Iran has remained the largest importer of basmati rice from India in recent years, accounting for 32% of the total basmati rice exports from India in 11 months of FY-19. During this period, Iran has imported basmati rice worth Rs. 9,204 crores (12.7 lakh MT). The recent announcement of withdrawal of the waiver, which allowed India to continue to import crude oil from Iran despite imposition of trade sanctions on Iran by the US Government from the first week of May has led to uncertainty over India imports crude oil from Iran. This can in turn skittle the exports of commodities including Given the scale of basmati rice exports to Iran, a disruption in sales to this market can have a severe adverse impact on the basmati rice industry, observed by ICRA. Iran has remained a major export destination for Indian basmati rice and the industries concentration on Iran has only magnified in FY-2019. Discontinuation of crude oil imports from Iran can lead to issues on recovery of outstanding dues for the Basmati rice shipments already made, hampering the financial position of such exporters.
This week in the commodity market Gold and Silver closed with profits while Crude Oil futures contracts closed with losses as follows:
GOLD 10 g” (99.9 Pure)
- In the commodity market last week Gold June 2019 futures contract closed at ₹ 31,463 with an aggregate loss of ₹399 only.
- This week Gold April futures contract opens at ₹ 31,550 on Monday.
- Gold Highest gain ₹256 on Wednesday.
- Gold highest loss ₹34 on Tuesday.
- Week last day i.e. Friday Gold closed at ₹ 31,939 with the aggregate gain of ₹476 only.
SILVER (1 KG)
- Last week Silver May 2019 futures contract closed at ₹37,230 with an aggregate gain of ₹10 only.
- This week Silver May futures contract opens at ₹ 37,325 on Monday.
- Silver highest gain ₹506 on Wednesday.
- Silver highest loss ₹405 on Tuesday.
- Week last day i.e. Friday Silver closed at ₹37,518 with an aggregate gain of ₹288 only.
CRUDE OIL (1 BBL)
- Last week Crude Oil April 2019 futures contract closed at ₹4,457 with an aggregate loss of ₹8 only and April futures contract also closed on 18th itself.
- This week Crude futures May contract opens at ₹ 4,475 on Monday.
- Crude Oil highest gain ₹136 on Monday.
- Crude Oil highest loss ₹228 on Friday.
- Week last day i.e. Friday Crude Oil closed at ₹4,409 with an aggregate loss of ₹48 only.
