Gold Prices Zoom To New Peak - Jan 31, 2009

The prices of gold on the bullion market in Mumbai grew to a new peak of Rs 14,175 up by Rs 435 per 10 grams on Thursday backed by renewed buying from stockists as well as the investors on the back of firm trend in global markets. In line with this, the silver also shot up in line with gold prices as well as renewed industrial inquiries. In the domestic market, the standard gold (99.5 purity) grew by Rs 435 per ten grams to Rs 14,175 from Thursday''s closing level of Rs 13,740. In line with this, the Pure gold (99.9 purity) also grew to Rs 14,240 from Rs 13,805. The silver ready (.999 fineness) rose by Rs 575 per kilo to Rs 19,795 from Rs 19,220 on Jan 29.

Gold in Europe strengthened more than two per cent to a three-month high, as the investors preferred to invest in the metal from the current uncertain scenario. The Spot gold grew to a high of $926.10 an ounce and was quoted at $918.50/920.50 an ounce up from $906.75 in New York late on Thursday.

On the Comex division of the New York Mercantile Exchange, the gold for February delivery closed up by $16.90 an ounce to $905.10, as gloomy economic news in the US triggered safe-haven buying.

Spices Prices Rule Firm On High Demand - Jan 30, 2009

Prices of spices such as jeera, turmeric and chilli are expected to rule firm due to the good demand from domestic and international markets, an analyst with a broking firm said.

Amid good demand from domestic and international markets, jeera traded firm. With arrivals at around 7,000 bags, business of 20,000 bags was concluded on Tuesday, an commodity analyst with Sharekhan said.

The price consensus was at Rs 12,250 per quintal. Also new arrivals were marked at markets with 1,000 bags in total arriving at unjha market in Gujarat. The quality is reported to be average. Jeera price is expected to stay high in the medium-term due to crop loss in major parts and rising domestic and international demand, he said.

On the back of stable demand from domestic and international markets and bullish sentiments, the price of turmeric too is expected to stay high in near-term, he said. Crop loss is reported to be around 20% due to untimely rains in November. Despite low production, chilli prices also moved up in the past two weeks from Rs 4,400 per quintal to Rs 4,900 per quintal.

Spot Rubber Rates Closed Static - Jan 30, 2009

The spot rubber rates closed static on January 28. The sheet rubber closed flat at Rs 68.50 a kg. On National Multi Commodity Exchange, the RSS 4 closed marginally up at its February futures to Rs 70.25 (Rs 70.02) along with March to Rs 71.15 (Rs 70.98), April to Rs 72.49 (Rs 72.48) and May to Rs 73.30 (Rs 73.07) a kg. On the Tokyo Commodity Exchange, the rubber futures fell back at the opening on profit booking at higher levels. Buyers stayed back amidst sharp declines in oil futures.

The February futures for RSS 3 fell to 135.6 (140.2) (Rs 74.26) followed by March to 138.2 (143.0), April to 140.1 (144.4), May to 143.0 (145.7), June to 144.4 (148.0) and July to 145.7 (149.2) a kg on TOCOM. At Bangkok, the grade's spot closed at Rs 72.32 a kg. The spot rates are Rs/kg: RSS-4: 68.50 (68.50); RSS-5: 67.50 (67.50); Ungraded: 67.00 (67.00); ISNR 20: 66.50 (66.50) and Latex 60%: 59.00 (60.00)

Physical Rubber Remain Unchanged - Jan 30, 2009

The prices of physical rubber on January 29 remained unchanged. On fresh offers, the ungraded rubber shed 50 paise. On National Multi Commodity Exchange (NMCE), the RSS 4 surrendered at its February futures to Rs 68.86 (70.20) along with March to Rs 69.66 (71.24), April to Rs 70.95 (72.49) and May to Rs 71.55 (73.25) kg. On TOCOM, RSS 3 February futures dropped to ¥133.5 (135.6) (Rs 72.79. Spot rates were (Rs/kg): RSS-4: 68.50 (68.50) followed by RSS-5: 67.50 (67.50); ungraded: 66.50 (67); ISNR 20: 66.50 (66.50) and latex 60 per cent: 59 (59).

Cardamom Prices Rise Slightly On Buying Support - Jan 29, 2009

The prices of Cardamom last week shot up slightly taking the individual average price to Rs 510 a kg on Jan 23 and then it fell to Rs 495 on Jan 24. However, the average price recovered to Rs 498 a kg at the Sunday auction conducted by the KCPMC. However, the arrivals stood at 60 tonnes on Jan 25. The maximum price fetched was Rs 625 a kg while the minimum Rs 366. Adding to this, the current bulk was being sold at Rs 500-520; 8mm was fetching Rs 600 a kg while 7.5 mm Rs 550.

At Bodinayakannur, two auctions were held on Tuesday where as in the first auction of Heddar Systems, the arrivals stood at 42 tonnes and all were sold out. However, the average price was Rs 494 a kg. On the other hand, in the second auction of South Indian Green Cardamom Growers Company, the arrivals stood at 52 tonnes. The average price was Rs 490-500 a kg.

Turmeric Prices Wiped Away - Jan 28, 2009

In domestic futures, turmeric prices wiped away early losses and hit new highs on Tuesday on lower arrivals of the fresh crop, according to an analyst. Good demand and lower arrivals in physical markets were supporting prices, said an analyst. The benchmark April contract on the National Commodity and Derivatives Exchange hit a new high of Rs 4,319 per 100 kg. The contract had dropped in early trades due to profit-taking after gaining more than 20% this month.

Carryover stocks for 2009 were seen at 500,000 bags, down 58% from last year's 1.2 million bags, due to lower output in 2008, traders said. Turmeric arrivals generally start in mid-January in small quantities and gain momentum from March. The peak season runs till June.

Exports rose 9.7% to 40,000 tonnes on year in the first nine months of FY09. Market talk that output may slip slightly in 2009 due to unfavorable weather also supported prices, said an analyst with a Delhi-based commodity brokerage.

Pepper Futures Grew - Jan 28, 2009

The pepper futures grew due to tight supply as well as the reports of poor crop in Kerala. On NCDEX, the February contract advanced by Rs 486 to Rs 12,655 a quintal in line with March and April rose by Rs 458 and Rs 388 to Rs 12,590 and Rs 12,609 a quintal , respectively. However, the total turnover increased by 3,704 tonnes to 5,915 tonnes. While the total open interest grew by 463 tonnes to 12,600 tonnes. The February's net open position went up by 60 tonnes to 4,637 tonnes and that of March and April rose by 353 tonnes and 52 tonnes respectively. The spot prices grew by Rs 300 to Rs 12,100 (un-garbled) and Rs 12,600 (MG 1) a quintal. However, the upsurge in prices restricted overseas buyers to go for hand-to-mouth buying.

The Quantity Of Spice Exports Increased - Jan 22, 2009

Spice export from the country during the April-December period this fiscal has increased by 15 per cent to touch Rs 3,810.95 crore. The quantity of exports increased by 3% to 3,34,150 tonne during the time as compared to the same period last year.

In dollar terms, the exports raise by 5% to touch $860.40 million. Spice oils and oleoresins including mint products added 42% of the total export earnings. Chilli contributed 21% followed by pepper (8%), cumin (8%) and turmeric (5%).

The achievement so far stood at 79% in quantity and 88% in rupee value against an export target of 4,25,000 tonne valued at Rs 4,350 crore. In dollar terms, the target stood at $1,025 million while the achievement so far stood at 84%. During April to December, the export of most of the spices increased while the export of pepper and chilli has declined both in quantity and value terms.

The export of pepper stood at 19,100 tonne valued at Rs 317.77 crore during the period under review which represents a fall of 30.7% and 20.5% respectively. Chilli exports fell by 5.8% to touch 1,41,000 tonne while value of exports fell by 1.7% to Rs 793.18 crore.

Physical Rubber Prices Closed Unchanged - Jan 22, 2009

Physical rubber prices on Jan 21 closed unchanged. The market on early trades was quoting better with sheet rubber up to Rs 67.50 a kg but fall in the international as well as the domestic futures kept the prices under pressure on late trades. The grade ended slightly higher at Rs 66.75 against Rs 66.50 on Jan 20.

The February futures for RSS 4 slipped to Rs 68 (69.55) followed by March to Rs 69 (70.49), April to Rs 70.50 (72.28) and May to Rs 71.65 (73.28) a kg on National Multi Commodity Exchange (NMCE). However, on the Tokyo Commodity Exchange, the Rubber futures were mixed on early trades. The RSS 3 fell at its January contract to 132.5 (Rs 72.55) against 137 followed by February to 134.5 (139), March to 136.3 (144.2 ), April to 138.1 (146.2), May to 140 (148.8) and June to 142 (150) a kg on TOCOM.

The spot rates (Rs/kg) were: RSS-4: 66.75 (66.50) in line with RSS-5: 65.50 (65.50); Ungraded: 64.50 (64.50); ISNR 20: 65 (65) and Latex 60 per cent: 60.50 (60.50).

Spot Rubber Dropped Sharply - Jan 21, 2009

The spot rubber on Jan 20 dropped sharply. During the session, the physical market under immense pressure due to the lack of support from the major manufacturers. The sheet rubber fell to Rs 66.50 from Rs 68.50 a kg on selling from dealers and growers.

The February futures for RSS 4 grew to Rs 69.50 (69.13) along with March to Rs 70.44 (70.09), April to Rs 72.30 (71.69) and May to Rs 73.45 (72.99) a kg on National Multi Commodity Exchange (NMCE). However on the Tokyo Commodity Exchange, the rubber futures were mixed.

In line with this, the January contract for RSS 3 downed the shutters at ¥137 (Rs 74.60) followed by February at ¥139 (139.7), March at ¥144.2 (144.1), April at ¥146.2 (148), May at ¥148.8 (150.4) and June at ¥150 (152.2) a kg on TOCOM. The spot rubber rates (Rs/kg) were: RSS-4: 66.50 (68.50); RSS-5: 65.50 (67); Ungraded: 64.50 (66); ISNR 20: 65 (67) and Latex 60 per cent: 60.50 (61.50).

Pepper Futures Continued Their Upward Movement - Jan 20, 2009

On Monday, Pepper futures continued their upward movement mainly due to tight supply position in the Indian and overseas markets.

January contract increased by Rs 357 to Rs 12,281 a quintal. February and March moved up by Rs 240 and Rs 231 to Rs 12,140 and Rs 12,180 respectively on NCDEX.

Total turnover increased by 4,998 tonnes to close at 8,115 tonnes. Total net open position moved up by 394 tonnes to 8,294 tonnes.

Net open position for January declined by 398 tonnes to 810 tonnes while February and March moved up by 305 tonnes and 467 tonnes respectively to 4,910 tonnes and 2,163 tonnes.

Spot Rubber Prices Dropped - Jan 20, 2009

Spot rubber prices dropped on Jan 19. According to observers, the rates fell mainly on account of rumors that the tyre sector might sideline the market during the days ahead. Sharp plunge in domestic futures fuelled the decrease further and sheet rubber moved down to Rs 68.50 from Rs 70 a kg on selling from dealers amidst buyer resistance. The volumes were moderate.

RSS 4 declined further at its February futures to Rs 69.11 (71.98), March to Rs 70.15 (72.97), April to Rs 71.62 (74.43) and May to Rs 72.99 (75.25) a kg on National Multi Commodity Exchange (NMCE).

Rubber futures on the Tokyo Commodity Exchange extended the gains at the opening attracting fresh buying and short covering followed by yen's weakness. But selling controlled later, reflecting yen's renewed strength against dollar and declines in oil futures. RSS 3 ended in a mixed trend quoting its January contract at ¥138 (Rs 74.09) from ¥138.8, February at ¥139.7 (141), March at ¥144.1 (144.1), April at ¥148 (146.5), May at ¥150.4 (148.9) and June at ¥152.2 (150.4) a kg on TOCOM. RSS 3 (spot) weakened to Rs. 75.29 (75.50) a kg at Bangkok.

Spot Rubber Showed A Mixed Trend - Jan 16, 2009

On Thursday, spot rubber showed a mixed trend. According to sources, sentiments were partly influenced by a weak closing in Japanese futures. Sheet rubber dropped to Rs 71 from Rs 71.50 a kg on buyer resistance.

Most of the grades finished flat but latex 60 per cent closed better on constant demand. In domestic futures, RSS 4 improved slightly at its January contract to Rs 72.85 (72.40), February to Rs 74 (73.31), March to Rs 74.97 (74.36), and April to Rs 76.40 (76.12) a kg on National Multi Commodity Exchange (NMCE).

Rubber futures on the Tokyo Commodity Exchange turned weak due to long liquidation on Thursday afternoon. Buyers stayed back following the declines in oil futures and the yen's strength against dollar. Though the market showed flexibility at one point during the morning session, sellers dominated the scene again from late morning to afternoon. RSS 3 weakened at its January contract to Rs.133 (Rs 73.34) from Rs.137, February to Rs.134.9 (137.4), March to Rs.139 (143.6), April to Rs.140.8 (145.8), May to Rs.142.5 (147.5) and June to Rs.144.9 (148.8) a kg on TOCOM. It's spot improved to Rs 74.97 (74.63) a kg at Bangkok.

Possible Fall In Jeera - Jan 16, 2009

The spices complex fell on Thursday after Wednesday's rally, to trade lower in futures trading as speculators favored to book profits at higher levels. The fall in spices pack was mostly attributed to profit-taking by speculators, who reduced their positions at prevailing higher prices as pert raders.

Though, a possible fall in jeera output due to adverse climatic conditions in growing regions and lower stocks of some spices at warehouses and a likely rise in export demand, limited the losses.

Pepper, which had recorded strong rally on Wednesday, succumbed to profit-taking and its January contract fell one per cent to Rs 11,621 per quintal on the National Commodity and Derivatives Exchange. The contract clocked business turnover of 106 tonnes.

In the same way, February-month contract lost 1.1 per cent at Rs 11,700 per quintal in a turnover of 600 tonnes. At Kochi in Kerala, pepper in spot trading quoted higher at Rs 11,799 per quintal.

Physical Rubber Prices Turned Bearish - Jan 15, 2009

On Tuesday, the physical rubber prices turned bearish. According to observers, the sentiment was evidently weak amidst the declines in Japanese rubber futures. Sheet rubber moved down to Rs 71 from Rs 72 a kg on buyer resistance. The transactions were low.

RSS 4 slipped at its January contract to Rs 72.40 (72.75), February to Rs 73.35 (73.49), March to Rs 74.26 (74.58), and April to Rs 76 (76.18) a kg on National Multi Commodity Exchange (NMCE).

Rubber futures on the Tokyo Commodity Exchange remained under broad selling on Tuesday. The prices fell back sharply on early trades following steep falls in oil and precious metals futures. The market recovered part of losses later but failed to bounce back further in the afternoon. RSS 3 (spot) closed weak at 74.69 (75.38) a kg at Bangkok. The grade declined at its January futures to 133 (Rs 76.33) from 142.7, February to 132.9 (143.3), March to 135.5 (145.6), April to 136.1 (147), May to 136.7 (148.5) and June to 137.9 (149.7) a kg on TOCOM.

Spot prices were (Rs/kg): RSS-4: 71 (72); RSS-5: 69 (70); ungraded: 67.50 (68); ISNR 20: 68.50 (69) and latex 60 per cent: 55 (55).

Domestic Rubber Industry Facing Problems - Jan 14, 2009

The domestic rubber industry first wants to have some limitations on the free flow of Chinese rubber goods into India which are of mediocre quality. Industry is facing problems due to the cheap rubber goods imports from China in a shrinking domestic market.

Though the industry is not pressing for imposition of anti-dumping duties on Chinese rubber goods right at the moment, it wants certain quality standards imposed on import of Chinese rubber goods into India, as per the quality standard norms of Bureau of Indian Standards (BIS).

Like the EU, India can also impose minimum standard requirements as per BIS norms to check free flow of inferior rubber goods from China, at a time when Indian economy is also hit by demand slowdown. This can be done through designated testing laboratories, which is being done in case of imports of several commodities, said MF Vohra, president, All India Rubber Industries Association (AIRIA) and chairman of the rubber products panel (western region), Capexil.

Small Cardamom Continues To Rise - Jan 13, 2009

Backed by a favorable climate, an abundant harvest of small cardamom is probable in the current season. Latest Spices Board estimates suggest a small cardamom output is expected to touch 11,000 tonnes in the current season, for which the harvesting has just begun. If the estimate comes true, it will be considerable jump over last year's output which stood at nearly 9,500 tonne.

Reports of a higher small cardamom crop have started softening the spice market. With the market becoming sure about a higher crop, its price over the past couple of days increased by just around Rs 10 per kg compared to the last week when it rose by Rs 15-25 a kg. After factoring in the marginal rise, the spice ended the week with an average price of Rs 460 per kg.

Small cardamom continues to rise, albeit marginally, even as the market is fed with the report of an expected 15% increase in this year's output. This is happening due to continued buying support at auctions, which are being held in Kerala and Tamil Nadu.

There appears to be a departure from the usual trend this season. During the first week of January, demand usually declines because of the severe winter season in north India. But this year whatever moves out of the primary markets to north Indian centres are sold out, said a Kochi-based trader.

Pepper Futures Remained Steady - Jan 13, 2009

The pepper futures market on Monday remained firm as the prices of all the contracts moved up due to tight supply position. The January contract on NCDEX moved up by Rs 85 to Rs 11,824 per quintal. On the other hand, the February as well as the March edged up by Rs 109 and Rs 99 per quintal to Rs 11,931 and Rs 11,970 respectively.

Spot Rubber Remained Unchanged - Jan 13, 2009

The spot rubber remained unchanged on Monday. However, on early trades, the sheet rubber quoted at Rs 73 per kg but during the afternoon session, the fall in the domestic rubber futures kept the grade under pressure. The RSS 4 closed flat at Rs 72 per kg on National Multi Commodity Exchange (NMCE). In line with this, the January contract for RSS 4 dropped to Rs 72.75 along with the February to Rs 73.40, March to Rs 74.60 and April to Rs 76.29 per kg.

Pepper Futures Market Continued Its Up Trend - Jan 12, 2009

Pepper futures market continued its up trend for the past two weeks. Though there was decline once or twice during the week the overall picture showed an increase at the weekend close.

January contract went up by Rs 423 a quintal during the week on NCDEX to Rs 11,703 on Saturday. February and March increased by Rs 456 and Rs 457 respectively to close at Rs 11,790 and Rs 11,851 a quintal. The increase in other contracts was from Rs 454 to Rs 903 a quintal.

The increase on NMCE was from Rs 399 to Rs 762 a quintal for all the contracts during the week.

Continuation Of Tax Waiver Sought For Bengal Tea Industry - Jan 12, 2009

The Tea Association of India (TAI) has demanded to the West Bengal Government not to stop the exemption granted to the State's tea industry in regard to payment of Education and Rural Employment Cess. The exemption, which became effective from April 2004 will be in force till March 31, 2009.

Addressing the 38th annual general meeting of the North Bengal branch of TAI at Jalpaiguri in North Bengal on Saturday, the President of TAI, Mr Shasank Prashad, also urged the State Government to waive the amount outstanding in the principal amount of cess and the arrear interest thereupon.

The arrear dues towards principal amount of cess and interest related to the period from 2000-01 to 2003-04 when most of the tea gardens in Dooars and Terai regions of the State could not even recover their cost of production, he said. The waiver, if granted, would therefore help the gardens come out of their past liabilities, he added.

The West Bengal Government had also granted waiver of agriculture income-tax for a period of three years till March 31, 2009. He prayed to the Government for continuation of the waiver considering the plight of the State's tea industry.

The Steel Imports Have Fallen By 14 per cent - Jan 12, 2009

During the first nine months (April-December) of 2008-09, the steel imports have fallen by 14 per cent to 4.8 million tones. During this period, the shipments declined by 0.8 million tonnes in April-December 2008 as compared to the total steel imports of 5.6 million tonnes in the corresponding period in 2007. This was backed by a demand slump in the midst of the global economi downturn.

"As steel was readily available at a competetive price (USD 500 a tonne) in the domestic market, the importers did not opt for overseas shipments, which resulted in a decline in imports," Steel Secretary P K Rastogi said.

As per the data by the Steel Ministry, the imports of non-alloy steel fell by 18 per cent to 4.3 million tonnes till December, while on the other hand the non-alloy products, including stainless, grew by over 50 per cent to 4.5 lakh tonnes.

"Imports have been declining throughout the period on a month-to-month basis. In case of flat products, it dipped by 19 per cent, but for long-products, it registered a marginal 4 per cent growth," an official source said.

Along with the fall in demand and pricing, the steel imports was also checked by the government's move to curb shipments from overseas by shifting some of the products like HR coils under the restricted list of items, the industry experts said. The government had also slapped a five per cent import duty on steel. However, industry sources said, the Commerce Ministry may soon convene a meeting of major steel producers to take stock of the situation with regards to restriction of shipments from abroad.

Minimum Price For Sugarcane May Be Hiked - Jan 10, 2009

The Centre is said to be considering a statutory minimum price (SMP) in the region of Rs 110 to Rs 115 a quintal for sugarcane to be crushed during the 2009-10 season (October-September).

According to the sopurces, Rs 110 to Rs 115 (linked to a basic sugar recovery of nine per cent) is the range that is being considered. A note to this effect has already gone from the Food Ministry to be taken up by the Union Cabinet.

The numbers being suggested are below the Rs 125 a quintal (linked to nine per cent recovery) that was recommended by the Commission for Agricultural Costs & Prices (CACP). But it is substantially higher than the Rs 81.18 a quintal base SMP for the current 2008-09 as well as the preceding 2007-08 seasons.

Whatever is the SMP that the Centre will finally decide on - Rs 110-115 or Rs 125 a quintal - would, however, be of limited significance. This is because most States Governments have been "advising" cane prices way above the Centre's SMP.

Spot Rubber Decline - Jan 9, 2009

The spot rubber fell further on Jan 8 following the ongoing lorry strike and the declines in domestic and international futures. The sheet rubber dropped to Rs 70.50 from Rs 73 a kg on moderate selling from the dealers and growers amidst buyer resistance.

RSS 4 at its January contract slipped further to Rs 73 (73.35) along with February to Rs 73.70 (74.46), March to Rs 74.95 (75.23), and April to Rs 76.29 (76.77) a kg on National Multi Commodity Exchange (NMCE). In line with this, the rubber futures on the Tokyo Commodity Exchange extended losses on long liquidation followed by sharp fall in oil and precious metals futures. But sentiments again weakened in the afternoon. The January futures for RSS 3 dipped sharply to ¥139 (Rs 73.43) from ¥146.5, February to ¥139.3 (145), March to ¥141.4 (146.9), April to ¥142.6 (147.9), May to ¥142.9 (148.7) and June to ¥143.1 (148.7) a kg on TOCOM. However, its spot improved marginally to 74.56 (74.44) a kg at Bangkok.

The spot rates were (Rs/kg): RSS-4: 70.50 (73); RSS-5: 69 (71); ungraded: 67 (68); ISNR 20: 68 (69) and latex 60 per cent: 52.50 (52.50).

Tea Exports May Not Hit 200 Million Kg - Jan 8, 2009

Tea exports, are unlikely to have crossed the 200 million kg (mkg) level during 2008 despite a bounce back in November, as shipments slowed due to global financial crisis and buyers are postponing or renegotiating purchases। According to Tea Board data, exports during November increased 0.59 mkg to 19.05 mkg. Shipments rebounded after declining for two consecutive months. Overall exports during January-November were up at 175.51 mkg against 178.75 mkg during the whole of 2007.

Despite the rebound, industry players and traders say it is not likely that exports will hit 200 mkg. The Tea Board, during the middle of last year, had set a target to export 210 mkg. Even if exports were around November-level, the best month-wise performance during 2008, they could end up around 195-mkg level.

Tea shipments from the country took a beating during September and October as financial crisis hit global markets that caused sharp fall in prices. Considering this, tea prices moreover fell, forcing buyers to either default or renegotiating deals.

Export Duty Slapped - Jan 7, 2009

Kohinoor Foods rose 3.19% and KRBL jumped 6.68%, on reports the government may scrap export duty of Rs 8,000 per tonne on basmati rice.

The government had slapped export duty of Rs 8,000 per tonne and fixed an minimum export price (MEP) of $1,200 per tonne for the aromatic rice variety early this fiscal when the inflation had peaked to 12.91% in August 2008.

All India Rice Exporters Association President Vijay Sethia was quoted by a section of the media as saying that exports of Basmati rice will go up by at least 20% once the curbs are removed.

Annually India exports the Basmati rice worth about $1.5 billion mainly to the Gulf and Europe. The country's basmati exports touched 1.19 million tonnes in 2007-08 (October-September).

KRBL is a food processing company. The company produces, packs and exports a variety of rice brands.

Kohinoor Foods manufactures and markets Indian food products. The company's products include basmati rice, cooked basmati rice pilafs, 'heat & eat' authentic Indian vegetable curry entrees, Indian cook-in sauces, spices, seasonings, wheat flour, and lentils.

Spot Rubber Fall - Jan 7, 2009

The spot rubber prices ended flat on January 6. Moderate gains in the Japanese futures failed to lift the domestic sentiments as there were no follow up buying from the major consuming industries. Sheet rubber closed unchanged at Rs 75 a kg as on January 5. The volumes were low.

The January contract for RSS 4 ended at Rs 75 (75.01), February at Rs 76 (76.14), March at Rs 76.26 (76.47), and April at Rs 77.62 (77.41) a kg on National Multi Commodity Exchange (NMCE). Rubber futures on the Tokyo Commodity Exchange opened higher attracting short covering coupled with fresh buying and improved further on account of bullish crude oil futures and Yen's weakness against Dollar.

Pepper Market Fall - Jan 7, 2009

On January 6, the pepper futures market fell due to selling pressure and reports of arrivals of the new crop at the terminal market.

New pepper started trickling in from Wayanad, Idukki and the southern districts. This development along with the selling by investors of validity expired stocks at Re one below the January delivery price pulled the futures prices down, according to the market sources.

January contact dropped by Rs 198 to close at Rs 11,202 a quintal on NCDEX. February and March fell by Rs 210 and Rs 175 to Rs 11,253 and Rs 11,315a quintal respectively.

Total volume dropped by 2,341 tonnes to 5,475 tonnes while total open interest decreased by 229 tonnes to 7,599 tonnes. Spot prices fell by Rs 100 a quintal to close at Rs 10,900 (un-garbled) and Rs 11,400 (MG 1). Severe winter in north India forcing the retailers to remain inside coupled with the truckers strike, which has stopped movement of the goods, has also contributed to the fall, they said.