Mar 13, 2008

Commodity News 13th March 2008

Chilli future touches lower circuit

Mumbai: Chilli touched the lower circuit of 4 per cent at Rs 3,937 per quintal due to increase in arrivals at the Guntur spot markets. Turmeric dipped 3.69 per cent at Rs 3,183 per quintal on long liquidation after the heavy rally. Chana too touched the lower circuit at 3.99 per cent at Rs 2,812 per quintal as spot markets continued weak on robust arrivals. Guar seed declined by 3.41 per cent to Rs 1,900 per quintal on panic selling after European Union reportedly laid down new measures on guargum exported from India. On MCX, mentha ended was down 1.74 per cent at Rs 445 per 20 kg, while potato lost 0.74 per cent to Rs 589 per quintal.


Soya oil prices fall due to duty cut hopes

Mumbai: NCDEX and the exchange witnessed a turnover of Rs 2,472 crore. Guar prices went down after the European Union (EU) said it wants to further probe the source of contamination in guar gum exports. The commodity ended lower at Rs 1,907 per quintal with a turnover of Rs 617 crore.

Sugar prices closed lower to Rs 1,502 per quintal with a turnover of Rs 143 crore as deliveries went up for the current month. Soya oil futures dwindled in line with its rival Malaysian palm oil and on market talks the government slash the import duty to check rising prices and it closed lower at Rs 672 per 10 kg with a turnover of Rs 689 crore while rape mustard seed closed lower at Rs 606 per 20 kg with a turnover of Rs 397 crore. Soyabean too closed down at Rs 2,218 per quintal with a turnover of Rs 355 crore.

Pepper closed down at Rs 14,325 per quintal with a turnover of Rs 246 crore, while jeera closed down at Rs 9,290 per quintal with a turnover of Rs 137 crore. Turmeric closed lower at Rs 3,186 per quintal with a turnover of Rs 121 crore. Meanwhile, MCX posted a total turnover of Rs 6780.29 crore and 91,613 trades.

Bullion turnover consisted of gold Rs 2274.81 crore, and silver clocked a turnover of Rs 1538.56 crore.All contracts across the various segments showed a mixed trend. In bullion, bar one contract in gold and two contracts in silver, all contracts gained. Gold October gained 0.2% at Rs 12,768 per 10 gm, while other contracts gained marginally and gold December contract remained unchanged. Silver December contract lost 1.7% at Rs 25,999 per kg, silver M June contract gained 0.6% at Rs 25,703 per kg. In metals, a mixed trend prevailed as aluminium, tin contracts shed and so did nickel May contract 4.1% at Rs 1280 per kg and lead May contract 1.6% at Rs 120.85 per kg. Zinc March contract was up 0.7% at Rs 103.50 per kg.


Pepper future mkt falls on liquidation

Kochi: Pepper futures market declined sharply on March 12 on pessimistic sentiments and on reported fall in Vietnam prices. As India is, at present, the cheapest source for black pepper some business is taking place. Meanwhile, almost the entire domestic demand is met directly from the primary markets evading tax, they alleged. Vietnam on March 12, decreased its prices of FAQ 500 GL to $3,770 a tonne, FAQ 550 GL to $3,970 a tonne (f.o.b.). The fall in the Indian parity has created purchasing opportunity for the overseas purchasers, but most of them are still waiting for the prices to fall further.

On NMCE, March contract fell by Rs 380 a quintal to Rs 14,180. Total turnover on NCDEX increased by 5,534 tonnes to 16,493 tonnes, while that on NMCE fell by 44 tonnes to 1,503 tonnes. Total open interest on NCDEX fallen by 868 tonnes to 21,592 tonnes. March and April positions fell by 16 per cent and 60 per cent respectively while May increased by 478 tonnes.


Rubber price remains steady

Kottayam: Physical rubber rates continued almost firm on March 12. The lack of positive energy in global rubber kept the domestic purchasers mostly on sidelines but the market sustained at the prevailing levels, as there has been no selling pressure from dealers or growers. RSS 4 closed flat at Rs 106 a kg at Kottayam amidst narrow volumes while the grade increased by 50 paise to Rs 106.50 a kg at Kochi. RSS 3 fell to Rs 113.96 from Rs 115.75 a kg at Bangkok spot. The delivery month March contract managed to end in green at Rs 105.05 (104.91) a kg on NMCE while the April futures declined to Rs 107.45 (108.43), May to Rs 109.50 (110.87) and June to Rs 110.85 (112.13) per kg for RSS 4.The open interest was 6,679 (6,802) tonnes with 2,582 (2,675) tonnes in March, 2,479 (2,550) tonnes in April, 1,012 (976) tonnes in May and 606 (601) tonnes in June.