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Daily Agri Commodity Report Of 10 JANUARY 2017 by Epic Research



Commodity News

The recent government notification imposing Rs 500 per kg minimum import price on black Pepper will create negative perception for the Make in India initiative and would impact all investments in setting up of import- re-export businesses in future, unless it is reversed, the All India Spices Exporters Forum (AISEF) said. The government has fixed minimum import price of all forms of Pepper at Rs 500 per kg or $7875 per tonne when today global market prices are trading at $3500-3600 per tonne. This means that the government is expecting all 100% export units to use India pepper at Rs. 500 per kg ($7875/tonne) which is about $4375 /tonne above the world parity levels, AISEF observed.

With a view to boost demand in the Jute sector, the Cabinet Committee on Economic Affairs (CCEA) extended the mandatory packaging of foodgrains and sugar products in Jute bags for the year ending June 2018.The move will help sustain the core demand for the Jute sector and support the livelihood of workers and farmers dependent on the sector in the eastern and north-eastern regions of the country. The CCEA has extended the mandatory packaging norms under the Jute Packaging Material (JPM) Act, 1987. Under the norms, it is compulsory to pack 90 per cent of foodgrains and 20 per cent of sugar products in Jute bags.

India’s tea exports in the first 11 months of 2017 jumped 8.3% from a year ago to 217 million kilograms as Egypt, Iran and China purchased more, the state-run Tea Board said in a statement. Egypt bought 8.54 million kilograms of tea during this period, up from 3.4 million kg a year ago, the Board said. India, the world’s second-biggest tea producer, exports CTC (crush-tear-curl) grade mainly to Egypt, Pakistan and the UK, and the orthodox variety to Iraq, Iran and Russia.


Economic News

The recent government notification imposing Rs 500 per kg minimum import price on black pepper will create negative perception for the Make in India initiative and would impact all investments in setting up of import-re- export businesses in future, unless it is reversed, said All India Spices Exporters Forum (AISEF). Describing it as a death blow to 100% EOUs and SEZs, Prakash Namboodiri, AISEF chairman said the notification practically bans the entry of pepper in all forms from outside and anyone procuring pepper at global market price will face penalty at 70 per cent duty on differential price and surcharge. ome of the 100% EOU and advance licence holders whose shipment has hit the Indian shores since last two weeks have been slapped with notices of Rs 2.5 to 2.7 lakh penalty for not providing Rs 500 as per the new notification, he said.

The country's agriculture sector is expected to grow higher than projected 2.1 per cent growth by the CSO for the current fiscal, following better rabi crop prospects, the agriculture ministry said today. Last week, Central Statistics Office (CSO) had pegged farm and allied sector growth at 2.1 percent for 2017-18, much lower than 4.9 per cent achieved in the 2016-17. The farm sector growth comprises GVA (gross value added) of crops at 60 percent, livestock 20 per cent and forestry 8.5 per cent and fishing and aquaculture at 5.5 per cent. "The ministry is optimistic about achieving a high growth rate because the Rabi, 2017 is showing a very good performance in addition to good Kharif, 2017," the ministry said in an official statement. The agriculture sector can, therefore, be expected to register a much higher GVA for the year 2017-18, when final estimate figures are released, it
added Justifying the reasons for possible higher growth, the ministry said it is of the opinion that the lower coverage of area by August, 2017 on account of delayed onset of monsoons has caused a poor reflection compared to the actual positive field situation by December, 2017.

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News Release: Daily Agri Commodity Report Of 10 JANUARY 2017 by Epic Research
Submitted on: January 10, 2018 04:58:22 AM
Submitted by: EpicResearch
On behalf of: www.epicresearch.co/
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