Indian chick pea or chana fell more than 1 percent on Friday on improved rainfall, which would help sowing, and on poor demand in spot markets. The most-active chana contract for September delivery on the National Commodity and Derivatives Exchange (NCDEX) ended down 1.52 percent at 4,650 rupees per 100 kg. In the Delhi spot market, chana fell 40.20 rupees to 4,817.30 rupees per 100 kg.
Monsoon rains were 6 percent above average in the past week, the weather office said on Thursday, the first time they have been heavier than normal in the current season that began in June, in what is turning out to be a drought year. Jeera, or cumin seed, futures fell more than 3 percent as traders cashed out gains while a drop in spot prices also weighed. The September jeera contract on the NCDEX ended down 3.37 percent at 14,485 rupees per 100 kg.
At Unjha, a key market in Gujarat, jeera rose 19 rupees to 15,606.3 rupees per 100 kg. Pepper futures dropped on fresh selling driven by improved rains in Karnataka and Kerala states over the last few days and almost negligible overseas sales because of higher prices, but thin supplies and lower stocks limited the downside. In Kerala, the leading pepper producer, rains were 56 percent above average in the week to August 29.
The most-active September contract on the NCDEX ended 0.53 percent lower at 41,315 rupees per 100 kg. In Kochi, a key market in Kerala, spot pepper rose 200 rupees to 41,000 rupees per 100 kg on thin supplies. Turmeric futures fell as higher prices dented demand from overseas and local buyers, but lower area under cultivation limited the losses. The September turmeric contract on the NCDEX fell 1.04 percent to end at 6,080 rupees per 100 kg.
At Nizamabad, a key market in Andhra Pradesh, spot turmeric ended 28.50 rupees lower at 5,574 rupees per 100 kg. Turmeric is planted between June and August and takes about nine months to harvest. India's oilseeds and soyaoil futures dropped on Friday on weak export demand for soyameal, a drop in the overseas markets and as key oilseed growing areas got good rainfall last week.
US soyabeans on Friday gave back all their gains from the previous session, when they touched a contract high, as traders took profits, with markets looking to a gathering of central bankers later in the day for clues on possible imminent monetary stimulus. The October soyabean contract fell 1.9 percent to end at 3,947.50 rupees per 100 kg, while rapeseed dropped 1.59 percent to end at 4,452 rupees per 100 kg, after hitting a high of 4,613 rupees earlier this week.
Soyaoil for October delivery ended at 795.55 rupees, down 1.23 percent. At the Indore spot market in Madhya Pradesh, soyaoil nudged down 0.7 rupees to 790.15 rupees per 10 kg, while soyabean eased by 3 rupees to 4,536 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed rose by 25 rupees to 4,355 rupees per 100 kg. India has set a new base price for RBD palmolein imports at $1,014 per tonne, a government statement said on Friday, lower than the previous price.
Importers pay a 7.5 percent duty on the basis of the tariff value or base price which is now being revised on a fortnightly basis after a six year old freeze the base price was lifted last month. Sugar futures extended gains on Friday to hit their highest level in nearly four weeks as demand in the spot market improved on an estimated drop in the output in key producing state.
Sugar output in India's top producing Maharashtra state is likely to fall by 30 percent year-on-year to 6.3 million tonnes in 2012/13 on poor cane yields due to drought and diversion of the crop for fodder, a state official said. The key October contract on the NCDEX ended 0.69 percent higher at 3,633 rupees per 100 kg, after rising to 3,644 rupees earlier in the day. Sugar in the Kolhapur spot market in top-producing Maharashtra state rose by 36.90 rupees to 3,472.90 rupees per 100 kg.
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