Agri commodities: Soybean, soya oil futures gain on spot demand

New Delhi: Soybean prices on Wednesday rose 1.96 per cent to Rs 3,854 per quintal in futures market as traders raised their positions tracking firm trend at spot market.

On the National Commodity and Derivatives Exchange, soybean for April delivery rose by Rs 74, or 1.96 per cent, to Rs 3,854 per quintal with an open interest of 1,03,835 lots.

Soybean for May delivery went up by Rs 48, or 1.27 per cent, to Rs 3,820 per quintal with an open interest of 65,310 lots.

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

Refined soya oil
Refined soya oil prices on Wednesday rose 2.73 per cent to Rs 804.4 per 10 kg in futures trade as speculators raised their bets.

On the National Commodity and Derivatives Exchange, refined soya oil for April delivery moved up by Rs 21.4, or 2.73 per cent, to Rs 804.4 per 10 kg in 42,915 lots.

Similarly, refined soya oil contracts for May delivery edged up by Rs 25.6, or 3.32 per cent, to Rs 797.4 per 10 kg in 13,215 lots.

Analysts said widening of positions by traders mainly helped refined soya oil prices to trade higher in futures market.

Mustard seed
Mustard seed prices on Wednesday rose by Rs 61 to Rs 4,200 per quintal in futures trade as participants widened their bets amid firm spot demand.

On the National Commodity and Derivatives Exchange, mustard seed for delivery in April rose by Rs 61, or 1.47 per cent, to Rs 4,200 per quintal with an open interest of 17,410 lots.

Similarly, the delivery for May went up by Rs 40, or 0.99 per cent, to Rs 4,075 per quintal with an open interest of 16,230 lots.

Marketmen said apart from restricted arrivals from growing belts, demand from oil mills in spot market mainly lifted mustard seed prices here.

Guar seed
Guar seed prices gained Rs 130 to Rs 3,380 per 10 quintal in futures trade on Wednesday on raising of bets by participants driven by firm spot demand.

Marketmen said apart from fresh bets, gain in guar seed futures was also due to limited supplies from growing belts.

On the National Commodity and Derivatives Exchange, guar seed contracts for April delivery rose by Rs 130, or 4 per cent, to Rs 3,380 per 10 quintal with an open interest of 40,720 lots.

Similarly, guar seed contracts for May delivery traded up by Rs 129, or 3.97 per cent, to Rs 3,404 per 10 quintal in an open interest of 18,055 lots.

Guar gum
Guar gum prices on Wednesday gained Rs 191 to Rs 4,972 per five quintal in futures trade as speculators increased their holdings on spot demand.

On the National Commodity and Derivatives Exchange, guar gum contracts for April delivery traded higher 3.99 per cent, or Rs 191, to Rs 4,972 per five quintal with an open interest of 31,930 lots.

Likewise, the contracts for delivery in May surged by Rs 193, or 3.99 per cent, to Rs 5,034 per five quintal as open interest stood at 17,985 lots.

Analysts said after tracking firm physical market trend, traders raised their bets which led to rise in guar gum prices.

Cottonseed oil cake
Cottonseed oil cake prices on Wednesday gained 3.96 per cent to Rs 1,971 per quintal in futures trade due to accumulation of positions by traders amid upbeat trend at the spot market.

On the National Commodity and Derivatives Exchange, cottonseed oil cake contracts for April delivery rose by Rs 75, or 3.96 per cent, to Rs 1,971 per quintal in 55,750 lots

Cottonseed oil cake contracts for May gained Rs 76, or 3.99 per cent, to Rs 1,993 per quintal in 27,000 lots.

Marketmen said raising of positions by participants amid rising demand from cattle feed makers mainly influenced prices here.

Coriander
Coriander prices on Wednesday rose Rs 238 to Rs 6,232 per quintal in futures trade as speculators widened their holdings tracking firm trend at the spot market.

On the National Commodity and Derivatives Exchange, coriander for April delivery shot up Rs 238, or 3.97 per cent, to Rs 6,232 per quintal with an open interest of 4,250 lots.

Similarly, the spice for May delivery traded higher by Rs 159, or 2.72 per cent, at Rs 6,002 per quintal in 3,290 lots.

A firm trend in spot market and restricted supplies from producing regions pushed up coriander prices here, market analysts said.