Indian soyaoil and oilseeds futures rose on Tuesday because of buying at lower levels and also in line with the benchmark Malaysian palm oil contract. Malaysian palm oil futures rebounded to snap four days of declines but remained not far off their lowest in almost six weeks as a big domestic crop, poor demand and weak competing oil prices put pressure on the edible oil.
At 0105 GMT, the key February soyaoil contract on the National Commodity and Derivatives Exchange (NCDEX) was 0.72 percent up at 621 rupees per 10 kg. The February soyabean contract closed 0.66 percent higher at 3,356 rupees per 100 kg, while the April rapeseed contract rose 0.33 percent to 3,388 rupees per 100 kg. Oilseeds futures are likely to edge up in the next trading session.
SUGAR Sugar futures rose on bargain-buying, though sluggish demand and rising supplies due to ongoing cane crushing capped the upside. The key March contract was quoted 1.71 percent higher at 2,737 rupees per 100 kg. The contract is likely to fall in the next session.
JEERA Indian jeera, or cumin seed, futures fell as supplies are expected to rise starting next month due to the likely arrival of new-season crop. The key February jeera contract dropped 4.12 percent to 14,780 rupees per 100 kg.
CHICKPEA Chana, or chickpea, futures edged up due to a sharp drop in the area under cultivation. As on January 23, farmers had cultivated chana on 8.2 million hectares, compared with 9.87 million hectares a year earlier. The February contract closed 0.64 percent higher at 3,307 rupees per 100 kg.
TURMERIC Turmeric futures extended losses on profit-taking and as supplies from the new season crop started arriving in the market. The key April contract closed down 1 percent at 8,082 rupees per 100 kg.
GUAR SEED Guar seed futures fell on sluggish export demand for guar gum. The February contract closed 2.9 percent lower at 4,145 rupees per 100 kg.
Comments
Comments are closed.