Indian oilseeds and soyaoil futures fell on Friday, tracking weak global cues, while there were fewer buyers as the domestic soyabean harvest season is just approaching. Traders said small quantities from the new harvest have started arriving in the producing belts of central India.
The October soyaoil contract on India's National Commodity and Derivatives Exchange (NCDEX) ended 3.2 percent lower at 718.7 rupees per 10 kg. The October soyabean contract dropped 3.1 percent to 3,458 rupees per 100 kg, while rapeseed fell 0.65 percent to 4,091 rupees per 100 kg.
At the Indore spot market in Madhya Pradesh, soyaoil dropped by 3.6 rupees to 783.9 rupees per 10 kg, while soyabean lost 203 rupees to 4,077 rupees per 100 kg. In Sri Ganganagar in Rajasthan. Rapeseed was flat at 4,050 rupees per 100 kg. Indian chana futures extended gains for a second session on Friday tracking a firm trend in spot markets, where buying by wholesale dealers to meet festival demand pushed up prices.
The key October contract closed up 0.84 percent at 4,547 rupees per 100 kg. A majority of Indians celebrate the Ganesh festival this month, Dussehra in October and Diwali in November. Consumption of all pulses rises during the festive period.
In the Delhi spot market, chana rose 10 rupees to 4,610 rupees per 100 kg. Indian sugar futures fell due to poor demand, higher inventory with mills and forecast of surplus output in the next season beginning October, traders said. The key October contract ended down 0.47 percent at 3,568 rupees per 100 kg. Sugar inventory on October 1, when the new 2012/13 season begins, is estimated at 6 million tonnes, up from 5.5 million tonnes in the previous year, the Indian Sugar Mills Association, a producers' body, said.
Indian jeera futures fell after moving in wide range as weak demand and prospects of higher sowing outweighed short-covering by traders. The key October contract closed up 2.76 percent at 13,520 rupees per 100 kg. "Jeera prices are likely to fall further as heavy rains in Gujarat in the month of September increased soil moisture and this will help farmers sow jeera in more areas," said Bhaveshbhai Patel, a trader based in Ahmedabad, Gujarat.
India's monsoon rains were 44 percent above average in the week to September 19, the fourth consecutive week of plentiful rainfall. In Unjha, a key spot market in Gujarat, jeera fell 60 rupees to 14,740 rupees per 100 kg. Indian pepper futures rose on a tight supply situation in spot markets as farmers, reluctant to sell at lower prices, held back supplies though lack of demand from overseas markets limited the gains.
The key October pepper contract closed up 1.32 percent at 4,3650 rupees per 100 kg. In the Kochi spot market, pepper rose 487 rupees to 42,087 rupees per 100 kg. Turmeric futures fell after reversing initial gains on weak demand coupled with higher stocks with traders. The key October turmeric ended down 1.77 percent at 5,654 rupees per 100 kg. In Nizamabad, a key spot market in the top producing state of Andhra Pradesh, turmeric rose 100 rupees to 5,975 rupees per 100 kg.
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