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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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All bullion contracts showed negative trend. Gold December 09 contract went down by 1.80% to Rs 14408 per 10 grams. Gold M July 09 contract shrank by 1.51% at Rs 14452 per 10 grams. Gold guinea July 09 contract went down by 0.71% to Rs 11467 per 8 gr |
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Hourly update on prices of key gold and silver futures on Multi Commodity Exchange of India. Change compared with previous end. |
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Gold priced remained firm in the Mid London trade thanks to the closure of US equity markets despite the strength in the dollar. However, the domestic counter was seen down. |
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