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Agri Commodities: Mustard, soya oil slump in futures trade amid weak demand

Mustard seed prices on Wednesday dropped by Rs 4 to Rs 3,950 per quintal in futures trade.

PTI|
Last Updated: Feb 20, 2020, 02.55 PM IST
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Soybean prices on Wednesday rose by Rs 38 to Rs 4,010 per quintal in futures market.
Mustard seed prices on Wednesday dropped by Rs 4 to Rs 3,950 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 4, or 0.10 per cent, to Rs 3,950 per quintal in a business turnover of 240 lots.

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

Soybean

Soybean prices on Wednesday rose by Rs 38 to Rs 4,010 per quintal in futures market as traders created fresh positions in line with spot demand.

On the National Commodity and Derivatives Exchange, soybean for February delivery rose by Rs 38, or 0.96 per cent, to Rs 4,010 per quintal with an open interest of 2,220 lots.

Soybean for March delivery rose by Rs 28, or 0.72 per cent, to Rs 3,908 per quintal with an open interest of 1,39,595 lots.

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

Soya oil
Refined soya oil prices on Wednesday fell by Rs 1.4 to Rs 822.8 per 10 kg in futures trade as speculators reduced holdings amid subdued demand at spot market.

On the National Commodity and Derivatives Exchange, refined soya oil for delivery in February declined by Rs 1.4, or 0.17, to Rs 822.8 per 10 kg in 7,540 lots.

The refined soya oil contracts for March dropped by Re 1, or 0.12 per cent, to Rs 811.8 per 10 kg in 51,120 lots.

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

Guar seed

Guar seed prices on Wednesday rose by Rs 12 to Rs 3,822 per 10 quintal in futures trade after speculators increased their positions driven by a firm trend in spot market.

On the National Commodity and Derivatives Exchange, guar seed for February contracts rose by Rs 12, or 0.31 per cent, to Rs 3,822 per 10 quintal with an open interest of 73,040 lots.

Similarly, guar seed for March delivery gained Rs 18, or 0.47 per cent to Rs 3,860 per 10 quintal with an open interest lots of 10,880.

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.

Guar gum
Guar gum prices on Wednesday gained Rs 19 to Rs 6,616 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 February delivery traded higher by 0.29 per cent, or Rs 19, to Rs 6,616 per five quintal with an open interest of 52,510 lots.

Likewise, the delivery of March contracts surged by Rs 27, or 0.40 per cent, to Rs 6,700 per five quintal as open interest stood at 9,435 lots.

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

Coriander
Coriander prices on Wednesday fell by Rs 16 to Rs 6,110 per quintal in futures trade after participants trimmed their positions on subdued demand at spot market.

On the Multi Commodity Exchange, coriander contracts for April eased by Rs 16, or 0.26 per cent, to Rs 6,110 per quintal in 7,200 lots.

Similarly, the spice for May delivery traded lower by Rs 5, or 0.08 per cent, at Rs 6,135 per quintal in 980 lots.

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

Cottonseed oil

Cottonseed oil cake prices on Wednesday traded up by Rs 18 to Rs 1,700 per quintal in futures trade as speculators created fresh positions driven by firm spot demand.

On the National Commodity and Derivatives Exchange, cottonseed oil cake for delivery in February traded higher by Rs 18, or 1.07 per cent, to Rs 1,700 per quintal with an open interest of 10,860 lots.

Likewise for delivery in March cottonseed oil cake traded higher by Rs 11, or 0.65 per cent at Rs 1,709 per quintal with an open interest of 87,410 lots.

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