Mar 14, 2008

Commodity News 14th March 2008

Rubber remains stable

Kottayam: Spot rubber remained under pressure following sharp falls in global futures. RSS 4 ended flat at Rs 106 a kg at Kottayam as there were no sellers in the market but the grade fell by 50 paise from Rs 106.50 a kg to reach the same level at Kochi. The remaining grades including latex 60 per cent were weak on buyer resistance. RSS 3 spot fell by 30 paise to Rs 113.66 a kg at Bangkok. In futures the April futures for RSS 4 fell to Rs 106.15 (106.74) a kg on MCX. The March contract for the grade weakened to Rs 104.16 (105.05), April to Rs 105.57 (107.55), May to Rs 107.50 (109.57) and June to Rs 108.87 (110.95) per kg on NMCE.


Turmeric futures profit on hopes of production decline

Mumbai: Turmeric futures in NCDEX gained 2.39 per cent to Rs 3,262 per quintal on expectation of a decline in rabi output. Taking the cue from global markets, soybean increased 1.65 per cent to Rs 2,255 per quintal. After the recent correction, pepper futures were up 1.44 per cent to Rs 14,531 per quintal. Chana regained much of its loss in the first session to close with a minor gain of 0.36 per cent at Rs 2,822 per quintal. March 12, decline continued in guarseed and guar gum, whose futures lost 2.37 per cent and 1.36 per cent to Rs 4,570 per quintal and Rs 1,881 per quintal respectively. Guar counter turned weak on reports that the European Union has decided to probe further the source of contamination in guar gum recently exported from India. Chilli declined 0.99 per cent to Rs 3,898 per quintal on weak sentiment in the physical market. Barley fell 0.98 per cent to Rs 1,075 per quintal on account of long liquidation after the recent rally.