India soyaoil, rapeseed hit contract low

Indian soyaoil and rapeseed futures extended losses to new contract lows, tracking Malaysian palm oil's fall on Tuesday, while soyabeans fell, weighed by higher arrivals. November soyaoil on the National Commodity and Derivatives Exchange (NCDEX) fell to its contract low of 601.9 rupees per 10 kg, before closing 3.66 percent down at 604 rupees per 10 kg.
November rapeseed fell to its contract low at 3,702 rupees per 100 kg, before ending 1.18 percent down at 3,765. The most active soyabean contract for November delivery fell 4.03 percent to close at 2,952 rupees per 100 kg. At the Indore spot market in Madhya Pradesh, soyaoil fell 28.5 rupees to 652.05 rupees per 10 kg, while soyabean slumped by 228 rupees to 2,858 rupees. At Sri Ganganagar in Rajasthan, rapeseed rose 55 rupees to 3,975 rupees per 100 kg.
Indian chana futures snapped a three-day losing streak as traders chose to buy at lower levels, supported by thin supplies in the festive season. However, expectation of increased sowing of the crop is expected to weigh on sentiment at higher prices. The key November chana contract on the NCDEX ended up 2.79 percent at 4,276 rupees per 100 kg.
In the Delhi spot market, chana rose 67 rupees to 4,370 rupees per 100 kg. Jeera, or cumin seed, futures fell on prospects of good sowing after the monsoon revived though thin spot supplies and marginal export enquiries restricted the downside. The October jeera contract on the NCDEX ended down 0.27 percent at 13,600 rupees per 100 kg. At Unjha, spot jeera rose 28.5 rupees to 14,447 rupees per 100 kg on limited domestic supply.
Expectations of increased supplies in the next season due to higher carry-forward stocks and arrivals from new crop also weighed on sentiment. The October turmeric contract on the NCDEX ended 1.41 percent lower at 5,580 rupees per 100 kg. At Nizamabad, a key market in Andhra, spot turmeric fell 63 rupees to 5,450 rupees per 100 kg. Pepper futures ended flat on expectations late rains could improve yields and as exports were subdued due to higher prices of Indian produce but limited supplies supported prices. The most-active October contract on the NCDEX ended nearly flat at 43,415 rupees per 100 kg. In Kochi, a key market in Kerala, spot pepper rose 44 rupees to 42,150 rupees per 100 kg.