Category: Commodities

Agri-commodities export jumps 43% to Rs 53,626 cr during April-September 2020 from year-ago period

Agri-commodities export jumps 43% to Rs 53,626 cr during April-September 2020 from year-ago period

The authorities had just lately introduced Agri Infra Fund of Rs 1 lakh crore.

Export of important agri commodities for April-September, 2020 period has elevated 43.Four per cent to Rs 53,626.6 crore vis-à-vis Rs 37,397.three crore for the year-ago period, Ministry of Agriculture and Farmers Welfare stated in an announcement on Saturday. Groundnut with 35 per cent progress, refined sugar seeing 104 per cent progress, wheat with 206 per cent progress, basmati rice’s 13 per cent rise, non-basmati rice witnessing 105 per cent progress and many others. have been main commodity teams with constructive export progress during the stated period from final 12 months. Moreover, the stability of commerce during the April-September 2020 period has been “considerably constructive at Rs 9,002 crore as towards commerce deficit of Rs 2,133 during the identical period in 2019,” the ministry added.

India’s month-on-month agricultural export of important agricultural commodities during September 2020 was Rs 9296 crore towards Rs 5114 crore price exports during September 2019 —  enhance 81.7 per cent. The ministry famous that authorities had introduced Agriculture Export Policy in 2018 to enhance agri exports “which inter-alia offers for a cluster-based strategy for export-centric farming of money crops like fruits, greens, spices, and many others. whereby clusters for particular agri merchandise are recognized throughout the nation and centered interventions are carried out in these clusters.” The authorities had just lately introduced Agri Infra Fund of Rs 1 lakh crore to enhance agribusiness situation in India.

Also learn: Walmart India’s losses up 74% in FY20 whilst income will increase 20% to Rs 4,926 crore

Meanwhile, the federal government has asserted that the three farm payments handed just lately, which farmers have been opposing fearing massive corporations getting management of the pricing of merchandise, will change the fortune of agriculture. Union minister had final week stated that the “there are various myths concerning the agricultural reforms which might be being propagated, however they’re far-off from actuality. Agriculture Produce Market Committees (APMC) are there and can stay in future additionally, so would be the system of the Minimum Support Price(MSP).” He added that it will likely be ensured that the possession will stay with the farmer below contract farming whereas the contract will solely be concerning the crops.

Gold prices fall Rs 658 to Rs 50,683; silver rates dropped Rs 59,959 per kg

Gold prices fall Rs 658 to Rs 50,683; silver rates dropped Rs 59,959 per kg

The gold/silver ratio at present stands at 84.52 to 1, which implies the quantity of silver required to purchase one ounce of gold.

Gold prices slide by Rs 658 to hit Rs 50,683 per 10 gram inside the Mumbai market on a strong dollar and subdued world cues. The beneficial metallic prices decline on sharp dollar restoration as safe-haven looking for switched to dollar with rising coronavirus circumstances and concern of one different lockdown in Europe and the UK.

As the circumstances of people getting affected and different folks dying because of pandemic are rising, market members are getting anxious about what steps and protection measures could be launched to curb the similar.

The cost of 10 gram 22-carat gold in Mumbai was Rs 46,426 plus Three % GST, whereas 24-carat 10 gram was Rs 50,683 plus GST. The 18-carat gold quoted at Rs 38,012 plus GST inside the retail market.

While the US dollar is seen as the favored asset at present, gold may additionally revenue from safe-haven looking for if world risks proceed to intensify.

SPDR Gold holdings jumped by 19 tonnes to 1278.81 tonnes, highest since February 2013.

Investors now are sustaining their eyes on the speeches of Fed officers and Governor Jerome Powell, who will appear sooner than Congressional committees later this week.

MCX iCOMDEX Bullion Index eased 77.05 elements, or 0.50 %, at 15,383.06 at 17:21. The index tracks the real-time effectivity of MCX Gold and MCX Silver futures.

Sunilkumar Katke, Head of Commodities and Currency at Axis Securities Limited said, “Gold corrected from close to Rs 52,000 ranges per 10 grams to current ranges of Rs 50,300 backed by strengthening dollar and basic liquidation due to a attainable 2nd wave all through Europe which can lead to lockdown in patches as soon as extra. The similar moreover obtained right here as a part of income reserving from merchants as a result of the safe-haven attraction inside the fast time interval was decreased as a consequence of positivity on the market from newest US FOMC meeting outcomes.”

“COMEX Gold trades flat shut to $1909/oz. Despite weaker menace sentiment amid issues that Europe might reinstate lockdown to check the virus unfold, gold trades lower as merchants sought the safety of the US dollar. Gold might witness uneven commerce along with totally different commodities as market readability is required on attainable lockdowns in European nations. However, we depend on looking for to emerge at lower ranges as issues regarding the US monetary system might limit upside in US dollar,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

The gold/silver ratio presently stands at 84.52 to 1, which means the amount of silver required to buy one ounce of gold.

Silver prices declined by Rs 4,182 to Rs 59,959 per kg from its closing on September 21.

In the futures market, the gold cost touched an intraday extreme of Rs 50,686 and an intraday low of Rs 50,129 on the Multi-Commodity Exchange (MCX). For the October assortment, the yellow metallic touched a low of Rs 45,596 and a extreme of Rs 56,191.

Gold futures for October provide slipped Rs 163, or 0.32 %, at Rs 50,308 per 10 gram in night time commerce on a enterprise turnover of 8,022 tons. The similar for December eased Rs 170, or 0.34 %, at Rs 50,470 on a enterprise turnover of 10,129 tons.

The value of the October and December contracts traded to this level is Rs 3,180.25 crore and Rs 389.51 crore, respectively.

Similarly, Gold Mini contract for October fell Rs 137, or 0.27 % at Rs 50,375 on a enterprise turnover of 12,447 tons.

Katke expects a short time interval correction in gold prices and advises a promote spherical Rs 50,500 ranges with a stop loss spherical Rs 50,800 and a purpose of Rs 50,000-49,800 all through the day MCX.