Commodity Market Update By Money Maker Research

commodity tipsOil: Indian Oil Corporation is planning to build the world’s first ever refinery of Gas to Bio-Ethanol plant in their refinery at Panipat by the third quarter of the 2018-19 fiscal.

Kharif Crops: With the flood like situation in Odisha and Assam, the crops were feared to be affected, but till now there are no reports of crop damage. The sowing of Kharif crops in India is going well so far except some parts of southern Karnataka. The Pulses acreage in the country remained high at 7.461 million hectares against 6.028 million hectares year on year. Paddy acreage in the country also increased by about 4.5 percent to 12.577 million hectares from 12.032 million hectares during a year ago period.

Cotton: India, the world’s largest Cotton producer is forecast to account for about 25% of the 2017-18 global fiber crop production, according to the latest ‘Cotton and Wool Outlook’ report released by the Economic Research Service of the US department of agriculture. Due to each of the major producing countries expecting larger crops, 2017-18 global Cotton production is forecast at its highest level in 3 years at 115.4 million bales, 8% (8.8 million bales) above 2016-17 and 19% above 2015-16’s 12-year low, the report said.

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