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Agri Commodities: Soya oil, guar seed, guar gum prices advance in futures amid strong demand

Cottonseed oil cake contracts for January gained Rs 1, or 0.05 per cent, at Rs 2,197 per quintal.

PTI|
Nov 07, 2019, 02.23 PM IST
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Agencies
Mustard
Mustard seed prices on Wednesday eased by Rs 52 to Rs 4,240 per quintal in futures trade.
Refined soya oil prices on Thursday rose 0.15 per cent to Rs 789 per 10 kg in futures trade as speculators raised their bets.

On the National Commodity and Derivatives Exchange, refined soya oil for delivery in November moved up by Rs 1.2, or 0.15 per cent, to Rs 789 per 10 kg in 13,380 lots.

Similarly, the oil for delivery in December contracts edged up by 60 paise, or 0.08 per cent, to Rs 792.6 per 10 kg in 30,090 lots.

Analysts said widening of positions by traders helped refined soya oil prices to trade higher in futures market here.

Mustard

Mustard seed prices on Thursday eased by Rs 7 to Rs 4,231 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 November delivery fell by Rs 7, or 0.17 per cent, to Rs 4,231 per quintal in a business turnover of 22,560 lots.

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

Guar seed
Guar seed prices on Thursday rose by Rs 49 to Rs 4,298 per 10 quintal in futures trade after participants widened their holdings, driven by a firm trend at the spot market.

On the National Commodity and Derivatives Exchange, guar seed for November contracts rose by Rs 49, or 1.15, to Rs 4,298 per 10 quintal with an open interest of 31,860 lots.

Similarly, guar seed for December delivery gained by Rs 42, or 0.99 per cent, to Rs 4,274 per 10 quintal with an open interest lots of 86,910.

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

Guar gum

Guar gum prices advanced by Rs 67 to Rs 8,025 per five quintal in futures trade on Thursday as investors created fresh bets on firm spot demand.

On the National Commodity and Derivatives Exchange, guar gum contracts for November rose by Rs 67, or 0.84 per cent, to Rs 8,025 per five quintal with an open interest of 7,435 lots.

Besides, guar gum for December delivery advanced by Rs 68, or 0.84 per cent, to Rs 8,125 per five quintal with an open interest of 59,795 lots.

Restricted arrivals from growing regions aided the rise in guar gum future prices, traders said.

Coriander

Coriander prices on Thursday rose 0.48 per cent to Rs 7,178 per quintal in futures market as participants built up fresh positions amid rising spot demand.

Besides, tight stocks on account of restricted arrivals from major growing regions strengthened the prices.

On the National Commodity and Derivatives Exchange, coriander for November contracts edged higher by Rs 34, or 0.48 per cent, to Rs 7,178 per quintal with an open interest of 11,520 lots.

Market analysts attributed the rise in coriander futures to upsurge in demand in the physical market against tight stocks position.

On similar lines, the spice for delivery in December contracts was trading higher by Rs 15, or 0.22 per cent, to Rs 6,890 per quintal with an open interest of 9,670 lots.

Cottonseed oil
Cottonseed oil cake prices on Thursday increased by Rs 26.5 at Rs 2,302 per quintal in futures trade due to accumulation of positions amid upbeat trend at the spot market.

On the National Commodity and Derivatives Exchange, cottonseed oil cake contracts for December delivery rose by Rs 26.5, or 1.16 per cent, at Rs 2,302 per quintal in 49,220 lots.

Cottonseed oil cake contracts for January gained Rs 1, or 0.05 per cent, at Rs 2,197 per quintal in 23,260 lots.

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

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