India's non-basmati exports is poised to plummet to a record low of 1.5 million tonnes by the end of current fiscal with the price of Indian non-basmati rice in the global market projected to harden to beyond the average level of $275 to $300 per tonne. ``The recent decision to raise the minimum support price of paddy by Rs 500 per tonne, works out to about $25 per tonne excess on the final prices of the average price of the product in the global market,'' sources said.

BOOE to use online trading system

The Bombay Oilseeds and Oils Exchange Ltd (BOOE) is exploring the possibility of utilising the existing online system of Interconnected Stock Exchange (ISE) for trading. Addressing the exchange members at the 72nd annual general meeting BOOE president Navinchandera Shah said that they had a meeting with ISE in this regard. BOOE is also planning to embark on a major membership drive and is also looking into the possibilities of making some of theconditionalities more market-friendly.

Arrivals of sugar at Calcutta port

A large quantity of imported sugar in several consignments from China and Brazil, arrived at the different points of Calcutta port, such as Saugor anchorage, Diamond Harbour etc alongwith CPT's two dock system during the period from September 24 to 30. According to Calcutta Port Trust sources, two consignments of sugar totalling 16,000 bags arrived at Calcutta dock during the week of which Lyki from Brazil arrived at Calcutta dock after partially offloaded the same at Haldia dock.

Spice exports decline by 7 per cent

The Spices Board has pegged the export of spices during the first four months of the current financial year at 77,020 tonne, valued at Rs 641.43 crore ($149.47 million). This, when compared to the same period in the last fiscal shows a decline of 7 per cent in quantity. During April-July, last year the exports of spices stood at 82,730 tonne.

Cashew kernels export touch Rs 813 cr

The exportof cashew kernels estimated at 31,677 tonnes is marginally lower for April-August, 1999-2000 compared to 35,091 tonnes for the corresponding period of the previous year. However, the export earnings are up at Rs 813.38 crore in the current year against Rs 706.46 crore in the previous year.

Cardamom prices dip

Cardamom prices, which held admirably steady and even tended to move up in the last two weeks, have again dropped sharply proving predictions early in the season that even before the Deepawali season its prices may come down owing to the bumper crop and heavy arrivals at the auction centres.

According to trade sources, within a span of nine days, cardamom has shed about Rs 90 a kg at the auction centres. This is in tandem with the boom in arrivals.

Yellow metal gets a gift

The EU Central banks (that hold over 50 per cent of the 30,000-odd tonnes gold reserves with Central banks worldwide) have realised that the suspense over the gold overhang was killing the market. Thus, whenthese banks along with the Bank of England (BoE), Bank of Sweden and Bank of Switzerland announced on September 26 their unilateral moratorium to freeze sale of gold to 400 tonnes a year for the next five years, all hell broke loose.

International gemmological conference

Renowned gemmologists from almost all over the world came here last week to participate in the international gemmological conference which was hosted for the first time by India. It was a remarkable occasion for the diamond, gemstone and jewellery industry and trade, as a galaxy of gemmologists and experts made interesting presentations of their studies on various subjects.

Sanctions hamper Iraqi oil reserves

Russian fuel and energy minister Viktor Kalyuzhny said last week United Nations sanctions posed problems in implementing a deal signed two years ago with Russian firms to develop large oil reserves in southern Iraq. But according to the minutes of their talks which he signed with Iraqi Oil Minister Amir MuhammedRasheed, Russia remains entrusted with the contract worth $3.5 billion to develop the seven to eight billion barrels of reserves in Qurana oilfield. Kalyuzhny said the difficulty in implementing the deal signed in 1997 stemmed from the UN sanctions which ban Iraq from exporting its oil freely as well as foreign investment in its oil sector as punishment for Iraq's 1990 invasion of Kuwait.

`Cotton contamination on the rise'

Cotton contamination, the biggest challenge before the spinning industry worldwide, is on the rise. The 1999 cotton contamination survey carried out by the International Textile Manufacturers' Federation (ITMF) reports an increase of one per cent to six per cent, in `serious contamination' level and an increase of two per cent to 15 per cent, in `moderate contamination' level.

Mills to discuss cotton import norms

In order to discuss the new common standard contract being worked for cotton imports, the Indian Cotton Mills Federation (ICMF) has decided to convene anall-India level meeting of the cotton importing mills. Industry sources said that this meeting, besides having the importing mills from all over India, would also involve the brokers and agents involved in cotton imports.