India drags feet on GM mustard permit amid powerful opposition

India has frozen requests to commercially release a locally developed genetically modified mustard, an environment ministry document released on Tuesday showed, amid stiff opposition to lab-altered food from domestic activists and politicians.

The mustard variety would have been the first transgenic food crop to be allowed for commercial cultivation. But the environment ministry's Genetic Engineering Appraisal Committee (GEAC) has deferred approval despite a panel the ministry supervises giving the genetically modified (GM) mustard technical clearance last year.

"Subsequent to receipt of various representations from different stakeholders, matters related to environmental release of transgenic mustard are kept pending for further review," the GEAC said in minutes of a meeting released on the environment ministry's website marked "confidential and restricted circulation".

Cotton is the only GM crop currently allowed to be sold in the world's second most populous country where arable land is shrinking. U.S. company Monsanto Co dominates the cotton seed market in India, and often faces resistance from local companies over its position.

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India's wheat planting likely to surpass last year's planting

India's wheat planting is expected to surpass last year's 31 million hectares on the back of better water availability and soil moisture.

According to officials, wheat planting has begun in irrigated parts of Madhya Pradesh and Gujarat and will pick up in other regions, including Punjab and Haryana, in the coming days.

India, the world's second-largest producer of wheat, recorded a bumper crop of 98.38 million tonnes last year. For 2017-18, the government has set a target of 97.50 million tonnes.

Last season, wheat planting topped the previous year's 31.55 million hectares by 8%. Higher acreage supported by good prices would increase farmers' income and lower the country's dependence on imports.

According to trade figures, the country has already imported 1 million tonnes of the commodity this year. As on October 1, the government's wheat stock stood at about 25.3 million tonnes.

एग्री कमोडिटी की बात करें तो एनसीडीईएक्स पर सरसों का नवंबर वायदा 0.75 फीसदी की उछाल के साथ 3930 रुपये पर कारोबार कर रहा है। धनिया का नवंबर वायदा 0.8 फीसदी की मजबूती के साथ 5050 रुपये पर कारोबार कर रहा है।

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Latest trends & updates from the commodities market

एमसीएक्स पर आज से गोल्ड ऑप्शंस शुरु होने जा रहा है। दिल्ली में वित्त मंत्री अरुण जेटली ने इसे लॉन्च किया। सेबी की इजाजत के बाद से गोल्ड ऑप्शंस को लेकर तैयारियां चल रही हैं। लंबे समय तक मॉक ट्रेडिंग भी हुई। अंतत: आज धनतेरस के मौके पर एक्सचेंज गोल्ड ऑप्शंस शुरू करने जा रहा है। इसमें एमसीएक्स के गोल्ड वायदा में ही ऑप्शंस ट्रेडिंग होगी।

इस बीच ग्लोबल मार्केट में सोने में बेहद छोटे दायरे में कारोबार हो रहा है। कल 1300 डॉलर का स्तर छूने के बाद इसमें दबाव दिखा है और फिलहाल ये 1295 डॉलर के नीचे कारोबार कर रहा है। चांदी में हालांकि तेजी जारी है और इसका दाम 17 डॉलर के ऊपर है। एमसीएक्स पर सोना 0.3 फीसदी की कमजोरी के साथ 29760 रुपये के आससास नजर आ रहा है। वहीं, चांदी 0.5 फीसदी की कमजोरी के साथ 40150 रुपये के आसपास करोबार कर रहा है।

एग्री कमोडिटीज में एनसीडीईएक्स पर चने का नवंबर वायदा 0.02 फीसदी की मामूली गिरावट के साथ 5236 रुपये के आसपास कारोबार कर रहा है। वहीं, धनिया का नवंबर वायदा 1.1 फीसदी की बढ़त के साथ 4940 रुपये के आसपास दिख रहा है।

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Palm oil demand strong as top buyers China, India restock inventories

Palm oil demand is expected to remain robust for the rest of the month as key consumer countries India and China rebuild low stock levels, bucking a seasonal trend in which shipments of the tropical oil typically taper off at year-end.

A narrow discount to a rival edible oil, however, could limit demand growth moving forward, say traders and analysts, since buyers usually switch to more favoured soyoil when its price premium over palm narrows.

The price differential or the spread between palm oil on the Bursa Malaysia Derivatives Exchange and Chicago Board of Trade soyoil has been hovering between $80 and $90 a tonne, soyoil's narrowest premium over palm since February.

"For October we're looking at a 10 to 13 percent gain in exports, mainly from China and India, though India demand may slow compared to the previous month," said David Ng, a derivatives specialist at Phillip Futures in Kuala Lumpur.

India and China are the world's top two buyers of palm oil, and command a substantial share of global demand. Palm oil import demand from China and India, which celebrate the Mid-Autumn and Diwali festivals respectively this month, had already gained in September as buyers stocked up ahead of the events.

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Base metal and Agri commodity fall down

उधर बेस मेटल में आज दबाव दिख रहा है। कॉपर 1 महीने के ऊपरी स्तर से दबाव में आ गया है। बाकी मेटल में भी कमजोरी है। हालांकि चीन में एल्युमिनियम और जिंक को छोड़कर सभी मेटल तेज हैं। एमसीएक्स पर कॉपर 0.1 फीसदी टूटकर 445 रुपये के नीचे आ गया है जबकि निकेल 0.5 फीसदी टूटकर 715 रुपये के आसपास कारोबार कर रहा है।

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एग्री की बात करें तो दिवाली से पहले चना 2 महीने के निचले स्तर पर आ गया है। इसमे 2 फीसदी की भारी गिरावट आई है। आमतौर पर इस समय तेजी का रुख होता है। दरअसल दूसरी दालें जमीन पर हैं। अरहर, मूंग और उड़द की कीमतें एमएसपी से 27 से 35 फीसदी तक नीचे आ गई हैं। गौर करने वाली बात ये है कि खरीफ दालों का एक्सपोर्ट खुलने और इंपोर्ट पर पाबंदी के बावजूद दाल की कीमतों को कोई सपोर्ट नहीं है। इंदौर में अरहर 4000 रुपये के नीचे बिक रही है। जबकि मूंग का दाम 4000 और उड़द 3700 रुपये क्विंटल है।

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BUY CRUDEOIL ABOVE  3260 TGT 3280-3310-3360 SL BELOW  3225 CMP 3259

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India`s coffee output seen rising 12.3 percent on higher acreage: Board

India's coffee output is likely to rise 12.3 percent from a year ago to 350,400 tonnes in 2017/18 due to an expansion in the area under cultivation, the state-run Coffee Board said on Tuesday.

The South Asian country, which is famous as a tea producer, is also the world's No.6 coffee grower, mainly churning out the robusta beans used to make instant coffee, but also producing some of the more expensive arabica variety.

The country's robusta production is likely to rise 14 percent to 247,300 tonnes in the marketing year that started on Oct. 1, while arabica output could rise 8.5 percent to 103,100 tonnes, the board said.

India, which some say started coffee cultivation in 1670 with seven smuggled beans, exports three-quarters of its production.

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Gold, silver trade lower

MCX Gold futures traded down by 0.15% at Rs 29,826 per 10 gram around 1015 hours, whereas MCX Silver futures traded almost flat at Rs 39,852, lower by 0.01% from its last close price. 

As per analysts, bullion counter will continue to remain sideways as the movement of US dollar, geopolitical tensions and US durable goods  order  data will influence the price movement of the precious metal.  The movement of rupee will also reflect on the prices of the precious metal. In the morning trade on Wednesday, rupee traded at 65.56, down by 11 paise.    

Following the global cues, domestic equity markets also traded down in the intraday trade on Wednesday. S&P BSE Sensex was lower by 140.91 points, or 0.45%, at 31458.85, while NSE Nifty index was down by 36.60 points, or 0.37%, at 9,834.90 at around 1126 hours.   

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Oil demand may exceed supply by up to 4 million bpd by 2019: Trafigura

SINGAPORE  - Global oil demand may be between 2 million to 4 million barrels per day (bpd) more than worldwide crude supply by the end of 2019 as exploration spending has declined as prices fell, an executive with commodities trading house Trafigura said on Tuesday.

The mismatch in supply and demand is the result of a decline in spending to find new oil and gas reserves and as existing wells, especially new wells from shale formations, are naturally used up, said Ben Luckock, Trafigura’s co-head of group market risk, at an industry conference in Singapore.

Benchmark Brent crude oil prices collapsed to as low as $27.10 a barrel in January 2016 from as much as $115.71 in June 2014. Prices have rebounded since then to over $59. The steep decline in revenue as prices dropped caused companies to cut their exploration budgets.

Luckock pointed to a drop in exploration spending in 2016 to about $300 billion from $700 billion two years earlier as a reason supply will eventually fall below demand.

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Gold, silver gain on heightened geopolitical tension

Gold traded higher in the early hours of trade on Friday as a result of the increasing geopolitical tensions in the Korean Peninsula, coaxing the investors to invest in the safe-haven asset.

MCX Gold was trading 0.56% higher at Rs 29,729 at around 1030 hours, whereas, MCX Silver was trading 0.54% higher at Rs 40,050 at the same time in Friday’s trade. The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust witnessed a surge in its holdings by 0.73% to 852.24 tonnes in Thursday’s trade.

Meanwhile, domestic equity markets witnessed a negative sentiment in the early trade hours as rupee plunge below 65-mark, hitting its lowest level in the past five and a half months. The BSE Sensex was trading 260 points, or 0.80% lower at 32,110 level at 1040 hours, while NSE Nifty index was down by 99 points, or 0.97%, at 10,023 level at around the same time.

The precious metal is expected to trade sideways on the back of increasing global political tension, however, the movements in the dollar index and the ECB chief, Draghi speech is likely to reflect on the price movement of the bullion.

 

                 
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Cardamom futures dip amid easing spot demand

Cardamom futures were trading lower during the morning trade in the domestic market on Thursday as speculators booked profits at prevailing levels amid easing demand in the spot market.

Analysts said besides profit booking by participants at existing level, fall in demand against adequate stocks position, mainly led to decline in cardamom prices at futures trade.

At the MCX, cardamom futures for October 2017 contract was trading at Rs 1138 per kg, down by 0.07 per cent, after opening at Rs 1138, against a previous close of Rs 1138.80. It touched the intra-day low of Rs 1137.

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Lead futures dip on subdued demand

Lead futures were trading lower during the afternoon trade in the domestic market on Tuesday as participants reduced their exposure amid subdued demand from consuming industries in the spot market. Marketmen said the weakness in lead futures was due to a sluggish demand from battery-makers at the domestic markets.

At the MCX, lead futures for September 2017 contract is trading at Rs 152.30 per kg, down by 0.13 per cent, after opening at Rs 151.90, against a previous close of Rs 152.50. It touched the intra-day low of Rs 151.65.

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Cardamom futures up on rising demand

Cardamom futures were trading higher during the morning trade in the domestic market on Monday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market.

Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices.

At the MCX, cardamom futures for October 2017 contract was trading at Rs 1191.40 per kg, up by 0.54 per cent, after opening at Rs 1195, against a previous close of Rs 1185. It touched the intra-day high of Rs 1195.

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Lead futures down on easing demand

Lead futures were trading lower during the afternoon trade in the domestic market on Friday as participants reduced their exposure amid subdued demand from consuming industries in the spot market. Marketmen said the weakness in lead futures was due to a sluggish demand from battery-makers at the domestic markets.

At the MCX, lead futures for September 2017 contract is trading at Rs 146.80 per kg, down by 1.54 per cent, after opening at Rs 148.95, against a previous close of Rs 149.10. It touched the intra-day low of Rs 146.60.

 

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Essar Oil announces $250 mn capex for UK refinery

Ruia brothers led Essar Oil UK on Wednesday announced its plans to invest $250 million in capital expenditure and maintenance at Stanlow refinery to boost production and revenues.

"Major investment in 2018 will increase annual throughput from 68 million to 75 million barrels," the company said in a release here. 

Essar Oil UK Non-Executive Chairman Prashant Ruia in a statement said the major investment "we have confirmed in Stanlow will materially increase throughput and further grow revenues, building on the tremendous progress we have made in turning around the business over the past six years".

"Essar has committed this year to a significant multi-million dollar capex investment in the Tiger Cub project at Stanlow to deliver improved yields across the product slate and drive revenue growth," Chief Executive Officer S. Thangapandian said.

Essar Oil UK owns and operates the Stanlow refinery complex, which produces over 16 per cent of transport fuels in the UK, the company said.

 

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