Gold price hits lifetime high of Rs 59,241 amid strong global trends

Spot gold was down 0.6 per cent at $1,976.60 per ounce, as of 6.48 pm India time, while U.S. gold futures rose 0.5 per cent to $1,983.20

Global banking crisis: Low prices to brighten prospects of OMCs

While prices sustaining lower levels is crucial, Govt actions are also a key monitorable given the forthcoming elections in 2024

Brent crude oil slides to below one-year low, gold climbs over 1%

Brent crude fell $3.20, or 4.1 per cent, to $74.25 a barrel after touching $74.01 for its lowest since December 2021

Systemic failure

Instability in prices of perishables must be addressed

Gold prices up Rs 395 per 10 gm amid strong global trends, silver declines

Silver, on the other hand, declined by Rs 115 to Rs 62,095 per kilogram

Extra 1 mn tonnes sugar exports possible if output meets estimate: Govt

India, the world's second largest sugar producing nation after Brazil, has a cushion to export an additional 1 million tonnes of the sweetener if the domestic output reaches an estimated 33.6 million tonnes this year, a senior food ministry official said on Monday. The government will take a call next month on allowing more quantities of sugar exports, after assessing domestic production, he said. Sugar availability is comfortable in the country and as a result wholesale and retail prices of the sweetener are on a decline in the last one month. The food ministry has allowed 6 million tonnes of sugar exports for the current 2022-23 marketing year (October-September). India exported a record 11 million tonnes of sugar in the previous year. "More exports are possible and we have a cushion for exports of additional one million tonnes, suppose the overall production reaches the estimated 33.6 million tonnes this year," the official said. Sugar production has already reached 24.7 milli