Agriculture
Prospects of bumper kharif crop recede
AFTER all the initial optimism buoyed by a reasonably bountiful first half spell of monsoon rains, it appears that the country is not really poised for a bumper kharif crop this year. With the second half of the south-west monsoon season turning out to b
e a rather dry affair, acreages of most kharif agricultural crops have fallen even below last year's none-too-impressive levels.
Commodities
Spices Board to seek VC funding for processing units in N-E
THE Spices Board is looking for venture capital (VC) funding for promoting processing units in the north-eastern region of the country as part of its efforts to tap the region's potential.
Financial Performance
Kribhco pays 12%
KRISHAK Bharati Cooperative Ltd (Kribhco), a premier fertiliser producing co-operative, has posted a net profit of Rs 138 crore during 2000-01 after providing Rs 72 crore for taxation. The society's net worth has gone up by four per cent, touching Rs 1,9
81 crore at the end of the fiscal.
Petrochemicals
Agrochemical cos adopt IPM techniques
AGROCHEMICAL companies, in a bid to avoid indiscriminate use of pesticides, are resorting to grass root work on Integrated Pest Management (IPM).
Tea
Good demand for all teas at Kochi sale
A GOOD general demand resulted in the spurting of prices of almost all varieties of tea at the Kochi Tea auction.
Technical Analysis
Commex support at lower levels
Malaysian Palm oil futures closed lower on prospects of rising output and lower exports in coming months. It was a tug of war between the bulls and the bears, those with long positions trying hard to get the market to close above the MYR1,000/tonne leve
l, however they did not succeed. The ongoing sell off shows that the overall sentiment remains bearish. There was a smart rally up to 1043 ringgits, which could not sustain due to lack of follow through buying. Higher production prospects, poor export g
rowth and an increase in stocks have played a vital role in bringing down the value of crude palm oil in the futures markets significantly after a high of 1315 reached last month.
Follow-through selling in NY cotton
New York Cotton futures started the week on a bearish note, making 15-year contract lows. Cotton futures closed fractionally lower on Monday, setting new contract lows for the third consecutive session. The market continued to digest a record US and glob
al cotton crop on the horizon amid worries about global consumption. The fragile global economy is fuelling expectations that no matter how fast the central banks move to cut interest rates, consumer spending is set to fall and further undermine the supp
ly-heavy cotton market.
