Indian oilseeds and soyaoil futures rose on Friday following firm cues from the international market while lesser area under rapeseed cultivation was supporting sentiment. Malaysian palm oil futures bounced back from their lowest since mid-December on Friday as traders closed short positions ahead of the long weekend, but were down for a third week in a row on weakness in demand for the edible oil.
At 1250 GMT, the key February soyaoil contract on the National Commodity and Derivatives Exchange (NCDEX) was 1.13 percent up at 616 rupees per 10 kg. The February soyabean contract closed 2.16 percent higher at 3,405 rupees per 100 kg, while the April rapeseed contract rose 1 percent to 3,345 rupees per 100 kg.
SUGAR Sugar futures rose on value buying though weak local demand amid higher supplies on increased production may weigh on prices on Monday. The key March contract was quoted 0.37 percent higher at 2,725 rupees per 100 kg. India is likely to produce 26 million tonnes of sugar in the current season ending September 30, as much as 4 percent more than an earlier estimate, the head of an industry body said on Friday. India's raw sugar exports could halve this year as mills wait for the government to give the go-ahead for an increased production subsidy, traders said, potentially supporting depressed global prices.
JEERA Indian jeera, or cumin seed, futures ended weak on sluggish local demand and expectations of a rise in supplies from the new season crop. The key February jeera contract dropped 0.99 percent to 14,465 rupees per 100 kg. Jeera futures are expected to open lower on Monday on lower area under cultivation.
CHICKPEA Chana, or chickpea, futures rose on lower area under cultivation and thin spot supplies. The February contract closed 2.55 percent higher at 3,503 rupees per 100 kg. As on January 23, farmers had cultivated chana on 8.2 million hectares, compared with 9.87 million hectares a year earlier.
TURMERIC Turmeric futures ended weak on new season arrivals amid subdued demand. The key April contract closed down 2.97 percent at 8,028 rupees per 100 kg.
GUAR SEED Guar seed futures fell as lower demand for guar gum from oil industries offset thin supplies and demand from the food industry. The February contract closed 1.38 percent lower at 4,081 rupees per 100 kg. Guar futures are likely to open higher on Monday.
CORN, WHEAT The February corn contract was down 0.77 percent at 1,164 rupees per 100 kg, while the March wheat contract fell 0.12 percent to 1,640 rupees per 100 kg.
Comments
Comments are closed.