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Agri Commodities: Soybean, soya oil, mustard decline in futures trade amid low demand

Mustard seed prices on Tuesday dropped by Rs 12 to Rs 4,246 per quintal in futures trade.

PTI|
Last Updated: Nov 26, 2019, 03.18 PM IST|Original: Nov 26, 2019, 03.18 PM IST
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Guar seed prices on Tuesday rose by Rs 13 to Rs 4,165.5 per 10 quintal in futures trade as participants built their positions driven by a firm trend at spot market.

On the National Commodity and Derivatives Exchange, guar seed contracts for December traded higher by Rs 13, or 0.31 per cent, to Rs 4,165.5 pe 10 quintal with an open interest of 74,610 lots.

For January contracts, guar seed futures gained Rs 11.5, or 0.27 per cent, to Rs 4,200 per 10 quintal with an open interest of 27,430 lots.

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

Soybean
Soybean prices on Tuesday fell by Rs 16 to Rs 4,034 per quintal in futures market as traders cut down their positions amid weak cues from physical markets.

On the National Commodity and Derivatives Exchange, soybean to be delivered in December contracts moved down by Rs 16, or 0.39 per cent, to Rs 4,034 per quintal with an open interest of 82,510 lots.

Soybean for delivery in January contracts also eased by Rs 15, or 0.37 per cent, to Rs 4,050 per quintal with an open interest of 1,14,850 lots.

The fall in soybean prices in futures trade was mostly due to reduction of exposure by participants, marketmen said.

Soya oil

Refined soya oil prices on Tuesday fell by 40 paise to Rs 803.1 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 December declined by 40 paise, or 0.05 per cent, to Rs 803.10 per 10 kg in 43,600 lots.

Analysts said offloading of positions by speculators on low demand against adequate stocks position mainly influenced refined soya oil prices here.

Mustard
Mustard seed prices on Tuesday dropped by Rs 12 to Rs 4,246 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 12, or 0.28 per cent, to Rs 4,246 per quintal in a business turnover of 2,410 lots.

Mustard seed contracts for December delivery declined by Rs 11, or 0.26 per cent, to Rs 4,252 per quintal in a business turnover of 36,140 lots.

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

Cottonseed

Cottonseed oil cake prices on Tuesday rose by Rs 12.5 to Rs 2,097.5 per quintal in futures trade as participants accumulated positions on spot demand.

At the National Commodity and Derivatives Exchange, cottonseed oil cake for December delivery traded higher by Rs 12.5, or 0.60 per cent, at Rs 2,097.5 per quintal with an open interest of 48,940 lots.

Similarly, cottonseed oil cake for January delivery was trading higher by Rs 16.5, or 0.79 per cent, at Rs 2,101.5 per quintal with an open interest of 37,100 lots.

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

Guar gum
Guar gum prices on Tuesday came down by Rs 57 to Rs 7,544 per five quintal in futures trade as traders were indulged in offloading holdings, driven by subdued spot demand.

Marketmen said trimming of positions by participants in the wake of a decline in prices at spot market amid weak export demand dragged down guar gum prices in futures trade here.

On the National Commodity and Derivatives Exchange, guar gum contracts for December slipped by Rs 57, or 0.75 per cent, to Rs 7,544 per five quintal with an open interest of 44,925 lots.

For delivery in January, guar gum prices eased by Rs 63, or 0.82 per cent to Rs 7,647 per five quintal with an open interest of 24,555 lots.

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