Wednesday, 08 May 2013 12:38
Posted by Parvez Jabri
MUMBAI: India's tea exports in 2012/13 year ended on March 31 rose nearly 3 percent from the previous year to 220.46 million kg as shipments to sanction-hit Iran rose after trade started in rupee.The country's tea production from April 2012 to March 2013 rose 2 percent from a year earlier to a record high of 1,116.67 million kg, the state-run Tea Board said in a statement.The world's second-biggest tea producer's exports to Iran fell by a third in 2011/12 after India's central bank, under pressure from the United States, ended a clearing mechanism used to settle trades.To avoid the sanctions, aimed at cutting funding for Iran's nuclear programme, India started paying for 45 percent of its oil purchases using its local currency. Iran can also pay for its purchases from India in rupees.India exports CTC tea mainly to Egypt, Pakistan and the UK, and the premium orthodox variety to Iraq, ...
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MUMBAI: India's tea exports in 2012/13 year ended on March 31 rose nearly 3 percent from the previous year to 220.46 million kg as shipments to sanction-hit Iran rose after trade started in rupee.The country's tea production from April 2012 to March 2013 rose 2 percent from a year earlier to a record high of 1,116.67 million kg, the state-run Tea Board said in a statement.The world's second-biggest tea producer's exports to Iran fell by a third in 2011/12 after India's central bank, under pressure from the United States, ended a clearing mechanism used to settle trades.To avoid the sanctions, aimed at cutting funding for Iran's nuclear programme, India started paying for 45 percent of its oil purchases using its local currency. Iran can also pay for its purchases from India in rupees.India exports CTC tea mainly to Egypt, Pakistan and the UK, and the premium orthodox variety to Iraq, ...
MUMBAI: Indian soybean futures fell on Tuesday on sluggish demand and a drop in the US market, while soyoil declined on an expected rise in edible oil imports in April.Rapeseed extended losses on rising supplies from the new season crop.At 0809 GMT, the benchmark Malaysian palm oil contract was down 0.13 percent at 2,247 ringgit per tonne. US soybeans recouped some losses suffered in the previous day to trade up 0.35 percent at $14.49-1/2 per ...
MUMBAI: Indian sugar futures hit a contract low on Tuesday as mills aggressively sold the sweetener to generate cash amid subdued demand from bulk consumers.The key June contract on the National Commodity and Derivatives Exchange was down 0.24 percent at 2,949 rupees per 100 kg at 0921 GMT, after hitting a contract low of 2,945 rupees earlier in the session."Supplies are more than demand. Mills need money for cane payments and the only way to ...
MUMBAI: Indian soybean futures edged up on Monday due to thin supplies and a rise in overseas prices, while soyoil rose on a weak rupee.Rapeseed fell because of rising supplies from the new season crop.At 0821 GMT, the benchmark Malaysian palm oil contract was up 0.13 percent at 2,255 ringgit per tonne, while US soybeans were higher 0.52 percent at $13.94-1/2 per bushel."Futures are trading at very steep discount to spot prices. The gap is ...
SINGAPORE: Chicago corn slid 1.8 percent on Monday, falling for a second straight session as fears over slow US planting were eased by less rainfall than expected over the weekend.Wheat fell in line with losses in the corn market, with additional pressure from forecasts of higher production in India, which is expected to boost exports to trim burdensome stockpiles.Meteorologists had forecast wet weather to continue over the weekend, further slowing corn planting. However rainfall was ...
SINGAPORE: London copper jumped more than 2 percent on Friday and appeared on course for its best day in four months, backed by more confidence in the global economy as central banks moved to stimulate growth which would boost demand for industrial metals.The European Central Bank cut interest rates for the first time in 10 months on Thursday, a day after the US Federal Reserve committed to continue its $85-billion monthly bond-buying program to bolster ...
