Indian sugar futures rise on import duty; guar, spices fall

Indian sugar futures snapped a six-day falling streak on Friday due to a rise in the import duty on the sweetener to 25 percent from 15 percent. India, the world's biggest sugar consumer, raised the import duty on the sweetener to 25 percent from 15 percent as part of efforts to help regional mills struggling with lower prices and higher stocks.
"The rise in import duty has supported sugar prices but large supplies in the local markets are expected to restrict any sharp upside in prices," said Chowda Reddy, a senior analyst with Inditrade Derivatives and Commodities. At 1252 GMT, the key September contract was up 0.56 percent at 3,055 rupees per 100 kg.
OILSEEDS Indian soyoil futures were lower due to bearish cues from the Malaysian palm oil futures. However, soybean futures ended higher on lower acreage and concerns about the yield due to delayed rains. Malaysian palm oil subsided further on Friday, falling for an eighth-consecutive session to its lowest in more than five years as soybean and crude prices weighed on the market, and defaults and volatility spooked traders.
The key September soyoil contract was down 1.74 percent at 614.50 rupees per 10 kg. The key October soybean contract closed 0.29 percent higher at 3,420 rupees per 100 kg on the NCDEX, while the September rapeseed contract rose 1.33 percent to 3,494 rupees per 100 kg.
GUAR Guar seed 10 futures fell on profit-taking after rising for seven straight sessions, though concerns about the new season output on delayed rains are seen supporting prices next week. The October contract closed 3.41 percent lower at 6,257 rupees per 100 kg on the NCDEX.
CHICKPEA Chana, or chickpea, futures fell on large local supplies amid lower-than-expected demand. Chana futures are expected to rise in the coming sessions on hopes of a pick-up in demand ahead of festivals. The September chana contract closed down 1.33 percent at 2,896 rupees per 100 kg.
TURMERIC Turmeric futures fell on large stocks and weak local demand. Short-term trend however, looks firm as late monsoon has pushed back turmeric sowing in the top cultivating areas, raising concerns about yields. The key September contract closed 1.22 percent lower at 6,610 rupees per 100 kg.
CUMIN SEED Jeera, or cumin seed, futures fell on sluggish domestic demand, though fresh export inquiries are expected to support prices next weak. The key September contract ended down 0.62 percent at 11,200 rupees per 100 kg.
CORN, WHEAT September corn contract edged down 0.52 percent at 1,148 rupees per 100 kg. September wheat was 0.19 percent down at 1,580 rupees per 100 kg.