Soybean oil….. “Prices sail along with the winds over harbor”

Soya bean oil is the second leading vegetable oil traded in the international markets after palm. Palm and Soya bean oils together constitute around 68% global edible oil trade volume, & Soya bean oil alone constitutes of 22.85% of the whole.

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Soybean Oil World Scenario –A SNAP SHOT

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•World Production: U.S. (38%) is the biggest producer of soybeans followed by Brazil (13-18%) and Argentina (27-37%).

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•World Imports: China, Japan, Mexico, Taiwan and South East Asia are major importers of soybeans while India, China, Pakistan, Bangladesh, South & Central American countries (Peru, Venezuela, Bolivia, Dominican Republic) and Africa (Egypt, Morocco) are major buyers of soya oil in world market.

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•World Exports: U.S. is the largest exporter of soybeans while Argentina is the biggest exporter of soy oil followed by Brazil.

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Hot talks………….. China, the world’s biggest user of cooking oils, and Argentina remain in talks about China’s embargo on imports of soybean oil from the South American nation.

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China imports all its soybean oil almost from Argentina and Brazil. India imports nearly 1 million tonnes of soya oil yearly from Argentina, Brazil and US. India imported 192649 tons of Crude Soya oil during June 2010. According to USDA, the country is estimated to import 1.19 million tonnes of soy oil for 2010-11, while China is estimated to import 2.15 million tonnes during the same period.

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China has frozen all Argentine soybean oil imports in retaliation for Buenos Aires decision to restrict imports of Chinese products. The Chinese blocking of Argentine soybean oil threatens a key hard currency earner for the South American nation, estimated at 2 billion US dollars for the current year.

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Domestic scenario: India is the sixth largest producer of soya oil with account of 4% of world production. In India, Madhya Pradesh produces estimated 53% of the country’s soybean followed by Maharashtra (34%) and Rajasthan (8%). It is sown during June-Jul period and harvested by October in India. The domestic production soyabeen is around 1.4 million ton in 2009-10. Almost 70 to 80% of total oilseed production is crushed for oil while the balance quantity goes for food, feed and seed use in the country.

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So total soya oil production is around 0.7-0-8 million ton in 2009-10, While annual consumption is around 2.0-2.2 million ton with a market value of `9000 crore.

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The above chart shows that during January-June 2010, imports of soya oil totalled almost 7.36 lt against 5.99 lt a year ago. According to the Solvent Extractors Association, the increased imports have resulted in inventories building up at the ports.

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Imports getting surge in December 2009 primarily in view of the kharif oilseeds crop hit by the erratic weather and the rupee’s rise against the dollar.

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Kharif production has been estimated at 161 lt against 178 lt last year. Rabi output, however, is seen marginally up at 101.31 lt against 99.11 lt a year ago.

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Spot markets of Indore and Mumbai serve as the ‘reference’ market for Soya oil prices.

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The prices in Indore reflects the domestically crushed soybean oil (refined and solvent extracted) while Mumbai price indicates the imported soy oil price.

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In exchanges….. Futures trading in soya oil essentially serve as the right tool for hedging against market-linked risk by all those in the value chain of the commodity- the soyabean producing farmers, processors, brokers, speculators, soyabean and meal traders, traders of other oilseeds and oils, etc.

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CBOT is the biggest exchange for soybean oil. In India, NCDEX and NBOT are the major exchanges for these commodities. Its contracts are traded with high liquidity. The domestic future prices of soya oil are largely influenced by the international edible price movements (especially Malaysian palm oil and soybean oil at CBOT), soybean availability in domestic markets, demand for meal and other associated supply-demand factors of soybean and its derivatives.

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Current scenario: Refined soyaoil futures is trading up with August and September contracts moving up by 0.45% and 0.54% respectively. August soyoil futures traded at `484.70 while September futures were at `487.50 per 10kg. Crude Soya oil import price is US$ 880 per ton at Mumbai port whereas Crude Palm oil import price is US$ 805 which indicates the difference of less than 10 percent between the two. There is zero import duty on crude soybean oil in India while it is 7.5% for refined oil.

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ALUMINIUM… “PRICES ON ONE-WAY TRACK”

Aluminium is a silvery white and dull gray coloured, and the third most abundant element in the Earth’s crust after oxygen and silicon. In nature, it only exists in very stable combinations. Due to its strong affinity to oxygen, it is always found in the form of oxides or silicates. The chief source of aluminium is bauxite ore. Aluminum is lightweight, ductile and soft. Its density is only 1/3 of steel. Aluminum is resistant to weather, common atmospheric gases and a wide range of liquids.

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Global Scenario

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Aluminium ore, bauxite, occurs mainly in tropical and sub-tropical areas – Africa, West Indies, South America and Australia. The leading producing countries are United States, Russia, Canada, the European Union, China, Australia, Brazil, Norway, South Africa, Venezuela, the Gulf States (Bahrain and United Arab Emirates), India and New Zealand. Together they constitute more than 90 percent of the world primary aluminium production. The largest aluminium markets are North America, Europe and East Asia.

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Indian Scenario

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India is the fifth largest producer of aluminium in the world with production capacity of about 3 per cent of the world. India’s reserves are estimated to be 7.5 per cent of the total deposits. India is self dependent for aluminium supply and exports about 82,000 tonnes annually. The primary Indian aluminium producers were BALCO, NALCO, HINDALCO and MALCO.

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India’s per capita consumption of aluminium is 1 kg as against 30 kg in the developed world.

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World Aluminium Markets

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LME, TOCOM, SHFE and NYMEX are the important international markets that provide direction to the aluminium prices.In 2009, aluminium prices gained about 40% with the global combination of stimulus packages and the rapid recovery in demand in emerging markets. The prices and inventory level of metal in international market, such as LME and SHFE, influences the domestic market.

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Facts & Figures

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·World aluminum output in March rose 13% on the month to 2.045 million metric tonnes, according to figures released by the International Aluminum Institute.

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·Primary aluminium stocks in China, the world’s top consumer and producer of the metal, have risen more than 45 percent from January on increased production.

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·Brazil’s output of primary aluminum dropped 0.9% on the year in March to 131,700 metric tons.

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·Global demand rose by 29% in January and February compared with the very depressed levels recorded a year ago.

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Price Movement

Despite the poor news stemming from Euro weakness on Greek debt woes and monetary tightening in China, aluminium halted its downturn and traded sideways for most of last week.

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Most other base metals also traded sideways to higher last week, and aluminium continues to be strongly correlated with copper. Swollen inventories are no longer a problem for the aluminium market, as global demand is helping to push up alumininum prices (arrow line).

Weekly Update 19th – 23rd April 2010

After nine consecutive weeks of gains, domestic markets ended in the negative terrain in the week gone by on the concerns over interest rate tightening by the RBI in its monetary policy scheduled on 20th April coupled with weak cues from the Asian markets.

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Moreover increase in unemployment numbers in US and China’s measures to cool its real estate market raised the uncertainty over the global economic growth. Now, Investors are much wary over the signs of overheating in China as its economy grew almost 12%, the biggest expansion since 2007, Industrial production grew 18.1% in March & retail sales increased 18%. Closer home IIP numbers for the month of February grew by 15.1% as against an annual gain of 16.7% in January, and 17.6% in December. While India’s inflation, as measured by the wholesale price index (WPI), surprisingly stayed almost unchanged in March at 9.90% as compared to 9.89% in February. However, it is expected that after the strong Industrial numbers, improving trade, healthy credit off take in the last fortnight of last financial year & high Inflation, RBI may take steps to suck liquidity by increasing Cash Reserve Ratio & give signals of higher interest rates to the banking system & industry as well by increasing both policy rates. The other concern emerging for the manufacturing growth is appreciating rupee.

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As a major proportion of manufactured goods are meant for exports, the rise in domestic currency will arrest exporters’ margin & may result in lower export.

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FII’s also were a bit cautious to actively participate in the market ahead of RBI’s policy review. In the current CY, FIIs have so far pumped in more than $5.42 billion, while in the month of April; they have been net buyers at $ 1.05 billion in the Indian markets. Expectation of the good corporate results is likely to play a catalyst role for the next direction of the market. World stocks & commodity markets fell across the board after the revelation of SEC announcing civil fraud charges against Goldman Sach’s. This incident is likely to have its effect on the markets in the coming week.

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After 9 weeks of continuous rally in Indian stock markets, the rally ended last week after Nifty closed down 1.85% for the week. With world stock markets including the commodities taking a sharp correction on Friday, it seems that temporarily a top has been made in the market and one should be careful.

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Nifty has support between 5200-5100 levels and Sensex between 17400-17200 levels.

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On the commodity front, a range trading is expected in metals and energy.

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Since last few weeks, bullions and base metals have been trading in upper zone but are unable to break the resistance. Once they break their resistance then only, traders’ can see a new trading range. Back at home, sharp appreciation in rupee is also locking the movements. Data from European Union is important for the week apart from PPI and housing data of US. If improvement continues then only commodities will trade in upper trading range or vice a versa. Agro commodities could be more volatile ahead of expiry of April contract on NCDEX. In agro commodities, guar could see further rise on improved fundamentals as well as technical.

GUAR…… “U” TURN AHEAD

Guar gum enjoys prominent position in the exports of minor forest products. India exports guar gum in various forms to all parts of the globe. More than 80 per cent of exports of minor forest products are accounted for by guar gum.

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The government has appointed Shellac and Forest Products Export Promotion Council (SHEFEXIL) as the canalising agency for export of guar gum to Europe. “Guar gum exports to European Union, originating in or consigned from India and intended for animal or human consumption have been allowed subject to endorsement by SHEFEXIL.

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Around 90% of the total Guar Gum production is exported to countries like China,US, Germany and France.

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Sowing and Harvesting Season….

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The crop is sown from June and extends up to July. It is harvested from October and the peak arrival time continues till the end of December.

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Guar complex mostly follows the seasonal pattern in its movement, but quite volatile during March- September. As given in the above chart, guar seed prices tend to remain low during January, June and September months. The price movement starts its bull run from February, the time of lean arrivals & reaches its peak in the month of July. Later on, during August the reports of sowing come into scenario which affects the prices. The arrival pattern during October & December further brings the prices down.

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The early south- west monsoon forecasts and progress of monsoon from June to September influence the price movement. Later on, arrival pattern and demand from stockiest affect the prices.

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The Road Ahead: Considering the supply side in the current crop season i.e. October 2009-September 2010, production is estimated to be lower at around 3-3.5 million bags compared with 8.5-9 million bags in 2008-09. Carryover stocks of last year for Guar seed stands at around 3-3.5 million bags. Thus, total supplies for 2009-10 stands at around 6 million bags, which is far below the total consumption of 7-7.5 million bags. Guar gum stock with the stockiest currently stands at around 150,000 tonnes. Guar futures have already discounted by almost 15-18% since the beginning of the year due to slowed down off-takes by millers. They were not buying Guar seed at high prices as they have huge stocks of Gum & also due to huge disparity in the price of seed and gum.

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However, after the futures finishing their correction phase, the current scenario signifies that the stockiest have started stocking Guar seed at the current low prices on expectations that the prices would rise further due to a drop in output. However, further price rally would depend on the overseas demand for Guar gum which is expected to pick up which may lead prices to breach the level of 5100 in medium term.

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Stay Tuned for More Updates

LEAD “The Element of Earth’s crust”

Lead is a heavy, malleable, bluish grey metal. It is one of the metals most resistant to common corrosion problems. Lead has some important properties, in particular malleability (i.e. it can be hammered into shape), ease of production, ease of melting and joining, and good corrosion resistance.

Applications

There are many different uses of Lead. It may be used as a pure metal, alloyed with other metals, or as chemical compounds. The main end-uses for lead are as Batteries (80%) mainly cars, also industrial uses, Sheet (6%)- roofing, Lead compounds – stabilisers for plastics, Pigments – manufacturing of paints, Lead alloys – specialist alloys, Cable sheathing – power cables, Miscellaneous – includes radiation shielding, balancing weights.

Supply

The world’s top refined lead producing countries in 2009 were as follows:

1. China – 3.708 million tonnes

2. United States – 1.240 million tonnes

3. Germany – 388,000 tonnes

4. United Kingdom – 312,000 tonnes

5. South Korea – 290,000 tonnes

World production of refined lead totalled 8.815 million tonnes in 2009.

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Capacity Production Figures in tonnes (1000s)

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Demand Global lead demand this year is estimated at about 8.7 million tonnes, compared with 8.2 million tonnes in 2009. About 80 percent is used by battery producers. Demand for lead is less cyclical than that for most other base metals as about 40 to 50 percent is for replacement batteries, which makes it very resilient.

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The top five lead consuming nations in 2009 were as follows:

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China – 3.860 million tonnes, United States – 1.426 million tonnes, South Korea – 320,000 tonnes, Germany – 314,000 tonnes, Spain – 233,000 tonnes. In India about 75 per cent of total demand is from the domestic battery industries.

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Tug Of War………..stocks V/s Price

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Benchmark lead on the London Metal Exchange at around $2,221 a tonne is up more than 160 percent since hitting $850 a tonne in December 2008 when markets started to fear economic recession could turn into a 1930s style depression.

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Since the beginning of the year 2009, lead prices as well as lead stocks are both increasing. The reason could be anything from large banks which are manipulating the market to gain profit on a short term to a big country which want to lower their USD currency reserves by stepping into metals.

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In the year 2010, the graph of the lead price compared with the world stock of lead seems to look quite healthy. Lead stocks are getting up and as a reaction the lead price is going down. The basics of supply and demand seem to work.

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News from Industry

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·Xstrata’s sizeable Brunswick mine in eastern Canada is due to become depleted in 2011. It produced around 66,500 tonnes of lead in concentrate last year.

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·Ivernia expects to produce about 60,000 tonnes of contained lead in concentrates in 2010 and expects that to ramp up to 85,000 tonnes a year from 2011 onwards.

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DID YOU KNOW….???

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Lead makes up only about 0.0013% of the earth’s crust.

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Weekly Update of The Market (15th – 19th February)

Hello Friends, here, we bring you the weekly overview of the Indian as well as of the Global economy and latest global business and industry updates.

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Weekly Update of The Market (15th - 19th February)

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The much awaited gains in global markets which came in the week gone by, was a big relief for investors.

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Improving Australian Jobless rate (falling) to 5.3% from 5.5% & China‘s lending surged to 1.39 trillion yuan ($203 billion) in January, more than in the previous three months together lowered the concerns of global economic recovery and proved to be some of the triggers for the global markets gain.

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European Union statement that it is ready to support Greece somewhat eased pressure but China central bank another move to hike reserve requirement by 50 basis point to rein the credit growth spoiled the mood of the markets.

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Chinese banks disbursed 19% of the lending target in January alone.

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The existing reserve requirements stood at 16 percent for the biggest banks and 14 percent for smaller ones.

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🙂

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Back at home, CSO expectations of decline in farm output to be contained within 0.2 per cent & robust recovery in industrial performance rejoiced the markets that GDP growth may come even better for the current fiscal year.

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On the flip side, market is cautious from budget outcomes on expected move towards fiscal consolidation.

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High fiscal deficit together with high inflation pose some long term risk for the equity market.

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The much awaited reforms in the areas FDI, BFSI & fuel and fertilizer subsidiary & a roadmap for implementation of Goods & Services Tax & Direct Tax Code can spark the rally in the domestic market.

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In the coming week, we may see some activity in capital goods sector on the back of very good IIP numbers.

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Industrial production witnessed a growth of 16.8% on Year on Year basis while cumulative growth for the April to December period has now inched up to 8.6% over the corresponding period.

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Overall the trend of most asset classes including stock markets around the world is down due to rising dollar index.

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Going ahead in the budget, we expect volatility to increase and markets to see big moves up and down.

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🙂

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International cues are positive on the fundamental side but Europe problems and stimulus withdrawal along with rising inflation are having negative effect.

One should remain cautious going ahead.

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Nifty faces resistance between 4900-5000 levels and Sensex between 16400-17000 levels.

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A pick up in investor’s sentiments, softer dollar amid expectation of rescue plan for Greece have rejuvenated most of the commodities, especially metals and energy.

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We are expecting a thin trading in the beginning of the week, as US market is closed on Monday on the occasion of “President Day”.

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Absence of participation of Chinese market due to celebration of New Year holidays can limit the volatility of commodities further.

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If we talk about the trend, overall commodities may trade in a range now.

Any improvement in Japanese GDP data can give further boost in the prices.

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🙂

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Stay Tuned for More on weekly updates.

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Note : For More Latest Industry, Stock Market and Economy News and Updates, please click here

Weekly Update of The Market (08th-12th February)

Hello Friends, here, we bring you the weekly overview of the Indian as well as of the Global economy and  latest global business and industry updates.

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Weekly Update of The Market (08th-12th February)

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After starting the year on a good note & Indices making fresh highs within few weeks many Asian markets have corrected between 7 to 10%.

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The global sell off over sovereign debt problems in Europe and an unexpected rise in jobless claims in US put investors on the defensive mode.

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The anxiety about sovereign debt in Greece, Portugal and Spain sparked a sell-off in the Euro & has led strength to US dollar.

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Foreign investors sell off is an outcome of dollar-carry-trade unwinding as when they borrowed the dollar was cheap & now it is recovering.

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Investors viewed the markets in year 2010 with confidence in view of recovery gaining momentum is now shaken over the debt problems, nascent economic recovery & confidence of the governments that stand behind the euro.

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Efforts of China to curb lending preventing overheating in economy also pose a risk to derail the global recovery.

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Back at home, the effect of turmoil in the international market also made government to think its strategy on ambitious disinvestment programme.

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🙂

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Lukewarm response to the NTPC, the much awaited issue managed to get subscription of just 1.2 times on its closing day.

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The maximum bid of 20.87 crore shares was put by Indian institution under the first time adopted French Auction route.

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This has challenged the finance Ministry hopes on the proceeds from disinvestments to make up the sliding revenue & rising expenditure.

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While it looks that PSU disinvestment may not yield desired results on market weakness, the 3G auction i.e. expected to garner Rs. 35,000 crore could be postponed to next fiscal year.

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🙂

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The fate of some of the IPO’s like NMDC, Satluj Jal Vidyut Nigam Ltd and Rural Electrification Corporation that are on the disinvestment agenda before March 31, looks tough to sail through, if the stock markets do not rise and big investors do not come back.

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On the contrary, Banks like Bank of Baroda & Indian Bank that were expected to raise money overseas have put now their plans on hold.

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🙂

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The good news from the external sector continued as the data showed a 9.3% annual increase in exports in December to $14.6 billion, a second consecutive month rise.

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While imports increased by 27.2% from a year earlier to $24.75 billion.

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Food inflation remained at high levels & rose to 17.56% in the week ended 23 January 2010 from 17.40% in the previous week on the back of rising pulses & potato prices.

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Markets are likely to take a closer view of the advance estimates on economic growth for the current fiscal ending March 2010 scheduled to be released on Monday.

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🙂

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In the days to come an activity in the sectors like railways, fertiliser, textiles, pharma, education, power and infrastructure may be seen on expected positive policy announcements and budgetary sops.

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It was clearly mentioned last week that world markets are going in downtrend and one should be careful in such a scenario and that one should be moving in cash.

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Now the markets have taken a very sharp fall last week due to rise in Dollar Index and fall in all asset classes.

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🙂

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The coming week might see some counter rally from lower levels.

Nifty faces resistance between 4900-5000 levels and Sensex between 16400-17000 levels.

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🙂

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If we talk about commodity markets then one can see that strengthening dollar and lack of firm global cues had pressurized commodities prices to move southward.

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Investors are selling riskier assets and putting their money in dollar as a safe haven buying.

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Debt concerns facing Greece, Portugal and Spain coupled with dollar index which is trading above the mark of 80 is most likely to compel commodities to trade lower.

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French and euro zone GDP, USD advance retail sales, USD U. of Michigan Confidence will give further direction to commodities.

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Investors should keep an eye on gold – silver ratio.

It was 58:1 few months back, now reached to 67:1 on MCX, heading towards the level of 70:1.

It is demonstrating more selling in silver.

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🙂

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Stay Tuned for More on weekly updates.

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Note : For More Latest Industry, Stock Market and Economy News and Updates, please click here

Indian Economy Set to Become World 3rd Largest in PPP Category

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According to a latest report by consultancy firm PricewaterhouseCoopers (PwC), India could move into third place in the individual country GDP ranking in the purchasing power parity (PPP) category ahead of  Japan in 2012.

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This report projections stand against the Goldman Sach’s projection of 2032 in its BRIC’s (Brazil, Russia, India, China) report.

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China, which was projected by BRIC’s report to overtake the US as largest economy by 2041, looks set to achieve this by sometime around 2020, the PwC report said.

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“It seems highly likely that by 2030, China will clearly be the largest economy in the world on this measure (PPP), ending over a century of US economic hegemony,” top official of PwC, said in the report.

It said the credit crisis has accelerated the pace at which the emerging economies will overtake the developed ones.

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The report also projected that India is likely to grow faster than China after 2020.

“This is because of India having a significantly younger and faster growing population than China, and also due to it having more catch-up potential as it started from a lower level of economic development than China,” it said.

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However, the report cautioned that India will only realize this if it continues to pursue growth-friendly economic policies of the last two decades.

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As per the report by 2020, it is projected that seven largest emerging economies, E7 (China, India, Brazil, Russia, Mexico, Indonesia and Turkey) would be overtaking the G7 (US, Japan, Germany, UK, France, Italy and Canada) economies.

This will lead to a tectonic shift in the global economic power.

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🙂

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Weekly Update of The Market (1st – 5th February) Part 1

Hello Friends, here, we bring you the weekly overview of the Indian as well as of the Global economy and along with the latest global business and industry updates.

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Weekly Update of The Market (1st - 5th February) Part 1

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A bout of volatility was witnessed in the domestic market throughout the week due to

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1.  F&O expiry,

2.  unfavorable global cues because of gloomy earnings forecast,

3.  anxiety about China‘s monetary tightening,

4.  the deteriorating finances of countries ranging from Greece to Japan and

5.  India’s central bank‘s decision to raise the CRR to 5.75.

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🙂

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But on later days of the week, US Federal Reserve’s decision to keep interest rates unchanged boosted sentiments of global markets.

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Closer home, investors also heaved a sigh of relief as the central bank kept key interest rates unchanged at the quarterly policy review indicating that it would maintain a balance between price stability and growth and raised its GDP growth projection for the current fiscal to 7.5 %.

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The RBI at its quarterly monetary policy review raised CRR by 75 basis points to suck out excess liquidity from the banking system to the tune of Rs 36000 crore.

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On the flip side, the challenges that RBI foresees for the economy is fiscal consolidation.

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The central bank lifted its wholesale price index inflation forecast for the end of the fiscal year in March 2010 to 8.5% from its earlier forecast of 6.5%.

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RBI also said it expected inflation to moderate starting in July 2010, assuming a normal monsoon and global oil prices holding at current levels.

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Moreover, US Federal Reserve too maintained interest rates at near zero levels and vowed to do so for an extended period of time.

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Additionally, it also signaled its intention of unwinding the massive monetary stimulus that it had undertaken during the peak of the crisis.

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🙂

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Stay Tuned for More on weekly updates.

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Note : For More Latest Industry, Stock Market and Economy News and Updates, please click here

Spices Exports to Cross $1 billion: V.Kurien

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the globe and country.

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Spices Exports to Cross $1 billion

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Spices exports to cross $1 billion: Kurien

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Spices exports from India will cross the $1-billion mark in the current financial year, according to VJ Kurien, chairman of the Spices Board.

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Till December, the country had exported spices worth $830 million, despite the economic recession.

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Addressing a press conference here, Kurien said in the first half of the current year, the export sector was in troubled waters due to the economic downturn.

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But, exports of chilli, coriander, mint and value-added spices picked up later, he said.

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At present, the demand from these countries is largely met through European re-sellers and the board plans to attract buyers from these countries to sourcing markets in India.

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Kurien said the Spices Park at Puttady in Idukki district of Kerala would commence operation in the first week of March.

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🙂

In Other major Commodities Updates we can read about palm oil prices growing at a weaker pace and about the starting of Wheat e-auction for open mkt sale from February.

🙂

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Palm oil prices likely to recover at weaker pace:

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Palm oil prices, which have lost about 8% so far this year, are expected to grow at a weaker pace as rival soyoil eats into the vegetable oil market following a bumper US and South American soybean crop.

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Benchmark crude palm oil futures on the Bursa Malaysia Derivatives Exchange hit an all-time record of 4,486 ringgit in early March 2008 and then tumbled  to a low of 1,331 ringgit in October the same year at the height of the financial crisis.

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It is now trading 44% below record levels.

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Indonesia, the world’s top palm oil producer has projected output in 2010 to reach 23 million tonnes, up from 21 million tonnes last year.

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Malaysia, the world’s No. 2 palm oil producer, may see production increase by 3.4%, to 18.1 million tonnes this year, on the weaker impact of the El Nino weather condition, which usually brings drier weather.

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A free trade agreement between China and the 10-member Association of South East Asian Nations will see China’s import tariffs for palm oil cut to zero and 5% by January 2018 from eight and 9%.

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🙂

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Wheat e-auction for open market sale to start from February:

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The government has decided to sell its excess wheat stocks through e-auction by the Food Corporation of India (FCI) from February.

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The e-auction intends to cut down prices of wheat offered under the open market sale scheme (OMSS) by reducing transaction cost.

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🙂

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Note : For More Latest Industry, Stock Market and Economy News and Updates, please Click Here