Cotton industry body urges CCI to procure 100 lakh bales in 2017-18

With a bumper Cotton crop expected during the 2017-18 season (October-September), the Indian Cotton Federation (ICF) has urged the union government to direct the state-run CCI (Cotton Corporation of India) to procure 100 lakh bales (a bale is 170 kgs).

While a record crop of 400 lakh bales is estimated for the 2017-18 season making India the biggest producer of Cotton for the third consecutive season, mill consumption will be around 300-310 lakh bales, ICF noted.
 

Cotton sowing has reached a record high of 122.6 lakh hectares in the country during the just concluded kharif season on the back of good rainfall in key growing regions.

According to lnternational Cotton Advisory Committee's (ICAC's) latest report, a similar situation is expected in other Cotton growing countries, resulting in 75% surplus cotton globally for 2017-18.  

SELL CRUDE OIL BELOW 3535 TGT 3505 SL ABOVE 3571 

SELL NICKEL BELOW 820 TGT 812 SL ABOVE 832

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Rice prices in India dip on rising supply; Thailand eyes Sri Lankan demand

Rice prices in India slipped this week on expectations of a rise in supplies from the new season crop, while rates for the staple grain edged higher in Thailand as traders were optimistic about the possibility of demand from Sri Lanka.

Thailand's benchmark 5-percent broken rice was quoted at $375-$388 a tonne, free-on-board (FOB) Bangkok, up from $375-$385 last week.

"There looks to be demand from Sri Lanka, which we're optimistic will translate into more demand for Thai rice," said a Bangkok-based rice trader.

The government of Sri Lanka has issued a tender to buy 200,000 tonnes of rice as recent floods in the country have destroyed crops.

In Thailand, however, heavy rain have not hurt crops and all of the rice has already been harvested. But, the rains have caused difficulties for shipments to be collected and delivered, which has had a negative impact on exports, traders said.

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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.

BUY GOLD ABOVE 29520 TGT 29580-29660-29780 SL BELOW 29440 CMP 29513

BUY LEAD ABOVE 161.80 TGT 162.30-163-164 SL BELOW 161 CMP 161.80

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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।

BUY SILVER  ABOVE 39700 TGT 39900 SL BELOW 39450

SELL LEAD BELOW 161 TGT 160.30 SL ABOVE 162
 
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Mentha oil futures rise on surging demand

Mentha oil futures were trading higher during the morning trade in the domestic market on Friday amid pick-up in demand at domestic spot market and restricted supplies from producing regions. Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade.

At the MCX, mentha oil futures for September 2017 contract was trading at Rs 1198 per kg, up by 0.74 per cent, after opening at Rs 1195.30, against the previous closing price of Rs 1189.20. It touched the intra-day high of Rs 1201.50. 

MCX COMMODITY CALL TIPS

 

SELL COPPER BELOW 440.80 TGT 438 SL ABOVE 444

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Gold soars to nine-and-half months high

Gold price maintained gaining streak for the third consecutive trading day to reach its highest price since November 2016 as geopolitical tensions escalated due to a new North Korean missile launch.

Spot gold rose 0.6% to USD 1,316.90 per ounce as of 0314 GMT, after earlier touching its highest since November 9 at USD 1,322.33. Gold gained 1.4% in the previous session in its biggest one-day percentage rise since mid-May.

US gold futures for December delivery were up 0.6% to USD 1,322.80 per ounce.

South Korea and Japan said the missile North Korea launched early on Tuesday landed in Pacific waters east of Hokkaido after flying over the northern Japanese island, in a sharp escalation of tensions on the Korean peninsula.

Geopolitical tensions can boost demand for safe-haven assets such as gold which is considered a good store of value during volatility in other markets.

 

BUY GOLD ABOVE  29800 TGT  29860-30040-30160 SL BELOW 29720 CMP 29800

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Aluminium futures gain 0.38% on spot demand

Aluminium futures were trading higher during the noon trade in the domestic market on Monday as speculators built up fresh positions. Analysts said participants created fresh positions on the back of rise in demand from consuming industries in physical market.

At the MCX, aluminium futures for August 2017 contract is trading at Rs 131.80 per kg, up by 0.38 per cent, after opening at Rs 130.70, against a previous close of Rs 131.30. It touched the intra-day high of Rs 132.10.

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Zinc futures rise on increasing demand

Zinc futures were trading higher during the afternoon trade in the domestic market on Wednesday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets.

Market analysts attributed the rise in zinc futures to fresh bets created by participants on the back of rising demand at the domestic spot market.

At the MCX, zinc futures for August 2017 contract was trading at Rs 200 per kg, up by 0.20 per cent, after opening at Rs 201.70, against a previous close of Rs 199.60. It touched the intra-day high of Rs 200.50.

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