Author Archives: Commdoity King

Govt raises import tax on edible oils to its highest

Crude Oil Government has raised import tax on edible oil to the highest level with effect from November 2017.  The duty increase will effect on oilseed prices and their availability for crushing in the Indian market, helping the country in capping edible oil imports in the 2017-18 marketing year, which started on 1 November.

The import tax on crude palm oil has been increased to 30 percent, at the same time the duty on refined palm oil has been raised to 40percent from 25 percent earlier, the govt said in its order, issued late on Friday. The import tax on crude soyabean oil was increased to 30 percent from 17.50 percent, conversely on refined soyabean oil, it was got effected to 35 percent from 20 percent.

The govt increased import duty to help farmers. However, the increase in oil seeds prices are expected to be marginal, since prices of Soyabean, groundnut etc. are ruling 15 percent to 25 percent below Minimum Support Price.

Government takes away export curbs on all varieties of pulses

commodity agri product The government has lifted restrictions on export of curbs on all varieties of pulses. This step has been taken so as to ensure farmers get better prices for their produce, since domestic rates have crashed below Minimum Support Price considering record production. India produced a record 22.95 million tonnes of pulses in the 2016-17 crop year and the government is targeting to repeat this performance this year.

In Sept this year, the government had lifted ban on export of some pulses such as tur, urad and moong dal, but exports of these pulses can be undertaken after taking consent from agri-export promotion body APEDA.

The government has fixed a target of 22.90 million tonnes of pulses production for the year 2017-2018. The annual demand is 25 million tonnes.

The move will improve the returns to farmers and potentially explore greater investments in the sector.

Commodity Tips- Base Metals Copper and Crude oil future, MCX Gold prices

crude oil Copper futures ended on lower note on Wednesday, followed by unsatisfactory Chinese data on industrial output. Copper futures for December delivery plunged 0.35 to settle at USD 3.055 a pound on the Comex metals division of NY Mercantile Exchange, while on the LMX ended up 0.2% at USD 6,773 a metric ton

Sequentially, Gold futures dropped during the day in an up- and- down trade, though it primarily rose to the highest since October 20. The precious metal dragged near session lows as US dollar cut losses on inflation data. Gold futures for December delivery dropped USD 5.20 or 0.4% to settle at USD 1,277.70 per ounce on the Comex of the NY Mercantile, while, spot gold was down 0.2% at USD 1,277.51 an ounce.

Meantime, Crude oil futures carried on their weakness and slipped to their fresh 2- week low on Wednesday, after govt data showed a more modest build in U.S. oil stockpiles. Benchmark crude oil futures for Dec ember delivery ended lower by USD 0.37 or 0.7 5t at USD 55.33 a barrel on the NY Mercantile Exchange.

Commodity news: Rupee inches up Higher on Foreign Fund Inflows

rupeeThe Indian rupee spiked higher against the U.S dollar in early trades on Wednesday, 15 Nov 2017 on fresh selling of the US currency by exporters, together with support fresh inflow of foreign funds and weakness in the dollar against other currencies.

The rupee opened at Rs 65.40 against the U.S. dollar and jumped to a high of 65.30 during the mid-session day. On Tuesday, the rupee had ended flat to close at 65.42 against the US currency.

Domestic benchmark indices edged lower in today’s early trade tracking weakness in global stocks, while overseas, Asian stocks also edged lower with falling on weakening oil prices.
Meantime, Indian Gold prices stayed near to 30,000 levels in intraday trades today. The benchmark contract ended the session at Rs.29,639 per 10 gram, down 0.38 percent.

Gold prices stayed firm as investors awaited the consumer inflation data for October, from the U.S on the Federal Reserve’s monetary tightening policy. Spot gold was up 0.1% at USD 1,281.73/ounce.