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.