Short-supply and growing demand from states such as Orissa, Bihar and Andhra Pradesh have led to a rise in the price of jaggery. Prices of black jaggery in Andhra Pradesh have already surged by over 50% in October 2009 to Rs275-Rs295/10kg from Rs170-Rs190/10kg in October 2008. From November 2009, prices are expected to drop by 10%-20% as jaggery supply would increase significantly and demand would decline with the end of the festive season.
India is likely to become a net importer of rice for the first time in 21 years in 2010. The kharif output because of deficient rainfall is forcing India to consider importing three million metric tonnes of rice next year. The kharif crop, which accounts for 80% of total output, may slump as much as 24% to 65 million tonnes, from 85 million tonnes a year ago. Central Board of Excise and Customs scrapped the 70% import tax to encourage imports.
The Union Cabinet has fixed a ‘fair and remunerative price’ (FRP) of Rs129.84 per quintal payable by sugar mills for cane procurement from farmers during the current 2009-2010 crushing season (October-September). The FRP will replace the Centre’s statutory minimum price (SMP) of Rs107.76 per quintal (linked to 9.5% basic recovery) that was announced on 25th June for the current season. The approved price is linked to a sugar-to-cane recovery of 9.5%. For every 0.1% increase over the basic recovery rate, mills would be obliged to pay premium of Rs1.37 per quintal.
Between January 2009 and October 2009, the price of copper has shot up 125%. However, inventories of copper, monitored by the Shanghai Futures Exchange, stood at 102,835 tonnes as on 30 October 2009, up from 17,822 tonnes at the start of the year. China’s copper imports more than doubled in the first nine months of the calendar year to 2.6 million metric tonnes. Even on the London Metal Exchange (LME), inventories of copper stood at 371,725 tonnes. Rising inventories on the LME indicate lack of recovery in demand outside China. Rising inventories, demand worries and a stronger dollar may weigh on the price of the red metal.
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