Agri Commodities: Soya oil, mustard fall in futures amid sluggish demand


Soybean prices rose by Rs 18 to Rs 4,274 per quintal in futures market on Wednesday as traders created fresh positions on strong demand.

On the National Commodity and Derivatives Exchange, soybean for December delivery was trading higher by Rs 18, or 0.42 per cent, at Rs 4,274 per quintal with an open interest of 310 lots.

Analysts said raising of fresh positions by speculators on the back of higher demand mainly led to the rise in soybean prices.

Soya oil

Refined soya oil prices on Wednesday fell by 60 paise to Rs 880.2 per 10 kg in futures trade as speculators reduced holdings amid subdued demand at spot market.

On the National Commodity and Derivatives Exchange, refined soya oil for delivery in December declined by 60 paise, or 0.07 per cent, to Rs 880.2 per 10 kg in 7,035 lots.

Similarly, the oil for delivery in January contracts edged up by Rs 6.2, or 0.70 per cent, to Rs 882.4 per 10 kg in 49,540 lots.

Market analysts said cutting down of positions by participants against ample stocks mainly influenced prices.

Mustard

Mustard seed prices on Wednesday dropped by Rs 41 to Rs 4,520 per quintal in futures trade as speculators cut down their positions on subdued demand.

On the National Commodity and Derivatives Exchange, mustard seed contracts for December delivery fell by Rs 41, or 0.90 per cent, to Rs 4,520 per quintal in a business turnover of 80 lots.

Mustard seed contracts for January delivery declined by Rs 34, or 0.75 per cent, to Rs 4,529 per quintal in a business turnover of 18,950 lots.

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Marketmen said offloading of positions by participants following a weak trend at spot market due to easing demand led to fall in mustard seed prices.


Guar seed


Guar seed prices on Wednesday fell by Rs 4 to Rs 4,072 per 10 quintal in futures trade as participants reduced their holdings in line with weak market trend.

Marketmen attributed the downward trend in guar seed futures to weak demand in spot market amid increasing supplies from growing regions.

On the National Commodity and Derivatives Exchange, guar seed contracts for January delivery fell by Rs 4 or 0.10 per cent, to Rs 4,072 per 10 quintal with an open interest of 82,855 lots.

Guar gum

Guar gum prices on Wednesday gained Rs 15 to Rs 7,396 per five quintal in futures trade as investors increased their holdings on spot demand.

Analysts said tracking firm physical market trend traders opted to raise their bets which led to rise in guar gum prices.

On the National Commodity and Derivatives Exchange, guar gum delivery for January contracts jumped up by 0.20 per cent or Rs 15, to Rs 7,396 per five quintal with an open interest of 59,665 lots.

Likewise, the delivery of February contract surged by Rs 13, or 0.17 per cent to Rs 7,496 per five quintal as open interest stood at 7,100 lots.

Cottonseed

Cottonseed oil cake prices on Wednesday fell by Rs 9 to Rs 2,050 per quintal in futures trade as participants reduced their bets amid a weak trend at spot market.

Market players said sell-off by participants at the existing levels amid subdued trend in market mainly weighed on cottonseed oil cake prices.

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On the National Commodity and Derivatives Exchange, cottonseed oil cake to be delivered in December fell by Rs 9, or 0.44 per cent, to Rs 2,050 per quintal with an open interest of 3,280 lots.

Cottonseed oil cake for delivery in January went down by Re 1, or 0.05 per cent, to Rs 2,060 per quintal in 59,600 lots.


Coriander


Coriander prices on Wednesday fell Rs 16 to Rs 6,946 per quintal in futures trade as speculators reduced their positions amid sluggish demand at spot market.

On the Multi Commodity Exchange, coriander contracts for December fell by Rs 16, or 0.23 per cent, to Rs 6,946 a quintal in 2,960 lots.

Similarly, coriander contracts for January delivery declined by Rs 150, or 2.31 per cent, to Rs 6,340 per quintal in 9,190 lots.

Market analysts said subdued demand by speculators in spot market led to the decline in coriander future prices.





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