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Agri Commodities: Guar gum, soybean, soya oil drop in futures trade amid low demand

Guar gum prices on Tuesday eased by Rs 53 to Rs 6,610 per five quintal in futures market.

PTI|
Last Updated: Feb 18, 2020, 03.47 PM IST
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Agri Commodities: Guar gum, mustard seed, coriander gain on spot demand
Refined soya oil prices on Tuesday fell by Rs 5.6 to Rs 827.4 per 10 kg in futures trade.
Guar gum prices on Tuesday eased by Rs 53 to Rs 6,610 per five quintal in futures market as traders reduced their holdings on weak trend at the spot market.

Marketmen said trimming of positions by participants amid weak demand mainly dragged down guar gum prices here.

On the National Commodity and Derivatives Exchange, guar gum contracts for February delivery slipped by Rs 53, or 0.80 per cent, to Rs 6,610 per five quintal in 135 lots.

Guar gum contracts for March delivery eased by Rs 4, or 0.06 per cent, to Rs 6,629 per five quintal in 53,640 lots.

Soybean

Soybean prices on Tuesday fell by Rs 80 to Rs 3,956 per quintal in futures market as traders cut down their positions on weak spot demand.

On the National Commodity and Derivatives Exchange, soybean to be delivered in February contracts moved down by Rs 80, or 1.98 per cent, to Rs 3,956 per quintal with an open interest of 3,510 lots.

Soybean for delivery in March contracts also eased by Rs 34, or 0.87 per cent, to Rs 3,854 per quintal with an open interest of 1,42,540 lots.

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

Soya oil

Refined soya oil prices on Tuesday fell by Rs 5.6 to Rs 827.4 per 10 kg in futures trade as speculators reduced holdings amid weak demand at spot market.

On the National Commodity and Derivatives Exchange, refined soya oil for delivery in February declined by Rs 5.6, or 0.67, to Rs 827.4 per 10 kg in 9,725 lots.

The refined soya oil contracts for March dropped by Rs 6.2, or 0.76 per cent, to Rs 805.6 per 10 kg in 53,935 lots.

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

Mustard

Mustard seed prices on Tuesday dropped by Rs 29 to Rs 3,932 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 February delivery fell by Rs 29, or 0.73 per cent, to Rs 3,932 per quintal in a business turnover of 460 lots.

Mustard seed contracts for April delivery also declined by Rs 14, or 0.35 per cent, to Rs 3,994 per quintal in a business turnover of 18,460 lots.

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

Guar seed

Guar seed prices on Tuesday rose by Rs 12 to Rs 3,818 per 10 quintal in futures trade after speculators increased their positions driven by a firm trend at spot market.

On the National Commodity and Derivatives Exchange, guar seed for February contracts rose by Rs 12, or 0.32 per cent, to Rs 3,818 per 10 quintal with an open interest of 73,290 lots.

Similarly, guar seed for March delivery gained Rs 8, or 0.21 per cent, to Rs 3,850 per 10 quintal with an open interest of 8,860 lots.

According to marketmen, raising of bets by speculators tracking a firm trend in spot market on thin supplies from growing belts mainly led to rise in guar seed prices here.

Cottonseed oil

Cottonseed oil cake prices on Tuesday fell by Rs 25 to Rs 1,712 per quintal in futures trade as participants reduced their bets amid a weak trend at the spot market.

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

On the National Commodity and Derivatives Exchange, cottonseed oil cake to be delivered in February fell by Rs 25, or 1.44 per cent, to Rs 1,712 per quintal with an open interest of 12,190 lots.

Cottonseed oil cake for delivery in March went down by Rs 33, or 1.90 per cent, to Rs 1,704 per quintal in 87,540 lots.

Coriander
Coriander prices on Tuesday fell by Rs 24 to Rs 6,120 per quintal in futures trade as speculators reduced their positions amid weak demand at spot market.

On the Multi Commodity Exchange, coriander contracts for April eased by Rs 24, or 0.39 per cent, to Rs 6,120 per quintal in 7,070 lots.

Similarly, the spice for May delivery traded lower by Rs 72, or 1.15 per cent, at Rs 6,174 per quintal in 940 lots.

Market analysts said subdued demand in spot market mainly led to decline in coriander prices here.


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