Indian soya and sugar futures rise, gold eases

Indian soya futures rose on Monday after a fall in edible oil stocks, while sugar climbed on festival demand. Gold eased tracking lower global prices.
October soyaoil at the Multi Commodity Exchange rose 0.20 rupees per 10 kg to 368.05. The October contract at the National Commodities and Derivatives Exchange (NCDEX) was up 0.70 rupees at 367.75.
"The oils and feed market have tightened slightly with a fall in stocks of edible oils and slow market arrivals of soyabean," a Indoor-based trader said.
He said oil stocks would go down further as domestic crushing of oilseeds from the new crop would start only in mid-November.
"This will keep the prices a bit firm," he said.
Traders said market arrivals of soyabean had slowed because of holidays during the festival season. Sugar futures were firm as demand emerged ahead of a religious festival.
November sugar at the NCDEX was up 9 rupees at 1,795 per 100 kg. The October sugar contract was 12 rupees higher at 1,826. "Sugar futures have improved a bit because of festival buying and government release of free sale quota of sugar at expected levels," said one broker.
The government said on Thursday it had released 3.7 million tonnes of sugar for free sale in the October-December quarter, matching market expectations.
The government controls sugar distribution in the market by allocating fixed amounts that can be sold by producers every month. A bright crop outlook and comfortable stocks have weighed on sugar prices in the past few weeks.
Gold futures were lower tracking prices in the global market. October gold at the Mullet Commodity Exchange lost 26 rupees to 6,704 per 10 grams.
The December contract was 40 rupees lower at 6,705. Gold was weaker in Asia on Monday as a firmer dollar encouraged Japanese selling, but trade was thin due to holidays in some parts of Asia, including China.
Spot bullion in Asia was at $466.50/467 an ounce, down from $468.80/469.50 in late New York trade on Friday. In trade, gold lost more than $3 to $465.50/466.25. Prices in India, the world's largest gold importer, and track global trends.
Wheat futures were steady with buying expected to improve in the winter season. The October wheat contract at the NCDEX was unchanged at 788 per 100 kg. The November contract was up 0.60 rupees at 804.40.