Pick of BL commodities – August 25, 2024
1) The Centre has come up with a draft Sugar (Control) Order, 2024, saying technological advancements in the production process and multiple changes in the sugar industry over the past few years have necessitated revamping of the existing Sugar (Control) Order, 1966. The draft order has added “by-products” of sugar, while dropping some of the archaic provisions, reports Prabhudatta Mishra.
2) The Indian government may allow complete freedom to sugar mills to decide the amount of sugarcane they want to divert for ethanol before the commencement of the new season in October. The mills could base their decision on the price of the biofuel, which is likely to be announced before November.
3) The area under paddy has increased by 5.6 per cent to 369.05 lakh hectares (lh) as of August 16 during the ongoing kharif season. It has taken the overall coverage under all kharif crops to 1,031.56 lh – up 2 per cent from a year ago, the Ministry of Agriculture and Farmers’ Welfare has said.
4) After surging to a record high of ₹255 for RSS-4 in the previous weeks, natural rubber prices moved south to reach ₹235. Latex prices have also come down to ₹210 from ₹250. Rubber dealers cited increased domestic arrivals, coupled with a large quantity of imports as the reason for the prices to drop, reports Sajeev Kumar V.
5) The Australian Bureau of Meteorology (BoM) predicts that neutral El Nino-Southern Oscillation (ENSO) conditions will continue till the end of the spring in the southern hemisphere (September 22-December 23). This virtually rules out the La Nina weather event, which results in Asia getting heavy rain and floods during the southern spring.
6) Over 400 organic rice containers have been detained by the Directorate of Revenue Intelligence (DRI) personnel in JNPT, Mundra and Kandla ports following businessline’s report of alleged irregularities in the shipments. Trade sources said non-organic white (raw) and parboiled (boiled) rice have been exported in the guise of organic rice.