Commodity Round Up- 5-February-2007

The Commodity Market Spreads its wings

The Commodity market is becoming popular day by day. Various steps are being taken by its fans to increase its popularity. One such activity is taking place in Mumbai on 10th and 11th February 2007.

This mega event covering multiple commodities of economic significance to the country is being arranged in Mumbai, where well known industry experts will critically analyse major sectors like food grain, sugar, biofuel, fiber etc.

Another attraction of the event is the seminar on emerging global and domestic issues in production, quality, marketing, foreign trade, packaging, risk management and price outlook for various commodities.

Quality check on chillies

If we want to compete in the international market then it is essential to maintain the quality as per international standards. Realizing this fact, the Spice Board decided to set up a quality evaluation laboratory of international standards at Guntur in Andhra Pradesh.

The aim of the laboratory is to maintain the quality of chillies in the states having production of at least 60 percent of India's total production. The laboratory will be equipped with latest testing instruments and will be handled by the qualified scientists.

Agro Commodity zone

For most commodities, last week was overall a good time. Most of them on NCDEX and MCX closed in positive state.

Rape Seed/Mustard Seed production for this year is expected to be 55 lakh tonnes compared to 68.7 lakh tonnes last year. The Rapeseed/Mustard seed contract for February gained 1.09 percent and closed at Rs 404 per 20 Kg.

Wheat futures on NCDEX closed at Rs1044 per quintal after recording a gain of 1.64 percent. Guar seed futures closed at Rs 1967 after gaining 1.50 percent.

Jeera futures too maintained the rally with others and closed at Rs 9084 per quintal with a gain of 0.80 percent.

Cardamom continued its upward movement. The increased export demand and the fall in supply due to unfavourable weather conditions boosted the market rate for cardamom.
The price of cardamom rose by around Rs 35 per Kg and closed at Rs.352 per Kg.
Official sources pointed out that the weather conditions will continue to be unfavourable and this is likely to have further negative impact on the crop.