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2008-07-07 21:34:55 |
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Tea e-auction may be launched in November
Commodity Online
CALCUTTA: Tea Board is expected to launch e-auction for tea soon on the patterns of similar auction facility set up for cardamom in Kerala and Tamilnadu.
Union minister of State for Commerce and Power, Jairam Ramesh said that the industry was suffering from a colonial supply chain and the e-auction would do away with one or two layers.
Speaking at the annual general meeting of the Calcutta Tea Traders Association (CTTA) here he said that in the conventional system there were 5-6 layers in the supply chain from bush to cup, only 40 per cent of the consumer price was coming back to the producer whereas in the case of milk it was as high as 85 per cent
Basudeb Banerjee, Chairman, Tea Board said that A F Ferguson had been appointed to develop a business model for the a-auctions in tea while NSE would develop the settlement system. The entire system would be funded by the Tea Board for the first three years.
CTTA officials said tht NSE.IT was expected to demonstrate the functioning of the e-auction software in September 2008 and training sessions would commence by October, 2008.
At present, 143 million kg of tea were sold at the Kolkata auctions and 153 million kg at Guwahati auctions, which accounts for 15 per cent of Indian tea production.
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Crude oil futures continued to trade down in mid London trade Friday as the US dollar strengthened against the major currencies apart from a dip in the global equities. |
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Gold futures fell in negative zone as dollar gathered some strength in mid London trades. Dollar typically strengthens when there are less data releases from US. |
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MCX Comdex was up by 2.35% to 2694.17. MCX Energy was down by 0.22% to 2651.55, MCX Metal was up by 3.70% to 3226.02 and MCX Agri was up by 4.84% to 2255.10. |
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| Technical Calls |
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Gold can touch $1,225 per ounce by next week |
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What Eric is saying here also lies in the shortening of the steps in the stair step gold action. At new highs, such as now, this formation is a rare set up suggesting an exponential rise.
Rev. Doug, who is no slouch when it comes to gold, anticipat |
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Gold price will double $1,150: Jim Rogers |
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The most bullish investor on gold these days seems to be the global commodities investor Jim Rogers. Rogers, based in Singapore, and a big investor in the Chinese commodities market says, gold price should double the current $1,150 per ounce level. |
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Gold price to average $1,140: Barclays Capital |
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Barclays Capital says gold prices will average $1,140 per ounce in 2010, says Barclays Capital. "We expect prices to maintain their upward momentum through to at least the first half of 2010, where we expect prices to average $1,140 in the second qu |
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