Indian imports of sugar at 34.56 lakh tons so far this year

NEW DELHI: India, the world's largest consumer of sugar, imported 34.56 lakh tonnes of the sweetener between October and April 19 of the 2009-10 marketing year, Parliament was informed on Friday.

"As per trade sources, 26.6 lakh tons of raw sugar and 7.96 lakh tons of white sugar was imported during the current sugar year up to April 19," Minister of State for Food and Consumer Affairs K V Thomas said in a reply to the Rajya Sabha.

The country imported 25.17 lakh tons of sugar in the previous marketing year, which runs from October to September, the trade data showed.

The Centre has allowed duty-free import of raw and refined sugar since April, 2009, to augment the domestic availability of sugar and check prices, which were rising then.

The minister clarified that the Centre did not import any sugar on its account in the current sugar year.

"It is the sugar mills or public sector undertakings or merchant importers/exporters who have undertaken import of sugar as per their commercial prudence," he said.

Meanwhile, sugar prices, which nearly touched Rs 50 a kg in January this year, have declined to Rs 35 a kg in the retail market of the national capital. Even the production outlook for the current season has improved from 16 million to 18 million tonnes.

Duty-free import of sugar is allowed till December this year.

Turmeric retreats from contract highs; Cumin up

MUMBAI - Turmeric futures retreated from an early contract high on Thursday as profit booking emerged after a six-day rally, rising 17 percent, analysts said. Decent local demand and restricted arrivals however, limited the downside. "Prices may correct more on profit-booking.

However, overall sentiment is firm and prices may rise again from dip," said an analyst from a Mumbai based brokerage. At 2:49 p.m., the most active May turmeric was down 0.20 percent at 14,001 rupees per 100 kg after hitting a contract high of 14,360 rupees per 100 kg. In Nizamabad, a major spot market in Andhra Pradesh, the price gained 84 rupees to 14,522 rupees per 100 kg. Turmeric arrivals usually start in mid-January in small quantities and gain momentum from March. The peak season runs till June. Turmeric exports in February 2010 stood at 2,500 tonnes, down 19 percent from a year ago, according to data from the Spices Board.

CUMIN: Cumin futures rose more than 1 percent on limited supply in spot market as farmers awaited higher prices, domestic demand and low stocks, analysts said. "Local enquiries are regular and may improve more as marriage season has come. Buying activities may gain momentum, which will support prices," said a spot trader from Unjha. At 2:53 p.m., the most active May cumin contract was up 1.11 percent to 12,535 rupees per 100 kg. At Unjha, the spot benchmark market in Gujarat, cumin gained 118 rupees to 12,320 rupees per 100 kg. The peak arrival season runs from March-April. Production in 2010 is seen rising to 2.9 million bags of 60 kg each from 2.7 million bags in 2009, the poll showed. Cumin exports in February 2010 dropped 17 percent to 2,500 tonnes on year, the Spices Board said.

PEPPER: Pepper futures were higher on bargain-buying, losing nearly 4 percent in the last 2 sessions and on limited supply as farmers hope for higher prices, analysts said. "It is technical buying. Lower levels are attracting traders. Overseas demand however, is still not picking up because Indian origin pepper is at premium in the international market," said an analyst from a local brokerage. At 2:53 p.m., the most active May pepper contract was up 0.11 percent to 15,785 rupees per 100 kg. Pepper exports in February 2010 fell 3.22 percent to 1,500 tonnes on year, the Spices Board said. Spot pepper fell 128 rupees to 15,722 rupees per 100 kg in Kochi, a major trading hub in Kerala.

Weak pre-monsoon showers may bring down coffee output

MUMBAI: Patchy pre-monsoon showers in some parts of the country’s main coffee-growing regions may hurt the crop this year, state-owned Coffee Board said, likely paring sales from Asia’s third biggest producer.

Rainfall over the southern states of Karnataka, Kerala and Tamil Nadu was not “consistent and uniform,” said GV Krishna Rau, chairman of the board. The agency will announce its post- blossom forecast by the middle of May, he said in an interview.

A decline in shipments from India, which exports almost 70% of its output, may help Vietnam and Indonesia increase sales just as demand in the US and Japan, the largest and third-biggest buyers, recover from the worst postwar recession.

“Showers in April have not been widespread this year as they usually are,” Anil Bhandari, a member of the board and a grower, said from Bangalore. “There has not been enough back up rain to aid fruit-bearing in some areas.”

India’s coffee production in the year ending September 30 will rise 10% to 289,600 tonnes this year, the board said on December 14. Exports may expand by 15 to 20%, slowing from a 29% gain so far this season, Ramesh Rajah, president of the Coffee Exporters’ Association of India, said.

Rains were 56% below average in northern Karnataka and 33.5% above normal in the southern areas of the state, according to data from the weather office. Showers over Kerala were 5% below normal, the agency said.

“Most of the aberrations related to the blossom showers are localised,” Rau said. “Some areas got good rains, while some areas saw a deficit and some didn’t get back-up showers.”

Rainfall in India’s June-September monsoon season this year may be 98% of the 50-year average, a level deemed normal, the weather office said last week, aiding crops including coffee, sugar cane, rice and oilseeds.

MMTC invites bids for sale of 14,000 MT of imported pulses

NEW DELHI: State-run MMTC Ltd has invited bids for sale of 14,000 MT of imported pulses in the domestic market.

According to a notice, the company has invited bids for sale of 4,000 MT of toor whole, 1,000 MT of desi chick peas, 4,000 MT of red lentils, 2,000 MT of moong pediseva, 2,000 MT of urad, and 1,000 MT of moong pokako.

The bidders must make the offer for a minimum lot of 250 MT and multiples of 250 MT, MMTC said.

While the consignment for toor whole and desi chick peas could be lifted from Mumbai, red lentils could be picked up from Kolkata.

The two varieties of moong as well as urad could be lifted from Chennai, it added.

The bids will close on April 29 and decision would be taken the same day, MMTC said.

According to the company, toor whole of Malawi or Mozambique origin, desi chick peas of Australian origin, red lentils of Canadian origin and moong pokako of Myanmar origin belong to crop year 2009.

Moong pediseva and urad SQ of Myanmar origin is of 2010 crop year.

Vegetable oils up on millers buying, global cues

NEW DELHI: Select vegetable oil prices continued to rise in the wholesale oils and oilseeds market, during the week, on increased buying by vanaspati millers amid a firming trend in the overseas markets.

Marketmen said, buying support from vanaspati millers and firming global trend mainly led to a rise in select wholesale edible oil prices in the national capital.

A better trend in Malaysian palm oil and higher advices from the producing regions also supported the uptrend, they said.

Meanwhile, palm oil for July delivery rose 1.6 per cent to USD 790 a metric ton on the Malaysia Derivatives Exchange, aided by China's ban on Argentine soybean oil. China, the world's largest consumer of soya oil, suspended imports from Argentina this month, on quality concerns.

In the national capital, palmolein (rbd) and crude palm oil (ex-kandla) oils gained Rs 10 each at Rs 4,150 and Rs 3,610 per quintal on higher overseas advices.

However, soyabean refined mill delivery (Indore) and soyabean degum (Delhi) remained steady at Rs 4,450 and Rs 4,350 per quintal during the week.

Coconut oil which remained flat during the major part of week, shot up Rs 20 to Rs 960-990 per tin of 15 litres.

India oilseeds seen up on overnight US mkt gains

MUMBAI: Indian oilseed futures are likely to extend the previous session's gains on Friday bolstered by overnight gains in the US market and on worries about the domestic rapeseed crop, analysts said. Soyoil futures, which closed near contract lows, are also likely to extend gains on firm Malaysian palm oil, they said. US soybean futures closed above $10 per bushel for the first time in three-months on Thursday amid bullish technical signals as the spot contract broke chart resistance at its 200 day moving average of $9.96-1/2.

The benchmark July crude palm oil futures on Bursa Malaysia Derivatives Exchange were up 1.37 percent at 2,524 ringgit per tonne at 9:26 a.m. The May soyoil contract on the National Commodity and Derivatives Exchange ended 0.38 percent up at 445 rupees per 10 kg on Thursday, after hitting a contract low of 442.5 rupees earlier in the day. The May soybean contract finished up 0.82 percent at 1,969.5 rupees per 100 kg, while the May rapeseed contract closed 0.38 percent higher at 502.25 rupees per 20 kg.

An industry body said in March the country's rapeseed output in 2010 is expected to rise marginally to 6.3 million tonnes on good weather conditions. Traders said output may be lower than estimates considering the arrivals in spot market. Sluggish meal exports may cap the gains in oilseed complex, analysts said. India's March oilmeal exports slumped 34 percent from a year earlier, falling for the fifth straight month, due to weak demand from Vietnam, Japan, South Korea, Indonesia, Thailand and China, a trade body said.

Cumin drops on weak overseas demand; pepper steady

MUMBAI: Cumin futures were lower in the midday trade on Thursday on hopes of higher output and sluggish overseas demand, analysts said. "Trend looks weak as overseas demand is not supportive. Prices may slip further.

May contract may take support at 11,600 rupees," said an analyst from a local brokerage. Production in 2010 is seen rising to 2.9 million bags of 60 kg each from 2.7 million bags in 2009, the poll showed.

At 2:53 p.m., the most active May cumin contract was down 0.52 percent to 11,720 rupees per 100 kg. At Unjha, the spot benchmark market in Gujarat, cumin dropped 25 rupees to 11,950 rupees per 100 kg. The peak arrival season runs from March-April. Cumin exports in February 2010 dropped 17 percent to 2,500 tonnes on year, the Spices Board said.

PEPPER

Pepper futures were steady on limited supply in the market as farmers awaited higher prices, and on better local demand, but weakness in overseas enquiries restricted the upside, analysts said. "Local demand is good but overseas demand is sluggish because Indian parity is very high," said an analyst from Kotak Commodities Services Ltd.

At 2:53 p.m., the most active May pepper contract was up 0.15 percent to 15,436 rupees per 100 kg. Spot pepper was almost steady at 15,158 rupees per 100 kg in Kochi, a major trading hub in Kerala. Pepper exports in February 2010 fell 3.22 percent to 1,500 tonnes on year, the Spices Board said.

TURMERIC

Turmeric futures were slightly lower in the afternoon trade as traders choose to cash out gains after prices rose more than 9 percent in the last 11 sessions till Wednesday, but limited supply in spot restricted the downside, analysts said.

"Demand in spot market has come down as traders fear more fall in the prices. But in long term prices may rise as supply in the market is limited," said an analyst from a local brokerage.

At 2:56 p.m., the most active May turmeric was down 0.13 percent at 11,981 rupees per 100 kg. In Nizamabad, a major spot market in Andhra Pradesh, the price dropped 200 rupees to 12,212 rupees per 100 kg. Turmeric arrivals usually start in mid-January in small quantities and gain momentum from March. The peak season runs till June. Turmeric exports in February 2010 stood at 2,500 tonnes, down 19 percent from a year ago, according to data from the Spices Board.

Oilseeds, soyoil drop tailing global markets

MUMBAI: Indian oilseed and soyoil futures dropped on Monday, depressed by a fall in the overseas markets and on subdued export demand for meal softening prices in domestic spot markets, analysts said.

"CBOT is down. Malaysian market is in red. All things are putting pressure on domestic oilseed complex," said Vinita Advani, an analyst with Ventura Commodities Pvt Ltd.

U.S corn futures fell nearly 2 per cent on Monday, while wheat and soy slipped about 1 per cent as fears about the fallout of fraud charges against Goldman Sachs hit investor appetite for riskier assets.

Malaysian crude palm oil futures tumbled to an 11-week low as fraud charges against Goldman Sachs prompted investors to book profits in most commodity and equity markets.

The May rapeseed contract on the National Commodity and Derivatives Exchange ended 0.37 per cent lower at 503.8 rupees per 20 kg.

In Jaipur spot market in top producing state of Rajasthan, the price dropped 6.25 rupees to 497.6 rupees per 20 kg.

The May soybean contract ended 1.77 per cent lower at 1,939 rupees per 100 kg, while the May soyoil finished 0.89 per cent down at 443.9 rupees per 10 kg, after hitting a contract low of 443.1 rupees earlier in the day.

In Indore spot market in top producer Madhya Pradesh, soybean price slipped 39 rupees to 1,938 rupees, and soyoil edged lower by 2.7 rupees to 441.5 rupees.

Concerns over domestic rapeseed output and lower-level buying limited the downside, they added.

An industry body said in March the country's rapeseed output in 2010 is expected to rise marginally to 6.3 million tonnes on good weather conditions.

Traders said output may be lower than estimates considering the arrivals in spot market.

The country's March oilmeal exports slumped 34 per cent from a year earlier, falling for the fifth straight month, due to weak demand from Vietnam, Japan, South Korea, Indonesia, Thailand and China, a trade body said.

India oilseeds seen higher on global cues

MUMBAI, April 16 (Reuters) - Indian oilseed futures are likely to open higher on Friday buoyed by overnight gains in the U.S. soybean market and concerns over domestic rapeseed output, analysts said.

U.S. soybean futures rose 1.6 percent on Thursday, closing at their highest level in more than three months as prices breached key resistance points amid heavy technical buying, traders said.

Soyoil futures are likely to edge higher on improvement in spot demand due to the ongoing wedding season, they said.

Malaysian palm oil futures were trading 0.20 percent higher at 2,515 ringgit a ton at 8:50 a.m.

An industry body in early March said the country's rapeseed output in 2010 is expected to rise marginally to 6.3 million tons on good weather conditions.

Traders said output may be lower than estimates, considering the arrivals in spot market.

The May rapeseed contract NRSK0 on the National Commodity and Derivatives Exchange ended up 0.95 percent to 507.6 rupees per 20 kg in the previous session.

The May soybean contract NSBK0 ended 1 percent higher at 1,995 rupees per 100 kg, while the May soyoil NSOK0 finished 0.13 percent up at 450.35 rupees per 10 kg.

India's vegetable oil imports fell for the third straight month in March, due to higher stocks following heavy purchases in the first quarter of the current year from November, a leading trade body said on Tuesday.

The country's March oilmeal exports slumped 34 percent from a year earlier, falling for the fifth straight month, due to weak demand from Vietnam, Japan, South Korea, Indonesia, Thailand and China, a trade body said.

Source : REUTERS

Commodity bourse turnover up 47.93 per cent

MUMBAI: Turnover at Indian commodity bourses rose 47.93 per cent to Rs 77.65 trillion ($1.75 trillion) in the 2009/10 fiscal year ending March, regulator Forward Markets Commission (FMC) said on its website.

Turnover rose 21.11 per cent to Rs 4.14 trillion in the fortnight ending March 31, data showed on Thursday.

Active trade was seen in gold, silver, copper and in the energy and metals pack during the fortnight.

Guar seed, soya oil, chana, soybean, rapeseed and turmeric saw maximum trade among agricultural commodities.

As per FMC website, India has 22 commodity bourses, including four operating at the national level. India opened commodity futures.

Chana falls on rising arrivals, guar follows suit

MUMBAI: India's chana futures fell more than 1 percent on Thursday afternoon on rising arrivals in the physical market and on estimates of higher output, analysts said. "Arrivals have increased in the last 15 days. Millers are not active as they are expecting further fall in the prices," said a spot trader from New Delhi.

At 2:09 p.m., the benchmark May futures contract on the National Commodity Derivatives Exchange was down 1.06 percent at 2,335 rupees per 100 kg.

"Arrivals have been rising from Rajasthan and Madhya Pradesh," said an analyst from a Mumbai based brokerage. Arrivals were rising steadily in major spot markets like Indore, Nagpur, Delhi, Latur and Gulbarga, traders said. In the Delhi spot market, chana dipped 11 rupees to 2,250 rupees per 100 kg. 

India's chana acreage as on March 25 stood at 8.93 million hectares, compared with 8.35 million hectares in the same period a year ago, farm ministry data showed. GUAR: India's guar seed futures were lower in midday trade tracking weakness in the physical market, analysts said.

"The monsoon forecast report by Indian meteorological department is likely to be released by third week of April. The report is expected to be normal... Prices may fall further," said Veeresh Hiremath, senior analyst at Karvy Comtrade.

At 2:10 p.m, the most-traded May guar seed on NCDEX was at 2,301 rupees per 100 kg, down 1.41 percent. Hiremath sees 2,280 rupees per 100 kg as a good support level for the most active May contract. In Jodhpur, a major trading hub in Rajasthan, guar seed dropped 28 rupees to 2,298 rupees per 100 kg. In top producer Rajasthan, output is likely to drop by 80 percent to 241,000 tonnes in 2009/10 as scanty rains trimmed area and yields, the state's agriculture commissioner told Reuters in December.

Made in India show hits Dubai in June 2010

The Federation of Indian Export Organizations is holding a "Made in India" Show in Dubai from June 8 to 10, 2010. This mega show is being organized by FIEO on behalf of the Ministry of Commerce, Government of India.

The Hon’ble Minister of Commerce & Industry Mr Anand Sharma will be inaugurating this event. During the event there will be a CEO’s Conclave, B2B meetings, and a Seminar on Sourcing from India.

Besides, there will be screening of Indian movies, cultural programmes and the opportunity to savour Indian cuisine. A large number of leading Indian companies from diverse sectors will be showcasing their products and services in this mega event. A huge number of buyers and business visitors from the Middle Eastern countries are expected to visit the show.

To work out the initial preparations, G.P. Upadhyaya, Secretary General, visited Dubai from February 22-24, 2010. He had meetings with Mr Sanjay Verma, Consul General of India, Dubai, Mr Hamad Buamim, Director General, Dubai Chamber of Commerce, Mr Paras Shahdadpuri, President of the Indian Business & Professional Council (IBPC), besides senior representatives of other important organizations in Dubai.