Recent News

Today evening, the rupee strengthened by 11 paise to close at Rs 74.24 against the dollar.Sensex could not sustain the momentum, closed after breaking 163 pointsToday the stock market closed with a fall. Today, where the Sensex closed at a level of 55629.49, down 162.78 points. On the other hand, Nifty closed at a level of 16568.80 points down by 45.80 points.  

Palm oil falls over 2% on expectations of weak export demandMalaysian palm oil futures slumped as much as 2.8% on Wednesday, hitting a one-week low, amid anticipation of an increase in production and bleak demand outlook.The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange slid 77 ringgit, or 1.75%, to 4,331 ringgit ($1,023.27) a tonne by the midday break, after rallying to a record high last week.The correction in prices was likely induced by expectations demand will fall by about 15% over August 1-20, said Marcello Cultrera, institutional sales manager and broker at Phillip Futures in Kuala Lumpur.Palm falls on August export plunge, profit-taking"Also, the Indian demand for August is fully covered while subscriptions for September-October have reached a standstill at current prices," he added.Export shipments during the first half of August had plunged between 15% and 24% from the previous month, cargo surveyors data showed on Monday.Indonesia, the world's largest palm exporter, had enjoyed greater demand than Malaysia over July and August, partly due to lower export taxes and higher discounts for its crude and refined palm oil.Cultrera said things will change in September as Indonesia is expected to raise its export duties for September to $166 from $93 in August.Top buyer India is also expected to raise their import tax structure for crude and refined palm oil from end-September as subscriptions for the Diwali festival are finalised, Cultrera added.Malaysia kept its September export tax for crude palm oil at 8%, but raised its reference price to 4,255.52 ringgit ($1,006.51) per tonne. The market is also hopeful for a rise in Malaysia's palm oil production amid the seasonal peak production season.The Southern Peninsula Palm Oil Millers' Association earlier this week forecast a 10.6% rise in August 1-15 production, according to traders.Dalian's most-active soyoil contract fell 2%, while its palm oil contract eased 3.8%. Soyoil prices on the Chicago Board of Trade were down 0.5%.Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.  

Palm oil may fall to 4,261 ringgitThe contract failed three times to break a resistance at 4,557 ringgit, around which, a small triple-top has formed and been confirmed.The pattern suggests a target of 4,261 ringgit. It is not very clear if palm oil could drop to a lower level, as the rise from the Aug. 2 low of 4,093 ringgit does not fit well into the wave category of the preceding uptrend from the June 18 low of 3,251 ringgit.Palm oil fallsResistance is at 4466 ringgit, a break above which could lead to a gain into a range of 4557 - 4649 ringgit. On the daily chart, the big black candlestick on Tuesday suggests a further fall on Wednesday.A break above 4,493 ringgit could lead to a gain into 4,587-4,698 ringgit range.Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.  

Rupee opens 5 paise stronger against dollarRupee opened strongly against the dollar in the foreign exchange market today. Today the rupee opened with a strength of 5 paise at Rs 74.30 against the dollar. At the same time, on Tuesday, the rupee strengthened by 10 paise to close at Rs 74.35 against the dollar.Sensex opened sharply, up 212 pointsToday the stock market opened with great momentum. Today the BSE Sensex rose by about 212.39 points to open at the level of 56004.66 points. On the other hand, the Nifty of NSE opened with a gain of 57.90 points at the level of 16672.50 points.  

Oilseeds prices soften due to fall in foreign prices, fall in soybean, palmoleinMost oilseeds, including mustard, soybean and palmolein, closed at a lower price in the Delhi oil-oilseeds market on Tuesday amid a declining trend in foreign markets, while the rest of oilseeds remained at their previous level.Traders said that the Malaysia Exchange and the Chicago Exchange lost around one per cent each. He said that due to the breakdown of foreign markets, the futures price of soybean has also declined. In NCDEX Indore, the price of October contract of soybean has been quoted below the spot price of soybean by Rs 31 per kg.He said that despite domestic festive demand due to fall in foreign countries, the prices of Mustard Dana, Sarson Dadri, Sarson Pakki and Kachchi Ghani, Soyabean Oil Oilseeds, Cottonseed and Palmolein Oils closed softly, while crude palm oil (Crude Palm Oil) due to demand. CPO) and groundnut prices remained unchanged.Sources said that it has become necessary to increase the production of oilseeds in the country as in this case it is not appropriate to depend on imports for almost 70 per cent of our requirements. Due to such massive dependence, the country may have to bear the arbitrariness of foreign companies.  

Palm oil fallsMalaysian palm oil futures reversed early gains on Tuesday as profit-taking and a sharp decline in August exports pulled down prices from record highs scaled last week.The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange closed down 84 ringgit, or 1.9%, at 4,363 ringgit ($1,029.98) a tonne, after rising 1.9% in intraday trade.Prices rose earlier on short-covering due to persistent talks of production losses in both Malaysia and Indonesia, and expectations of lower palm oil carryover stocks for the new season, said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group.Anticipation of Indonesia's crude palm oil (CPO) export duties for September rising to $166 per tonne from $93 in August also supported prices as it would benefit Malaysia's exports, Bagani said.Malaysia's palm oil exports during Aug. 1-15 fell between 15% and 24% from the same period in July, cargo surveyors said on Monday."Oil World is expecting crude palm oil prices to weaken by end-Dec 2021 and will continue to see more weakness in 1H22 with the assumption of no weather disruptions," UOB KayHian said in a note.Oil World Executive Director Thomas Mielke forecast Indonesia's free-on-board (FOB) CPO prices to fall to $1,000 a tonne by end-December, and range between $800 and $850 during the first half of next year, UOB said.This is due to expectations of stronger global edible oil supplies in 2021/22 after record high prices last year boosted plantings, and demand rationing due to high prices, UOB said.Mielke pegged world palm oil production to rise by 2.1 million tonnes in 2020/21, and by 3.8 million tonnes next season, but low opening stocks will offset production growth, according to UOB.Dalian's most-active soyoil contract gained 0.6%, while its palm oil contract rose 0.5%. Soyoil prices on the Chicago Board of Trade fell 0.6%.Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.  

Soya firm as crop conditions in focusChicago soybeans edged higher on Tuesday as lower-than-expected US crop ratings underscored mixed growing conditions, while the market awaited results from a Midwest field tour.The most-active  the Chicago Board of Trade was CBOT soybeans were up 0.3% at $13.72 a bushel.In a weekly report after Monday's market close, the US Department of Agriculture (USDA) rated 62% of US corn crop good to excellent, down 2 points from a week earlier, and soybeans 57% good to excellent, down 3 points. Traders on average had expected no change.The lower ratings tempered hopes for a boost to crops from rainfall forecast in the coming days."The market is considering downside but not any upside to yields," said Michael Magdovitz, commodity analyst with Rabobank. "The rains have come too little, too late."Initial results from this week's Pro Farmer Midwest Crop Tour projected lower corn yields and soybean pod counts than last year in South Dakota but higher levels in Ohio, supporting expectations of contrasting yields between western and eastern growing belts.Soybeans have also been supported by a run of sales to China.However, monthly US soybean crushing in July, according to National Oilseed Processors Association (NOPA) data released on Monday, was below trade estimates."Consumers are having to make pricing decisions at 50%-60% higher than last year. We're starting to see some demand rationing," Magdovitz said.  

Tanzania's cotton production & exports expected to riseEast African country Tanzania is likely to witness an increased cotton production in the coming months due to favourable conditions, increased harvested areas and availability of fertilisers and pesticides for the farmers. This, in turn, is expected to boost cotton exports to western countries under the African Growth and Opportunity Act (AGOA).The increased production in Tanzania may also trigger cotton exports to Asian and European nations such as India, Pakistan, Indonesia, Portugal, France and Netherlands among others.The cotton harvested area of Tanzania was 600,000 hectares in marketing year (MY) 2019-20, which dropped by 25 per cent to 450,000 hectares in MY 2020-21. It is expected to rise again to 600,000 hectares in MY 2021-22The total cotton production of the country dropped by 64.71 per cent from 5,95,000 480 lb bales in MY 2019-20 to 2,10,000 480 lb bales in MY 2020 - 21. The production is expected to shoot up by 185.71 per cent to reach 600,000 480 lb bales in MY 2021-22.The country exported cotton worth $94.92 million in MY 2019-20 and $43.09 million in MY 2020-21. However, due to the anticipated increase in cotton production, the country is likely to export cotton worth $56.02 million in MY 2021-22.

Exporters to get new duty refund scheme this weekThe government is set to notify the new duty refund scheme for exporters — Refund of Duties and Taxes on Exported Products (RoDTEP) — this week, with a final clearance from commerce and industry minister Piyush Goyal expected in a day or two.The scheme, meant to replace World Trade Organization (WTO) non-compliant incentives, was implemented in January but exporters have been waiting to get their dues for taxes paid by them for the last eight months. A notification will partially end the agonising wait, which has increased their fund requirement as the Centre has held back their claims.While commerce secretary B V R Subrahmanyam had said that the scheme will be implemented, some paperwork is yet to be completed after the commerce and finance ministries agreed to widen the scope of the scheme to cover all products, which also required higher budgetary allocation. The two ministries had earlier agreed to increase the allocation from the originally allocated Rs 13,000 crore to Rs 17,000 crore.Last week, the government had notified the Rebate of State and Central Taxes and Levies (RoSCTL) scheme, a similar mechanism, to allow textile exporters to get a rebate on central and state taxes till March 2024.According to industry estimates the government owes around Rs 8,000 crore to exporters in unpaid RoDTEP bills, with another Rs 3,500-4,000 crore arrears on account of RoSCTL. Further, around Rs 16,000 crore of payments from the now defunct Merchandise Exports from India Scheme (MEIS) are due for April-December 2020. So, exporters are demanding payments of close to Rs 28,000 crore just from these three schemes.Exporters have been complaining of the government sitting on tax refunds and arrears from earlier schemes such as Service Exports from India Scheme (SEIS) and MEIS that were abandoned after the US dragged India to the WTO, arguing that they were not compliant with global trade rules.Government sources said refunds could be handy at a time when costs such as those on fuel and freight have gone up due to global as well as domestic price dynamics.SiS Commited to update you on all textile related news real time.

Today evening the rupee strengthened by 1 paise to close at Rs 74.25 against the dollar.Record closing of Sensex, closed higher by 593 pointsToday the stock market closed with a record high. Today, where the Sensex closed at a record level of 55437.29 points with a gain of about 593.31 points. On the other hand, the Nifty closed at a record level of 16529.10 points with a gain of 164.70 points.  

Rupee moves flat, breaks 1 paise and opens at 74.27 levelRupee has opened flat against the dollar today. Rupee has opened weak by 1 paise against the dollar today. Rupee opened today at 74.27 against dollar.On the other hand, in Thursday's trade, there was an increase in the rupee against the dollar and it had strengthened by 18 paise and closed at 74.26 level.Due to the corona virus, the demand for crude oil has declined all over the world. On Thursday, there has been a weakness in the price of Brent again. But in India, the customers of petrol and diesel are not getting the benefit of this.