Indian soyabean futures jumped on Monday to their highest level in nearly six months as dwindling supplies boosted spot prices, prompting soyameal exporters to hedge their risk at the futures platform. Rapeseed futures rose on thin supplies, while soyaoil eased on higher imports of palm oil. India exported 581,606 tonnes of soyameal in February, compared with 344,240 tonnes during the same period a year earlier, an industry body said last week.
The soyabean contract for April delivery on India's National Commodity and Derivatives Exchange closed up 0.48 percent at 3,560 rupees per 100 kg, after rising to 3,599 rupees earlier in the day, the highest level since September 17, 2012. The key April soyaoil contract fell 0.71 percent to 678.25 rupees per 10 kg, while the rapeseed contract for April rose 0.92 percent to 3,497 rupees per 100 kg. At the Indore spot market in Madhya Pradesh, soyaoil edged up 0.05 rupee to 685.45 rupees per 10 kg, while soyabeans surged by 88 rupees to 3,642 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed rose by 36 rupees to 3,608 rupees.
CHANA Indian chana futures fell on increasing arrivals in the spot markets and subdued local demand. The key April contract closed down 0.21 percent at 3,372 rupees per 100 kg. In the New Delhi spot market, chana, or chickpea, fell 50 rupees to 3,500 rupees per 100 kg.
TURMERIC Indian turmeric futures closed steady on concerns that a drought in the crop regions may slash the output and on increasing supplies from the new season crop. The most-active turmeric contract for April delivery closed 0.06 percent higher at 6,622 rupees per 100 kg. Spot turmeric was steady at 5,779 rupees per 100 kg at Nizamabad, a key market in Andhra Pradesh.
PEPPER Indian pepper futures rose on negligible stocks and a delay in harvesting due to the lack of skilled labourers. The key April contract rose 1.83 percent to 34,855 rupees per 100 kg. Pepper jumped 358 rupees to 36,858 rupees per 100 kg in Kochi.
JEERA Indian jeera futures ended steady as rising spot supplies and expectations of higher output outweighed export inquiries. The key April contract finished 0.04 percent lower at 13,205 rupees per 100 kg. Spot jeera fell 134.5 rupees to 13,364 rupees per 100 kg in Unjha.