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Agri-commodities: Mentha oil, chana gain on high demand

NEW DELHI: Chana prices rose 1.05 per cent to Rs 3,545 per q..

NEW DELHI: Chana prices rose 1.05 per cent to Rs 3,545 per quintal in futures trade today as participants created fresh positions amid rising demand from dal mills at the spot market.

Besides, tight stock positions following drop in arrivals from producing regions also fuelled the uptrend.

At the National Commodity and Derivatives Exchange, chana for this month is trading Rs 37 a quintal or 1.05 per cent higher at Rs 3,545 per quintal, with an open interest of 86,520 lots.

Likewise, the commodity for delivery in July gained Rs 35, or 0.98 per cent, to Rs 3,580 per quintal in 48,130 lots.

Analysts attributed the rise in chana prices to surging demand at the spot market against restricted supplies from producing regions.

Cardamom
Cardamom prices rose by 1.61 per cent to Rs 910 per kg in futures trade today as speculators created fresh positions after uptick in demand at the spot market.

Further, tight stocks and less availability of good quality cardamom also fuelled the uptrend in the physical markets

At the Multi Commodity Exchange, cardamom for June contracts edged higher by Rs 14.50, or 1.61 per cent, to Rs 910 per kg in a business turnover of 6 lots.

Likewise, the spice for delivery in July contract traded higher by Rs 10.10, or 1.15 per cent, at Rs 891 per kg with a trading volume of just one lot.

Analysts said, fresh positions built up by the traders due to pick-up in demand at the spot market against restricted arrivals from producing regions pushed up cardamom futures.

Mentha oil
Mentha oil prices rose 1.57 per cent to Rs 1,144.70 per kg in futures market today as speculators raised bets amid pick-up in demand from consuming industries in the domestic spot market.

Tight stocks position on restricted supplies from major growing regions of Chandausi in Uttar Pradesh also supported mentha oil prices.

At the Multi Commodity Exchange, mentha oil for delivery in July rose by Rs 17.70, or 1.57 per cent, to Rs 1,144.70 per kg, clocking a business volume of 6 lots.

The oil for June month delivery was trading Rs 14.10, or 1.25 per cent, higher at Rs 1,139 per kg, with a trading volume of 343 lots.

Marketmen said raising of bets by speculators, driven by rising demand from consuming industries at the spot market against restricted supplies from Chandausi led to the rise in mentha oil prices in futures trade.

Turmeric
Turmeric prices drifted lower by 0.86 per cent to Rs 7,130 per quintal in futures market today on account of easing demand from retailers and industrial buyers at the spot market.

Further, ample stocks position following higher supplies from the producing belts too fuelled the downtrend.

At the National Commodity and Derivatives Exchange, turmeric for delivery in July declined by Rs 62, or 0.86 per cent, to Rs 7,130 per quintal, with an open interest of 10,185 lots.

Similarly, the spice for delivery this month lost Rs 56, or 0.78 per cent, to Rs 7,040 per quintal in 10,185 lots.

Market analysts said offloading of positions by traders, triggered by fall in demand at the domestic spot markets against adequate stock position on increased supplies, mainly kept pressure on turmeric prices in futures trade.

Guar gum
Guar gum prices firmed up by Rs 92 to Rs 7,769 per quintal in futures trade today on the accumulation of positions by speculators, triggered by a strong trend at the physical markets.

At the National Commodity and Derivatives Exchange, guar gum to be delivered in July shot up by Rs 92 or 1.20 per cent to Rs 7,769 per quintal, with a business turnover of 40,250 open lots.

Guar gum to be delivered in June rose by Rs 86 or 1.14 per cent to Rs 7,660 per quintal, with an open interest of 24,405 lots.

Marketmen said building up of positions by participants, tracking a firm trend at the spot markets led to the rise in guar gum prices at futures trade.

Jeera
Jeera prices rose 1.23 per cent to Rs 16,400 per quintal in futures trade today after

participants widened their positions, backed by rising domestic and export demand.

Besides, tight stocks position on restricted supplies from producing regions supported the upmove.

At the National Commodity and Derivatives Exchange, jeera for delivery in June contract rose by Rs 200, or 1.23 per cent, to Rs 16,400 per quintal, with an open interest of 4,353 lots.

Likewise, contract for July increased by Rs 185, or 1.14 per cent, to Rs 16,380 per quintal, as the open interest of contract stood at 2,577 lots.

Traders said speculative positions built up by participants amid rising domestic as well as export demand led to the rise in jeera prices.

Mustard seed
Mustard seed prices recovered by Rs 7 to Rs 3,965 per quintal in futures trade today after participants created fresh positions at prevailing levels, tracking a firm trend at the physical markets.

Marketmen said building up fresh positions following a positive trend at the spot markets on rising demand from oil mills amid a pause in supplies, mainly influenced mustard seed prices at futures market.

At the National Commodity and Derivatives Exchange, mustard seed for July contracts increased by Rs 7 or 0.18 per cent to Rs 3,965 per quintal, having an open interest of 80,980 lots.

Also, the contracts for this month gained Rs 6 or 0.15 per cent to Rs 3,921 per quintal, depicting an open interest of 83,120 lots.

Crude palm oil
Crude palm oil prices fell 0.44 per cent to Rs 651.20 per 10 kg in futures trade today as speculators booked profits at prevailing higher levels amid fall in demand at spot market and on weaker trend overseas.

Higher crude palm oil production and expectations of increased exports from Indonesia, the world's top producer, also weighed on the prices.

At the Multi Commodity Exchange, crude palm oil for delivery in July eased by Rs 2.90, or 0.44 per cent, to Rs 649.70 per 10 kg, in a business turnover of 57 lots.

The oil for delivery in current month was trading lower by Rs 1.80, or 0.28 per cent, to Rs 651.20 per 10 kg in 140 lots.

Analysts said profit-booking by speculators at prevailing levels and a fall in demand at spot market weighed on crude palm oil prices.

Wheat futures remain weak on higher supply
New Delhi, Jun 1 (PTI) Wheat prices drifted further down by 0.89 per cent to Rs 1,790 per quintal in futures market today as speculators engaged in cutting down positions, triggered by sufficient stocks position at spot markets on increased supplies.

At the National Commodity and Derivatives Exchange, wheat for delivery in June fell by Rs 16, or 0.89 per cent to Rs 1,790 per quintal with an open interest of 7,170 lots.

Similarly, the wheat for delivery in July shed Rs 9, or 0.50 per cent to Rs 1,807 per quintal in 3,370 lots.

Market analysts said offloading of positions by trades on the back of ample stocks position on increased arrivals from producing belts in the physical markets against subdued demand, kept wheat prices lower at futures trade.

Refined soya oil
Refined soya oil prices fell by another 0.40 per cent to Rs 773.30 per 10 kg in futures market today as speculators trimmed their holdings amid ample stocks position on higher supplies at the spot market.

At the National Commodity and Derivatives Exchange, refined soya oil for delivery in July month fell by Rs 3.10, or 0.40 per cent to Rs 773.30 per 10 kg with an open interest of 27,650 lots.

In similar fashion, the oil for delivery in June contract was trading lower by Rs 2.95, or 0.38 per cent to Rs 763.50 per 10 kg in 56,880 lots.

Traders said offloading of positions by participants following adequate stocks position on increased arrivals from producing belts in the physical markets against muted demand kept refined soya oil prices down at futures trade.

Castor seed
Castor seed prices improved by Rs 15 to Rs 3,935 per quintal in futures trade today following raising of bets by speculators, driven by a firming trend at the physical markets

Marketmen said widening of holdings by participants in tune with rising prices at the spot markets due to restricted supplies and pick-up in demand from consuming paint, soap and lubricant industries, supported the upside in castor seed prices at futures trade.

At the National Commodity and Derivatives Exchange, castor seed for delivery this month was up by Rs 15 or 0.38 per cent to Rs 3,935 per quintal, with an open interest of 56,020 lots.

In a similar way, the delivery of the most-traded delivery in July went up by similar margin to Rs 3,989 per quintal, in an open interest of 59,970 lots.

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