Indian sugar futures fell on Thursday on ample supplies and expectations for a good crop, while gold climbed tracking higher world markets. Soyoil extended a fall on sluggish demand.
By 0742 GMT, December sugar at the National Commodities and Derivatives Exchange (NCDEX) dropped 6 rupees to 1,788 per 100 kg. The January contract was 11 rupees lower at 1,788.
"We have adequate supplies and crushing activity is in full swing," one New Delhi-based trader said.
Dealers said sugar was trading in the physical market at about 1,860 rupees, well above the futures.
Traders and industry organisations expect India's sugar output in the year to September 2006 will rebound to 18 million tonnes, from 13 million tonnes last year, because of larger area under the crop and good weather.
Indian gold futures firmed as the metal gained more than $1 an ounce in Asia on Thursday but was stuck in a tight range ahead of a long holiday weekend in the United States.
December gold at the Multi Commodity Exchange (MCX) rose 22 rupees to 7,308 per 10 grams. February gold was trading 15 rupees up at 7,320.
Spot gold rose to $493/493.60 an ounce at 0742 GMT from $491.70/492.50 last quoted in New York on Wednesday, when it fell more than $2 on fund selling. Fund managers have shown a keen interest in gold amid worries about the impact of high crude oil prices, inflation, the US economy and geopolitics.
Soyoil futures fell as demand for soymeal remained depressed by the bird flu scare.
"All soybean products including oil and meal have been hit because of poor demand," one trader said from Indore, the hub of soybean trade in central India.
December soyoil at the MCX was down 1 rupee at 350 per 10 kg. The December contract at the NCDEX lost 0.85 rupee to 351.20. Wheat prices dipped, with December delivery at the NCDEX down 0.8 rupee at 845.20.
Comments
Comments are closed.