Business Daily from THE HINDU group of publications
Monday, Jun 19, 2006
Business Daily from THE HINDU group of publications Monday, Jun 19, 2006 |
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Agri-Biz & Commodities
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Commodity Exchanges Jeera could see speculative selling Dhimant Bhatt
Mumbai , June 18 Jeera futures prices are likely to rule steady to weak this week on speculative selling by some operators amid sluggish domestic and export demand. Spot prices at Unjha marketyard in Gujarat were up Rs 50-60 at Rs 6,564 a quintal on Friday over previous week on reports of lower crop in Syria and Turkey but prices fell marginally on Saturday on lack of local and export demand. Jeera July contracts (expiring on July 15) on MCX were down Rs 10-15 to Rs 6,451 a quintal ex-Unjha on Saturday in the absence of domestic and export demand. "Prices may rule weak on lack of firm export demand," a local broker said.
Red Chilli may dip
Red chilli futures prices could decline this week on some offerings by stockists amid low off-take, trader said. Red chilli LCA 334 (pala) July contracts on the NCDEX platform were up Rs 275 at Rs 4,923 a quintal (ex-Guntur) on Friday over previous week on some speculative buying support. "Futures prices may rule weak as local demand is dull. The market is now weather-driven and stockists may turn seller on expectation of rains this week," a trader said. Spot prices of LCA 334 (pala) variety were down Rs 150 at Rs 4,450 a quintal on stray buying interest.
Chana seen recouping
Chana futures prices may recover this week on some speculative buying support amid fresh buying from dal mills. Chana July contracts on NCDEX were down Rs 25 to Rs 2,595 a quintal on Saturday (ex-Delhi) over last week. "Prices may recover on continued buying support," a local trader said. The delivery intentions in June contracts at NCDEX were just 900 tonnes, while the open interest for the June contract was around 15,000 tonnes last week. "This implies that the traders anticipate rise in prices in future and are refraining from delivery in the present contract. This will lead to an upward pressure on the prices," an analyst with Kotak CSL Research said. Spot prices in Delhi market were down Rs 10 at Rs 2,419.
More Stories on : Commodity Exchanges | Sugar
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