Trade with Commodities: Govt allows exports of non-basmati rice

Wednesday, May 6, 2009

Govt allows exports of non-basmati rice

NEW DELHI: THE Centre has decided to allow export of non-basmati rice up to a maximum of 10 lakh metric tonne to 21 African countries in Kharif Marketing Season 2008-09 (October 2008-September 2009). Countries for which the current ban on non-basmati export has been partially lifted include Burkina Faso, Cameroon, Egypt, Mali, Nigeria, Sierra Leone, Mauritius and Ghana. The directorate general of foreign trade (DGFT), on Wednesday, appointed three public sector units — MMTC, STC and PEC — to carry out the export procurement. As per the notification, the appointed PSUs shall procure rice from such rice mills which have surplus rice/paddy in their stock. The sourcing has to be carried out from more than one state. The rice to be exported has to be with a minimum of 25% of brokens. Moreover, the PSUs have to ensure that their entry into the market for this export does not affect the overall price situation of rice in the country. Metals rise with equities
LONDON: Copper jumped more than 4% on Wednesday as global share price gains, fuelled by a stronger than forecast US private sector employment report, lifted sentiment and offset a hefty increase in inventories. Copper for three-month delivery on the London Metal Exchange hit a high of $4,745 a tonne, before easing to $4,690. That compared with Tuesday's close of $4,535. In other metals, aluminium gained $28 to $1,570. Lead traded at $1,445 a tonne from $1,415, while tin rose to $13,325 a tonne from $12,500. Nickel firmed to $12,401 from Tuesday's $12,000 and zinc rose by $44 to $1,574 a tonne. Relief for sugar mills
NEW DELHI: The government has exempted sugar mills from an obligation to sell 10% of their output processed from imported raws at low prices, a government notification said on Wednesday. The decision was expected after mills had cut purchases of raws as the levy requirement at below cost was hurting them. The government buys 10% of domestic output at nearly half the cost of production and sells the 'levy sugar' at low rates to the poor, and decides how much of the remaining 90% can be sold in the market during a particular period. The levy obligation will not be applicable until August 1 for sugar processed from imported raws, according to the formal order, a copy of which is available with Reuters.