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Soyabean, soya oil, mustard decline in futures market amid weak demand

Wed Nov 06 2019

 

Soybean prices on Wednesday fell by Rs 45 to Rs 3,925 per quintal in futures market as traders cut down their positions amid weak cues from physical markets.

 

On the National Commodity and Derivatives Exchange, soybean to be delivered in December contracts moved down by Rs 45, or 1.13 per cent, to Rs 3,925 per quintal with an open interest of 29,780 lots.

 

The fall in soybean prices was mostly due to reduction of exposure by participants, marketmen said.

 

Soya oil

Refined soya oil prices on Wednesday fell 0.36 per cent to Rs 782 per 10 kg in futures trade as speculators trimmed their bets amid adequate supply in spot market.

 

On the National Commodity and Derivatives Exchange, refined soya oil contracts for November delivery declined by Rs 2.8, or 0.36 per cent, to Rs 782 per 10 kg with an open interest of 14,520 lots.

 

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

 

Mustard

 

Mustard seed prices on Wednesday eased by Rs 52 to Rs 4,240 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 November delivery fell by Rs 52, or 1.21 per cent, to Rs 4,240 per quintal in a business turnover of 24,110 lots.

 

Mustard seed contracts for December delivery declined by Rs 42, or 0.98 per cent, to Rs 4,256 per quintal in a business turnover of 27,360 lots.

 

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

 

Coriander

Coriander prices on Wednesday traded up by Rs 28 to Rs 7,080 per quintal in futures trade, supported by up-tick in domestic demand and restricted supplies from producing belts.

 

On the National Commodity and Derivatives Exchange, coriander for delivery in November shot up by Rs 28, or 0.62 per cent, to Rs 7,080 per quintal with an open interest of 9370 lots.

 

Market analysts said apart from firm trend in spot market restricted supplies from producing regions mainly pushed up coriander prices here.

 

Cottonseed oil

Cottonseed oil cake prices on Wednesday fell by Rs 34 to Rs 2,303.5 per quintal in futures trade as participants reduced their positions amid low demand.

 

On the National Commodity and Derivatives Exchange, cottonseed oil cake for December delivery traded lower by Rs 34, or 1.45 per cent, at Rs 2,303.5 per quintal with an open interest of 51,570 lots.

 

Similarly, cottonseed oil cake for January slipped by Rs 29.5, or 1.31 per cent, to Rs 2,223.5 per quintal with an open interest of 26,570 lots.

 

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

 

Guar gum

Guar gum prices on Wednesday slipped Rs 80 to Rs 7,975 per five quintal in futures trade as investors cut their bets following weak trend in physical markets.

 

Marketmen said subdued demand on persistent arrivals from growing belts mainly put pressure on guar gum prices here.

 

On the National Commodity and Derivatives Exchange, guar gum contracts for November declined by Rs 80, or 0.99 per cent, to Rs 7,975 per five quintal with an open interest of 10,105 lots.

 

Contracts for December delivery eased by Rs 89, or 1.06 per cent, to Rs 7,970 per five quintal with an open interest of 10,090.

 

Guar seed

Guar seed prices on Wednesday fell by Rs 6 to Rs 4,236 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 November delivery fell by Rs 6, or 0.14 per cent, to Rs 4,236 per 10 quintal with an open interest of 34,960 lots.

 

Similarly, the contracts for December delivery shed Rs 1.5, or 0.04 per cent, to Rs 4,242 per 10 quintal with an open interest of 88,860 lots.

 

Source: https://economictimes.indiatimes.com

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Friday, December 06, 2019
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