Agri-commodities: Chana, mustard fall on weak demand

Chana prices fell by 1.27 per cent to Rs 3,490 per quintal in futures trade today, falling for the third day, as participants reduced exposure amid subdued demand at the spot market against adequate stocks.

Moreover, profit-booking at existing levels weighed on the sentiment.

At the National Commodity and Derivatives Exchange, chana for delivery in May contracts fell by Rs 45, or 1.27 per cent, to Rs 3,490 per quintal, with an open interest of 93,690 lots.

Similarly, the commodity for delivery in far-month contracts drifted lower Rs 45, or 1.26 per cent, to Rs 3,520 per quintal. The open interest of the contract stood at 34,240 lots

Market analysts attributed persistent fall in chana futures to offloading of positions by traders owing to subdued demand in physical market against ample stocks position.

Soybean
Soybean prices recovered by Rs 13 to Rs 3,666 per quintal in futures trade today after speculators covered up their short positions coupled with positive global trends.

Marketmen said besides covering-up of short positions by participants, positive leads from global markets helped soybean prices to recover at futures trade here.

At the National Commodity and Derivatives Exchange, contract for soybean delivery in May was up by Rs 13 or 0.36 per cent to Rs 3,666 per quintal, depicting an open interest of 1,82,310 lots.

Soybean for delivery in June gained Rs 13 or 0.35 per cent to Rs 3,726 per quintal, revealing an open interest of 81,530 lots.

Cottonseed oil cake
Cottonseed oil cake prices dropped for the third straight day by losing another Rs 11.50 to Rs 1,236 per quintal in futures trade today as traders cut down holdings amid a weak trend at the physical markets.

Marketmen said ample position of stocks on uninterrupted arrivals amid weak demand from cattle-feed makers in spot markets kept cottonseed oil cake futures prices down.

At the National Commodity and Derivatives Exchange, cottonseed oil cake for delivery in May contracts fell by Rs 11.50, or 0.92 per cent, to Rs 1,236 per quintal with an open interest of 1,45,560 lots.

Cottonseed oil cake for most-traded delivery in June contracts also lost Rs 9.50, or 0.76 per cent, to Rs 1,248 per quintal showing an open interest of 1,57,920 lots.

Mustard seed
Mustard seed prices fell further by Rs 19 to Rs 3,826 per quintal in futures trade today as speculators indulged in offloading holdings, triggered by a weak trend at the physical markets.

At the National Commodity and Derivatives Exchange, mustard seed for May contract slackened by Rs 19 or 0.49 per cent to Rs 3,826 per quintal in a business turnover of 1,10,750 lots.

In a similar fashion, the delivery in June contract eased by Rs 18 or 0.46 per cent to Rs 3,863 per quintal, with an open interest of 45,870 lots.

The fall in mustard seed prices at futures market was largely due to trimming of bets by participants amid a weak trend at the spot markets on ample stocks following arrivals of new crop in the market against reduced offtake by consumers.

Guar gum futures
Guar gum prices fell by Rs 56 to Rs 9,057 per quintal in futures trade today as participants engaged in cutting down their bets largely in line with weak trend overseas.

Marketmen said trimming of positions by participants and a weak trend in global markets weighed on guar gum prices at futures trade here.

Besides, higher supplies at the spot markets from growing centres too put pressure on prices.

At the National Commodity and Derivatives Exchange, guar gum for the most-traded delivery in May declined by Rs 56 or 0.61 per cent to Rs 9,057 per quintal, with an open interest of 53,050 lots.

In a similar manner, delivery in June contracts moved down by Rs 54 or 0.59 per cent to Rs 9,165 per quintal, clocking an open interest of 13,005 lots.

Mentha oil
Mentha oil prices surged 0.96 per cent to Rs 1,496 per kg in futures market today after participants raised their bets on rise in demand from consuming industries against restricted arrivals from the producing belts.

At the Multi Commodity Exchange, mentha oil for delivery in the current month contracts rose Rs 14.30, or 0.96 per cent, to Rs 1,496 per kg clocking a business volume of 78 lots.

The oil for May delivery traded higher by Rs 7.30, or 0.58 per cent, at Rs 1,256 per kg with a trading volume of 163 lots.

Marketmen said speculators built up positions following rising demand from consuming industries at the spot market against restricted supplies from Chandausi led to the rise in mentha oil prices.

Castor seed
Castor seed prices eased by Rs 12 to Rs 4,130 per quintal in futures trade today after participants trimmed their positions in tandem with a weak trend at the physical markets.

Market players said the fall in castor seed prices in futures market was due to cutting down of positions by participants coupled with a weak trend at the spot markets due to muted demand from soap, paint and other consuming industries amid ample stocks in spot markets.

At the National Commodity and Derivatives Exchange, castor seed for delivery in June contracts fell by Rs 12, or 0.29 per cent, to Rs 4,130 per quintal with an open interest of 32,100 lots.

Similarly, the delivery of May contracts eased by Rs 11, or 0.27 per cent, to Rs 4,082 per quintal with a business turnover of 67,150 open lots.

Coriander
Coriander prices were trading higher by 0.61 per cent at Rs 4,924 per quintal in futures trade today as participants built up positions amid rising spot demand.

Furthermore, tight supplies from major producing belts fuelled the uptrend.

At the National Commodity and Derivatives Exchange, coriander for May delivery rose by Rs 30, or 0.61 per cent, to Rs 4,924 per quintal, with an open interest of 25,530 lots.

On similar lines, the contract for June contracts was trading higher by Rs 26, or 0.52 per cent, to Rs 4,985 per quintal with an open interest of 5,970 lots.

Market analysts attributed the rise in coriander futures to upsurge in demand in the physical market against adequate stocks position on fall in supplies from producing regions.