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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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Cardamom futures rose at the MCX counter Friday as the demand for the commodity in the spot market is seen firm against the lower than expected stockpiles. |
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MCX Comdex was up by 0.67% to 2687.20. MCX Energy was down by 0.98% to 2765.22, MCX Metal was up by 1.45% to 3130.30 and MCX Agri was up by 2.78% to 2182.39. |
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Domestic crude oil futures are trading with mild losses Friday as the impacts of the late sell of continued to linger on the market. |
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Russia may buy remaining 203 tonnes of IMF gold |
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Which country will not buy the remaining gold reserve from International Monetary Fund (IMF), following India's purchase of 200 tonnes of gold last week? Bullion analysts say China is set buy the remaining 203 tonnes of IMF gold. But China is not alo |
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Gold price peaks to Rs16,900 in India bullion market |
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Gold prices in India continue to peak. On Satruday, gold prices spiked to a new high of Rs 16,900 per 10 gram in the bullion market. Gold dealers said strong marriage season demand amid firmimg global trends are driving gold prices in India. |
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Sri Lanka shoring up gold reserves |
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The Gold Price in Euros peaked on Feb. 20th above €782 an ounce. "We have been fairly strong accumulators of Gold reserves over the past few months," said Sri Lankan central bank chief Ajith Nivard Cabraal to Reuters today in an interview from Chenna |
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