The Consultative Committee on Plantation Associations has written to Commerce Minister Piyush Goyal asking for a status quo on import duty of tea at 100%, following reports that a few importers asked for a cut in the duty. The Organization of the Petroleum Exporting Countries expects global oil demand to rise by 7.0 mln barrels per day in 2021, unchanged from its July estimate. India received 69.8 mm rainfall in the week ended yesterday, 13% above the normal of 61.7 mm for the period, the India Meteorological Department said. Since Jun 1, the country has received 562.9 mm rainfall, 1% above the normal. The National Commodity and Derivatives Exchange has extended the additional surveillance margin of 5% on guar gum contracts till Sep 2, the bourse said in a circular. The Centre has allowed exports of fixed quantity of eggs, potato, onion, rice, wheat flour, sugar, pulses, stone aggregates, and river sand to the Maldives for 2020-21 (Apr-Mar) under a bilateral trade agreement, the Directorate General of Foreign Trade said in a notification. Mills in Brazil's centre-south region produced 3.42 mln tn sugar during the second fortnight of July, up 37.7% on year from 2.48 mln tn a year ago, the country's sugarcane industry association, known by its Portuguese acronym UNICA, said in a report. Recent amendments to farm laws will help move agriculture business away from mandis to electronically-traded spot markets, says National Commodity and Derivatives Exchange Managing Director and Chief Executive Officer Vijay Kumar. The Multi Commodity Exchange Clearing Corp, the clearing arm of the Multi Commodity Exchange of India, has revised the threshold limit for concentration margin effective Monday, according to a circular on the exchange's website. Concentration margin is chargeable from specific clients and clearing members, whose positions in a given commodity are relatively large, leading to concentration of open interest.
Source:- financialexpress.com