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Agri Commodities: Cottonseed, guar gum, soyabean advance in futures trade amid firm demand

Cottonseed oil cake contracts for January next year gained Rs 4.5, or 0.21 per cent.

PTI|
Oct 23, 2019, 02.29 PM IST
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Agri Commodities: Guar gum, mustard seed, coriander gain on spot demand
Coriander prices up Rs 228 to Rs 6,332 per quintal in futures trade on Wednesday supported by a strong domestic demand and restricted supplies from producing belts.
Cottonseed oil cake prices increased by Rs 1.5 at Rs 2,215.5 per quintal in futures trade on Wednesday due to accumulation of positions amid upbeat trend at the spot market.

On the National Commodity and Derivatives Exchange, cottonseed oil cake contracts for December delivery rose by Rs 1.5, or 0.07 per cent, at Rs 2,215.5 per quintal in 48,500 lots.

Cottonseed oil cake contracts for January next year gained Rs 4.5, or 0.21 per cent, at Rs 2,143 per quintal in 22,520 lots.

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

Guar gum
Guar gum prices advanced by Rs 68 to Rs 7,410 per five quintal in futures trade on Wednesday as investors created fresh bets on firm spot demand.

On the National Commodity and Derivatives Exchange, guar gum contracts for November rose by Rs 68, or 0.93 per cent, to Rs 7,410 per five quintal with an open interest of 48,815 lots.

Besides, guar gum for December delivery advanced by Rs 38, or 0.51 per cent, to Rs 7,509 per five quintal with an open interest of 15,310 lots.

Restricted arrivals from growing regions aided the rise in guar gum future prices, traders said.

Guar seed
Guar seed prices rose by Rs 34 to Rs 3,972 per 10 quintal in futures trade on Wednesday after participants widened their holdings, driven by a firm trend at the spot market.

On the National Commodity and Derivatives Exchange, guar seed for November contracts advanced by Rs 34, or 0.86, to Rs 3,972 per 10 quintal with an open interest of 69,050 lots.

Similarly, guar seed for December delivery gained by Rs 29, or 0.73 per cent, to Rs 4,022 per 10 quintal in an open interest of 15,610 lots.

According to marketmen, raising of bets by speculators tracking a firm trend in spot market mainly led to rise in prices.

Soybean
Soybean prices rose by Rs 17 to Rs 3,734 per quintal in futures trade on Wednesday as traders created fresh positions supported by a strong spot demand.

On the National Commodity and Derivatives Exchange, soybean for delivery in November was up by Rs 17, or 0.46 per cent, at Rs 3,734 per quintal in 80,750 lots.

Soybean for delivery in December rose by Rs 12, or 0.32 per cent, to Rs 3,755 per quintal in 70,110 lots.

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

Mustard
Mustard seed prices rose by Rs 51 to Rs 4,249 per quintal in futures trade on Wednesday as speculators raised their bets amid limited supplies.

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

At the National Commodity and Derivative Exchange, mustard seed for delivery in November rose by Rs 51, or 1.21 per cent, to Rs 4,249 per quintal in an open interest of 39,830 lots.

Similarly, the delivery for December gained by Rs 37, or 0.88 per cent, to Rs 4,255 per quintal with an open interest of 17,670 lots.

Soya oil
Refined soya oil prices were 0.11 per cent up at Rs 757 per 10 kg in futures trade on Wednesday as speculators raised their bets.

On the National Commodity and Derivatives Exchange, refined soya oil contracts for November moved up by 85 paise, or 0.11 per cent, to Rs 757 per 10 kg with 31,880 lots.

Similarly, the oil for delivery in December edged up by Rs 2.25, or 0.30 per cent, to Rs 759.35 per 10 kg in 8,870 lots.

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

Coriander
Coriander prices up Rs 228 to Rs 6,332 per quintal in futures trade on Wednesday supported by a strong domestic demand and restricted supplies from producing belts.

At the National Commodity and Derivative Exchange, coriander for delivery in November shot up by Rs 228, or 3.74 per cent, to Rs 6,332 per quintal with an open interest of 14,980 lots.

Similarly, the spice for delivery in December traded higher by Rs 214, or 3.45 per cent, to Rs 6,411 per quintal in 3,380 lots.

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

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