Agri-commodity: Crude palm oil, cardamom fall on profit booking

Chana prices spurted by 2.01 per cent to Rs 784.05 per quintal in futures trade today as participants raised bets, driven by upsurge in demand from dal mills in the spot market.

Besides, tight stocks position following fall in arrivals from producing regions, fuelled the uptrend.

At the National Commodity and Derivatives Exchange, chana for delivery in April rose by Rs 72, or 2.01 per cent, to Rs 3,656 per quintal with an open interest of 80,080 lots.

Likewise,the commodity for delivery in May contracts was trading higher by Rs 63, or 1.74 per cent, to Rs 3,677 per quintal in 31,110 lots.

Analysts attributed the sharpBSE -4.95 % rise in chana prices to an uptick in demand in the physical market against restricted supplies from producing regions.

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Crude palm oil futures:
Crude palm oil prices fell 0.47 per cent to Rs 641.50 per 10 kgs in futures trade today as speculators booked profits at higher levels amid fall in demand in the spot market.

Further, mounting stocks on relentless supplies from growing regions also kept prices down.

At the Multi Commodity Exchange, crude palm oil for delivery in the current month eased Rs 3, or 0.47 per cent, to Rs 641.50 per 10 kgs, in a business turnover of 107 lots.

The oil for delivery in April contracts traded lower by Rs 2.20, or 0.34 per cent, to Rs 650.70 per 10 kgs in 272 lots.

Analysts said profit-booking by speculators at current levels and a fall in demand in the spot market weighed on crude prices.

Refined soya oil futures:
Refined soya oil prices moved down by 0.43 per cent to Rs 784.05 per 10 kg in futures market today as speculators reduced bets, amid easing demand in the spot market against adequate stocks position.

At the National Commodity and Derivatives Exchange, refined soya oil for delivery in May drifted down by Rs 3.40, or 0.43 per cent to Rs 784.05 per 10 kg with an open interest of 30,360 lots.

Similarly, the oil for delivery in April contracts declined by Rs 3.15, or 0.40 per cent, to Rs 777 per 10 kg in 61,410 lots.

Analysts said offloading of positions by participants following fall in demand in the physical market against sufficient stocks position on increased arrivals from producing belts, weighed on refined soya oil prices at futures trade.

Cardamom futures:
Cardamom prices dropped by Rs 8.80 to Rs 1,062.50 per kg in futures market today as speculators booked profits at prevailing levels amid easing demand at spot market.

At the Multi Commodity Exchange, cardamom for delivery in May contracts declined by Rs 8.80, or 0.82 per cent, to Rs 1,062.50 per kg in a business turnover of 7 lots.

The spice for delivery in April contracts was down by Rs 5.30, or 0.51 per cent, to Rs 1,044 per kg, with a trading volume of 12 lots.

Marketmet said participants offloaded positions amid sluggish demand at spot market against adequate stocks position on higher supplies from producing regions.

Mentha oil futures:
Mentha oil prices fell 2.15 per cent to Rs 1,240.40 per kg in futures trade today as speculators trimmed positions on muted demand from consuming industries in the spot market.

Besides, ample stocks position on higher supplies from major producing belts of Chandausi in Uttar Pradesh fuelled the downtrend.

At the Multi Commodity Exchange, mentha oil for delivery in April contract declined Rs 27.30, or 2.15 per cent, to Rs 1,240.40 per kg in a business turnover of 474 lots.

On similar lines, the oil for delivery in far-month May contracts traded lower by Rs 19, or 1.66 per cent, at Rs 1,127 per kg in 24 lots.

Analysts said offloading of positions by participants amid subdued demand from consuming industries in spot market led to the decline in mentha oil prices in futures trade.

Jeera futures:
Jeera prices fell Rs 220 to trade at Rs 14,600 per quintal in futures market today as speculators trimmed positions to book profits at prevailing levels amid lower domestic and exports demand.

Also, ample stock positions following higher supplies from the producing regions fuelled the downtrend.

At the National Commodity and Derivatives Exchange, jeera for delivery in April contracts fell Rs 220, or 1.48 per cent, to trade at Rs 14,600 per quintal with an open interest of 8,070 lots.

Similarly, the spice for delivery in May contracts moved down by Rs 155, or 1.02 per cent, to Rs 15,050 per quintal in 1,203 lots.

Analysts said besides profit-booking by speculators at existing levels, fall in demand at the spot market against adequate stock positions, kept pressure on jeera futures.

Castor seed futures:
Castor seed prices slipped by Rs 5 to Rs 4,080 per quintal in futures trading today as traders preferred to cut down holdings in line with weak sentiment amid feeble export demand.

Market players said weak spot markets sentiment due to weak demand for paint, soap and lubricant industries amid abound availability of ready stocks in the market discouraged traders, resulting in fall in castor seed futures prices.

Besides, slackness in export demand too weighed on castor seed futures prices, they quoted.

At the National Commodity and Derivatives Exchange castor seed delivery for the most traded April month went down by Rs 5 or 0.12 per cent to Rs 4,080 per quintal, in an open interest of 46,860 lots.

Also, the delivery of the second contract May month edged down by Rs 4 or 0.10 per cent to Rs 4,129 per quintal, having an open interest of 24,560 lots.

Mustard seed futures:
Mustard seed prices gained Rs 14 to Rs 3,967 per quintal in futures trade today on accumulation of bets by traders in tune with strong physical demand.

Market players said reduced arrivals and strong demand from oil mills in spot markets bolstered trading sentiments in mustard seed futures prices.

At the National Commodity and Derivative Exchange, mustard seed delivery for April contracts moved up by Rs 14, or 0.35 per cent, to Rs 3,967 per quintal with an open interest of 46,690 lots.

Similarly, the delivery of May contracts edged up by Rs 10 or 0.25 per cent to Rs 4,012 per quintal, showing an open interest of 40,210 lots.

At the National Commodity and Derivative Exchange, mustard seed delivery for April contracts moved up by Rs 14, or 0.35 per cent, to Rs 3,967 per quintal with an open interest of 46,690 lots.

Similarly, the delivery of May contracts edged up by Rs 10 or 0.25 per cent to Rs 4,012 per quintal, showing an open interest of 40,210 lots.

Turmeric futures:
Turmeric prices weakened by 1.97 per cent to trade at Rs 6,546 per quintal in futures market today as participants reduced exposure, triggered by sufficient stocks position at the spot market.

Moreover, mounting of stocks followed by increase in arrivals from the growing regions also weighed on turmeric prices.

At the National Commodity and Derivatives Exchange, turmeric for delivery in April contract declined by Rs 132, or 1.97 per cent, to trade at Rs 6,546 per quintal with an open interest of 8,030 lots.

Similarly, the contract for May was trading at Rs 6,658, down by 1.65 per cent or Rs 112, with trading volume of 7,320 lots.

Market analysts said offloading of positions by traders, triggered by fall in demand at the domestic spot markets against adequate stocks position on increased supplies, mainly kept pressure on turmeric prices in futures trade.

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