Maize rates likely to continue remain volatile in short term
Coimbatore: Maize prices are hoped to remain high in medium and long term, though they likely to be volatile in the short term, thanks to all round higher consumption demand, according to two delegates from the US associated with the US Grains Council who recently travelled to India meeting the members connected with the starch, poultry and feed sectors.A higher demand of meat, milk and eggs by high-income middle class in the country is a factor in this hiked demand of corn in India, a US Grains Council's report quoted the two as saying in their recent interaction with the industry delegates consuming maize.
The US members visited Ahmedabad, Mumbai and Coimbatore to meet the members of the poultry, feed and starch industries. In the case of India, despite increased domestic maize output, its increasing demand due to increased needs from poultry, starch and dairy sectors, will turn it a net importer by 2015. The US crop will be enough to supply to the world needs though there would be increased usage of maize for bio-fuel production following the mandate by that country to produce 15 billion gallons (56.7 billion litres) by 2020.
Coarse grain records sharp price increase this year
Coimbatore: Coarse grains have reported sharp price increase this year with the hike ranging between 15 to 28 per cent. Sorghum (jowar) reached a peak of Rs 10,500 per tonne this week as compared to its peak rate of Rs 7,700 the same time last year, a increase of about 26 per cent. The average monthly price of jowar has increased this year to Rs 9,750 per tonne as against last year's price of Rs 8,450. The barley prices, which increased to Rs 9,968 per tonne, are also higher this year by 28 per cent compared to last year, with the monthly average price ruling at Rs 10,080, up by 26 per cent over last year's average monthly price of Rs 7,950 per tonne. In the case of pearl millet (bajra), the grain ended this week at Rs 7,300 per tonne , some 14 per cent higher than last year's level and its average monthly price for March 2008 stood at Rs 7,000 per tonne as against Rs 6,750 a tonne last year.
Cardamom prices increase on purchasing support
Kochi: Cardamom prices, at the sales held in Kerala and Tamil Nadu last week, increased on thin arrivals and good purchasing support. After the March 16 crash, in which the average price declined to Rs 430 a kg, prices increased by around Rs 80 a kg as on March 30. The average price at the individual auctions during the week slowly increased to Rs 512 a kg on March 30 from Rs 480 last March 24. The total arrivals at the KCPMC (Kumily) auction on March 30 stood at 24 tonnes, of which 23 tonnes were sold. Maximum price was Rs 633.50 a kg and minimum Rs 330.50 a kg. Total arrivals during the current season up to March 30 stood at 4,239 tonnes as against 6,857 tonnes on the same day last year, while sales were at 3,948 tonnes compared to 6,310 tonnes as on March 30, 2007.
Pepper futures mkt sees mixed trend
Kochi: Pepper futures market on March 31 saw high volatility on confusing and conflicting reports from Vietnam on its pepper prices. Indian parity on March 31 at $3,900-3,950 a tonne (c&f) as the Rupee has strengthened against dollar. Vietnam reportedly quoted 500 GL at $3,450 and 550 GL at $3,620 a tonne (f.o.b.) while V Asta at $3,955 a tonne (f.o.b.). Brazil remained firm at B2 at $3,650 , B1 at $3,750 and B Asta at $3,850 a tonne (f.o.b.). April contract on NCDEX increased by Rs 17 a quintal to close at Rs 14,603 from Rs 14,586 on March 29. On NMCE April contract increased by Rs 13 a quintal to close at Rs 14,530 from Rs 14,517. May and July dropped up by Rs 46 and Rs 72 a quintal respectively while June and August increased by Rs 13 and Rs 61 a quintal respectively. Total turnover on NCDEX went up by 1,588 tonnes to 7,099 tonnes while that on NMCE increased by 566 tonnes to 1,278 tonnes.
Chilli futures benefit on crop damage
Mumbai: Most of the agriculture commodities traded on the negative zone on March 31 as traders felt that the cabinet committee meeting on the price increase likely to recommend the Government to delist some of the essential commodities traded on the futures platform. Barley touched the lower circuit of 2.64 per cent at Rs 1,120 per quintal ahead of rabi crop arrivals. Chana declined 1.66 per cent to Rs 2,785 per quintal following reports that the Government may resort to imports to rein in prices. Sugar prices dropped 1.55 per cent to Rs 1,461 per quintal on removal of export subsidy. RM Seed futures decreased 1.31 per cent to Rs 552 per quintal tracking weak sentiment in soy oil market. Chilli gained 2.06 per cent to Rs 4,401 per quintal on news of heavy crop damage in Andhra Pradesh.
Rubber sees steady trend
Kottayam: Spot rubber ended almost firm on March 31, the last trading day of the current financial year. Major players continued to sideline the market and hence the volumes were in an extremely low key. RSS 4, the only gainer of the day increased by 50 paise to Rs 103.50 a kg at Kottayam on scattered transactions while the grade closed flat at the same level in Kochi. The rubber futures turned better on NMCE. The April futures improved to Rs 104.40 (103.26), May to Rs 106.28 (105.24), June to Rs 107.60 (106.52) and July to Rs 107.41 (106.66) per kg for RSS 4. The volumes totalled 784 (318) lots. The open interest stood at 4,229 (4,134) tonnes with 1,889 (1,897) tonnes in April, 1,471 (1,395) tonnes in May, 646 (628) tonnes in June and 223 (219) tonnes in July. Spot prices were (Rs/kg): RSS-4: 103.50 (103); RSS-5: 100.50 (100.50); ungraded: 98.50 (98.50); ISNR 20: 99.50 (99.50) and latex 60 per cent: 70 (70).
Rubber price increases
Kottayam: Physical rubber prices increased on April 1. Supply worries still haunt the market and nobody seemed interested to sell the produce possibly on higher expectations. Sheet rubber increased 50 paise to Rs 104 a kg at Kottayam on scattered transactions while the grade was quoted steady at Rs 103.50 a kg at Kochi. The April futures weakened to Rs 103.95 (104.38), May to Rs 106 (106.33), June to Rs 107.25 (107.45) and July to Rs 107.45 (107.68) per kg for RSS 4. The open interest stood at 4,268 (4,229) tonnes with 1,883 (1,889) tonnes in April, 1,494 (1,471) tonnes in May, 665 (646) tonnes in June and 226 (223) tonnes in July. The volumes totalled 682 (784) tonnes. Spot prices were (Rs/kg): RSS-4: 104 (103.50); RSS-5: 101.50 (100.50); ungraded: 99.50 (98.50); ISNR 20: 100.50 (99.50) and latex 60 per cent: 70 (70).
Kochi rubber trade appeal on excess tax, refund
Kochi: The Cochin Rubber Merchants Association has recommended that the State Government should withdraw the new budgetary provision refusing the refund of excess tax paid on stock transfer and take measures to refund the excess tax paid on interstate sales within a time frame of three months. The Association, in a statement issued here pointed out that in the recent budget proposals for 2008-2009, the State Government withdrew the provision for refund of the difference between VAT and CST on stock transfer which will amount to Rs 90 crore during this year. Tyre companies purchased around four lakh tonnes from the State and transferred the same to their own factories in other States. Most of the non-tyre sector consumers purchased either through their agents in the State or purchased directly from dealers. The Association also pointed out that the new provision to impose one per cent cess is a retrograde measure, which goes against the ethics of VAT regime, and, therefore, this provision may please be withdrawn. The new proviso regarding sister concern is vague and unwarranted as sister concern transact business like any other genuine dealer.
Edible oil import duty slashes, a temporary measure
New Delhi: The slew of anti-inflationary measures mostly on the fiscal front by cutting duty on crude edible oil to zero and in refined form to 7.5 per cent were a purely temporary one to prop up domestic availability of these essential oils. Since the country's oilseeds production and productivity had been sluggish for several years and as the world prices of edible oil, like other commodity prices, were on the ascendant, the Government has decided to waive duty on import of crude edible oil and retain a moderate duty at 7.5 per cent on all refined edible oil imported into the country.
Pepper futures mkt falls
Kochi: The Pepper futures market after seeing high volatility fell marginally on April 1 on slow activities. Orders from the Central government is expected on the announced decrease of CST from April 1, and that in turn will motivate genuine dealers to do some business. Vietnam was offering FAQ 500 GL at $3,400 a tonne (f.o.b.) and 550 GL at $3,575 a tonne (f.o.b.). B Asta was being offered at $3,750-3,800 a tonne (f.o.b.), while B1 at $3,675-3,750 and B2 at $3,600 a tonne (f.o.b.). Indonesian L Asta remained unaltered at $4,000-4,050 a tonne (f.o.b.). India was offering MG 1 at $3,950-4,050 a tonne (c&f) New York. April contract on NCDEX fell by Rs 47 a quintal on April 1 to close at Rs 14,552. The fall in other contracts except September, was from Rs 42 to Rs 109 a quintal. September increased by Rs 56 a quintal. On NMCE April contract fell by Rs 43 a quintal to close at Rs 14,469 from Rs 14,512. All the other contracts except July fell by Rs 22 to Rs 100 a quintal while July increased by Rs 19 a quintal. Total turn over on NCDEX declined by 1,379 tonnes to 5,720 tonnes while on NMCE it dropped by 716 tonnes to 562 tonnes.
Rubber witnesses steady trend
Kottayam: Spot rubber prices were almost firm on April 2. Sheet rubber RSS 4 closed flat at Rs 104 a kg at Kottayam while the grade closed better by 50 paise at the same level in Kochi. The rubber futures turned better on NMCE. The April futures increased to Rs 104.50 (103.79), May to Rs 106.60 (105.88), June to Rs 107.70 (107.23) and July futures to Rs 107.62 (107.24) per kg for RSS 4.The open interest was 4,519 (4,268) tonnes with 1,900 (1,883) tonnes in April, 1,688 (1,494) tonnes in May, 691 (665) tonnes in June and 240 (226) tonnes in July. Spot prices were (Rs/kg): RSS-4: 104 (104); RSS-5: 101.50 (101.50); ungraded: 100 (99.50); ISNR 20: 100.50 (100.50) and latex 60 per cent: 70 (70).
Chana futures regain on short covering
Mumbai: After crashing to their lower circuit of four per cent on April 1, the soya complex futures on NCDEX stablised on April 2. Soyabean futures shed 1.44 per cent to Rs 4,299 per quintal on weak sentiment. RM seed was fall 0.75 per cent at Rs 526 per 20 kg. Chilli fell 1.52 per cent to Rs 4,290 per quintal on improved arrivals in the Guntur spot markets. Turmeric gave in by 0.98 per cent to Rs 3,138 per quintal. Speculative purchasing pushed up pepper futures by 1.76 per cent to Rs 14,790 per quintal. Chana recovered 1.57 per cent to Rs 2,718 per quintal on short covering coupled with fresh buying at lower levels.
Approval for NMCE July, Sept coffee contracts
Ahmedabad: The National Multi-Commodity Exchange (NMCE) on April 2, introduced futures contracts in coffee arabica and coffee robusta, besides other commodities, after getting clearance of the Forward Markets Commission (FMC). NMCE also unveiled two new contracts for futures trading in chana, which will expire on July 19 and August 20, 2008 respectively. Futures contract for the other commodities, launched from April 3, are sacking, soya oil, turmeric and kg gold. The maturity dates and delivery centres for these commodities will be as follows: sacking on July 15 at CWC warehouse in Kolkata, soya oil on July 19 at Indore, turmeric on July 19 at CWC warehouse at Erode in Tamil Nadu and Nizamabad.
Pepper futures mkt sees volatility
Kochi: Pepper futures market on April 2, raised on speculative activities. The market was highly volatile because of the sell calls in the early hours of trading and later followed by purchase calls from the bull speculators. India being competitive at $3,925 a tonne (c&f), there are chances that some demand might come to India for MG 1. The pepper prices in all other origins ruled firm. April contract on NCDEX on April 2 by Rs 256 a quintal to Rs 14,790. The increase in other contracts was from Rs 20 to Rs 326 a quintal. Total turnover on NCDEX increased by 583 tonnes to 6,303 tonnes, while that on NMCE moved up by 780 tonnes to 1,342 tonnes. Total open interest on NCDEX went up by 62 tonnes to 18,454 tonnes.
Coffee exports fall by 12% in FY08
Bangalore: Coffee exports (permit issued) in 2007-08 fell by 12.09 per cent to 224,966 tonnes compared with 255,908 tonnes previous year. The export realisation in rupee terms is up 5.09 per cent at Rs 2,102.31 crore in 2007-08 as against Rs 2,000.47 crore in 2006-07. In dollar terms, it is at $505.10 million, 13.42 per cent more than $445.33 million in 2006-07. In terms of unit value realisation, Indian coffee witnessed Rs 93,450 a tonne against Rs 78,171 last year. In the first-three months (January-March) of 2008, exports stood at 72,673 tonnes. Of this, Arabica Parchment accounted for 15,357 tonnes (last year 9,825 tonnes), Arabica Cherry 4,063 tonnes (4,683 tonnes), Robusta Parchment 4,972 tonnes (5,244 tonnes), Robusta Cherry 27,473 tonnes (29,110 tonnes) and instant coffee made up for 9,342 tonnes (12,965 tonnes). Italy continues to be the top importer of Indian coffee with a purchase of 16,898.4 tonnes, followed by Russia (7,493.8 tonnes), Germany (5,921.8 tonnes), Belgium (4,910.1 tonnes), Finland (3,041.8 tonnes), Spain (2,688.3 tonnes), Switzerland (1,867 tonnes), Jordan (1,813.8 tonnes), Kuwait (1,790.8 tonnes) and Croatia (1,785.6 tonnes). Among the exporters, General Commodities shipped 9,665.1 tonnes, CCL Products-India 7,603.5 tonnes, Tata Coffee 6,099.9 tonnes, Amalgamated Bean Coffee 5,587.5 tonnes and Allana Sons 4,968.4 tonnes.
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