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Commodities & Currencies
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The Cabinet’s reluctance to approve the food and consumer affairs ministry’s proposal to decontrol sugar is hard to understand — especially when supplies are comfortable and set to improve further because of the dismantling of the sugar buffer of 5 million tonnes. Besides, the fresh crushing season is beginning next month, and will augment supplies. These realities seem to have made no impression on the Cabinet Committee on Economic Affairs (CCEA), which has opted for putting on hold the move to do away with the 10 per cent sugar levy and the monthly release mechanism.
It will be argued that abolition of the sugar levy will force state governments to meet the needs of the public distribution system (PDS) through commercial purchases, and that this will entail higher costsIn fact, decontrol in this situation may well exert a downward push on prices as a result of the freedom that factories will get to offer for sale any amount of sugar that they wish to offload from their buffer stocks.
A vital point to be borne in mind, though, is that the objectives of sugar decontrol will be served fully only if the contentious system of cane price fixation by the Centre and the states is also done away with. The fear that such a move will lead to the exploitation of cane growers by the sugar mills must be tested, and may prove unfounded since the mills need cane to crush, and the farmers who grow the cane have the option to switch to other crops.
-BS-ed
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FMC extends potato, rubber, soyoil, chana futures ban until Nov 30. Seems they are determined to reduce the commodity inflation which would be uncomfortable for the election and personal incomes of common man in this country. ...
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Crude is trading at $ 107 and will fall further .
Gold is at $ 795
Trend showing is to touch another lower level....
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I dont think OPEC will cut the quota if Oil comes down below USD 100 per barrel. OPEC itself eyeing Crude at USD 70 per barrel. While Iran is not supporting. It wants oil prices to be higher. But wouldnt be able to succedd as OPEC along with US wants crude at much lower level. This is largely because crude shoot up from USD 20 per barrel. It came to USD 40 per barrel on account of reserves issues. But from USD 40 to USD 147 per barrel. crude has shown just speculation without supporting fundamentals. So lower the crude prices in near term lower will be the losses of commodity traders in future So, crude prices coming down would help commodity traders to cut the losses in future say post 2015.
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Government is considering a proposal to impose stock limits on the
commodity and also curb sales between two sugar mills owned by the same
management
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It will be called a tough day of Reckoning for the sugar sector as it had to face supreme court verdict of making cane arrears payment compulsory and also the Govt says that Sep open mkt sugar supply seen 2.1 mln tn with buffer sale....
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The Indian rupee hit a 17-month low at 44.20/23, 28 paise cheaper from its last close against the greenback, during morning trading on Monday on heavy dollar demand from importers amid weak equity markets.
In fairly active trade at the Interbank Foreign Exchange (forex) market, the domestic currency opened lower at 44.20/23 a dollar from its last weekend\'s close of 43.92/93 a dollar as oil refiners stepped dollar purchases after global crude oil prices surged in Asian trade.
The rupee later recovered to 44.14/15 a dollar in late morning deals. The local unit had last touched this level on March 14 last year when it closed at 44.2450/2525 against dollar.
Forex dealers said there was heavy dollar demand from oil companies following a rise in global crude prices by nearly one dollar to 116.40 dollar a barrel in Asian trade on Monday.
They said the intervention by Reserve Bank could not be confirmed but some state-owned banks were believed to be selling dollars at higher levels.
Meanwhile, the Indian benchmark Sensex fell back
-FE
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Gold advanced today tracking a gain of more than $1 in crude oil as Hurricane Gustav took aim at a swath of U.S. oilfields and refineries in the Gulf of Mexico.
-- Gold rose to $834.90/835.90 an ounce from $830.35/832.35 an ounce late in New York on Friday, when it dropped more than $1 on profit taking ahead of U.S. Labor Day holiday today.
-- Oil was up $1.75 a barrel at $117.21 as U.S. energy companies shut nearly all offshore oil production and raced to bring down flood-prone Louisiana refineries ahead of Gustav\'s landfall .
-- The benchmark gold contract on the Tokyo Commodity Exchange, August 2009, fell 9 yen per gram to 2,935 yen per gram.
-- Gold futures for December delivery on the COMEX division of the New York Mercantile Exchange added $4.9 an ounce to $840.10.
-- Spot platinum rose to $1,476.50/1,496.50 an ounce from $1,474.50/1,494.50 late in New York.
-- Spot palladium inched down to $299.00/307.00 an ounce from $303.00/341.00 an ounce.
-- Silver firmed to $13.72/13.78 an ounce from $13.58/13.68 an ounce late in New York.
-reuters
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Gold has been zig-zagging in the $800-850 range in the last couple of weeks, after having recovered from a low of $777 an ounce.
The problem with gold now is that its fortunes are tied with the movement of crude oil and currencies, in particular the dollar.
Therefore, the yellow metal is tending to drop when the greenback gains and vice-versa. The problem is that the euro has been looked as an alternative to the dollar; but, in reality, it is not proving to be so.
The firm opinion among economists is that the slowdown in the US is affecting the European Union and other developed economies too.-BL
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dear zoom b
your inputs in comoddities r of gr8 useful
i have one querry
today comex gold is 829.90 US $,, INR=43.87,, and MCX gold is around 11884 ,,how can we say that comex gold is cheap or costlier then MCX gold??,,now INDIA govt has started currency trading ,then we can hedge comex against mcx or vice versa but for that we have to know that which one is costlier or cheaper,for 2 lot of comex we can hedge 7 lot of mcx[[ 7 kilos ]],,do u have any formula which i can use in MS excell and can get exact result ,,if u have any idea then pl.do give formula or equation
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In reply to:
Commexs post 42% growth in turnover till Aug 15
Posted by :
zoombusiness
The turnover of commodity exchanges in the country jumped by 42% to Rs 18,81,364 crore till the first fortnight of August this fiscal against Rs 13,25,353 crore during the corresponding period last year.
During August 1-14, the total turnover of three national and 19 regional exchanges increased by 55.9% to Rs 2,26,921 crore as compared to the year-ago period, commodity market regulator forward markets commission (FMC) said in a release.
The turnover of leading exchange MCX stood at Rs 193,915 crore for the period August 1-14, while NCDex, the leading agro-commodity bourse, recorded a business of Rs 30,057 crore. Ahmedabad-based NMCE registered a turnover of Rs 883 crore.
Among the regional bourses, Indore-based National Board of Trade showed an impressive turnover of Rs 445 crore in the first fortnight of August.Of the traded commodities at MCX, silver and crude oil recorded the highest volume, according to FMC, which releases the trade data every fortnight. The near-month contract of October 2008 in gold quoted its highest at Rs 12,691 per 10 gm on August 1 and the total value of trade in all gold contracts stood at Rs 84,994 crore. -et
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I would like to put an interesting question:
Are we entering a period of fortunes for sugar stock or misfortunes? Read the article below and put forward your comment.
According to the Finance Minister, Enough sugar has been exported. Chidambaram\'s comments come in the wake of spurt in domestic sugar prices on fears of lower output in the next two seasons. Headline inflation rate eased marginally to a two-week low of 12.40% for the week ended Aug 16 from 12.63% in the previous week. Sugar prices have risen 15% since July 1. Sugar cane is a cyclic crop and sugar output fluctuates from time to time. Right now, the industry is entering into a new phase of low production for two years from October after enjoying the fruits of high output over the last two years. Government has already released about 200,000 tn extra sugar in August to cool prices and has said it will release another 300,000 tn in September. India\'s sugar production in the next season, starting October, is expected to fall to 20-21 mln tn from 26.3 mln tn estimated this season, and in 2009-10 the production is seen slipping further.
(PTI)
According to me, Sugar Companies have seen the worst of their cycle this year and should do better only from here on. Prices government will try to keep up to a reasonable level as it also knows demand supply gap is going to cause sugar prices to remain at a reasonable level. With sugar companies getting a fair pricing to their production and cane prices cooling off slightly or remaining at current levels; bottomlines should be slightly better than previous quarters. The major cause of concern is the lack of parity across the states in the country which causes a lot of trouble to this highly cyclical industry. Lack of GST in this country causes problems not only to sugar industry but to many industries such as Airlines, Consumer goods etc.
for an investor in the sugar stocks, they should hold on from here on, as the rally should take these stocks up by about 20% odd percent from these levels in coming weeks. Its my view and is subjected to market forces. ...
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Crude oil rose as producers including ConocoPhillips, Royal Dutch Shell Plc and BP Plc evacuated rigs before the arrival of Gustav, forecast to become the worst Gulf of Mexico hurricane since Katrina.
Gustav, which was crossing Jamaica as a tropical storm, is forecast to reach Louisiana next week, passing through a region home to a quarter of U.S. oil output and 14 percent of natural gas production. It's expected to reintensify into a hurricane today, according to the National Hurricane Center.
``If the storm remains on this track, prices will start to rise again,'' said Tom Bentz, a broker at BNP Paribas in New York. Oil fell more than $2 a barrel yesterday after the International Energy Agency said it would tap strategic stockpiles if Gustav disrupts Gulf energy production.
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In reply to:
Bullion metals register little losses
Posted by : zoombusiness
Oh,
Thanks I did not notice.
Great
Regards
Tracked by: 0 Boarder
Oh,
Thanks I did not notice.
Great
Regards...
In reply to:
Bullion metals register little losses
Posted by :
gooody
zb
thanks for your sincere appreciation
if i am not mistaken, you got a treble promotion from newbie to platinium!
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zb
thanks for your sincere appreciation
if i am not mistaken, you got a treble promotion from newbie to platinium!...
In reply to:
Bullion metals register little losses
Posted by : zoombusiness
Sir
its a computer problem ..clicked 3 times
I am trying to delete it
thanks
I also just saw it.
I like your language ..I can understand you with your language.
I appreciate your english knowledge
Regards
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The turnover of commodity exchanges in the country jumped by 42% to Rs 18,81,364 crore till the first fortnight of August this fiscal against Rs 13,25,353 crore during the corresponding period last year.
During August 1-14, the total turnover of three national and 19 regional exchanges increased by 55.9% to Rs 2,26,921 crore as compared to the year-ago period, commodity market regulator forward markets commission (FMC) said in a release.
The turnover of leading exchange MCX stood at Rs 193,915 crore for the period August 1-14, while NCDex, the leading agro-commodity bourse, recorded a business of Rs 30,057 crore. Ahmedabad-based NMCE registered a turnover of Rs 883 crore.
Among the regional bourses, Indore-based National Board of Trade showed an impressive turnover of Rs 445 crore in the first fortnight of August.Of the traded commodities at MCX, silver and crude oil recorded the highest volume, according to FMC, which releases the trade data every fortnight. The near-month contract of October 2008 in gold quoted its highest at Rs 12,691 per 10 gm on August 1 and the total value of trade in all gold contracts stood at Rs 84,994 crore. -et
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