The Hindu Business Line : Guarseed futures could turn weak

Guarseed futures prices may rule weak this week on some offerings by some operators and stockists after the reports of early showers in some parts of western region and the arrival of southwest monsoon ahead of schedule.

Guarseed June contracts on MCX were up Rs 65-70 to Rs 1,989 a quintal (Jodhpur) on Friday over last week. June contracts on NCDEX were also up Rs 40 at Rs 1,974 for 100 kg on Friday over last week.

In the physical market, spot prices at Jodhpur market were up Rs 20 to Rs 1,880 on Friday. "The arrival of the monsoon ahead of schedule has affected market sentiment and the monsoon's progress will dictate the prices now. Prices may rule weak on some offerings," a Jodhpur-based trader said.

Chana

Chana futures prices may weaken further this week on sluggish demand and lack of fresh buying support from dal mills. Chana June contracts on MCX were down about Rs 70 at Rs 2,453 for 100 kg on Friday (ex-Delhi) over last week, while June contracts on NCDEX were also down Rs 90 at Rs 2,429 for 100 kg over last week.

"Local demand from dal mills is moderate. Prices may rule weak as some operators turn bearish on reports of scattered pre-monsoon showers in western parts which will prove beneficial to other pulses crops like moong and urad," a local trader said.

Spot prices in Delhi market were down by Rs 70 at Rs 2,370 per 100 kg on Friday on lack of fresh buying interest.

Mustardseed

Mustard futures prices could fall further this week on continued offerings from operators and stockists amid higher stocks. Mustard June contracts on NCDEX were down Rs 8 to Rs 345 for 20 kg (ex-Jaipur) over last week. "We expect prices to rule weak on higher stocks with Nafed and higher production," a local trader said.

Spot prices at Jaipur market were down Rs 7 at Rs 338 per 20 kg on Friday over previous week

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