The Hindu Business Line : Guarseed futures decline 6 per cent

Prices of guar seed on the commodity futures market declined six per cent on Wednesday on unconfirmed reports of the Union Government telling the market regulator Forward Market Commission (FMC) to ban trading in the commodity. The price on NCDEX hit the lower circuit of six per cent to touch Rs 2,053 per quintal. However, it recovered when there was no confirmation and closed Rs 86 per quintal lower at Rs 2,069.

Pulses nosedive

Pulses including chana, urad, tur and maize lost heavily. Weak spot market prices and expectations of a good rabi crop saw chana lose 2.41 per cent per quintal on NCDEX at Rs 2,794. Cardamom on MCX lost four per cent per quintal at Rs 398.50 on lower demand.

"Improved arrivals of urad and tur at the spot markets in Maharashtra, Karnataka and Andhra Pradesh exerted pressure on future quotes," said Mr Harish Galipalli, head of research at Karvy Commodities. Urad on NCDEX gave in 2.67 per cent at Rs 2,794 per quintal. Tur also lost marginally.

Bird flu in South Korea pulled down soyabean and soya oil prices. Soyabean futures on NCDEX lost 2.33 per cent at Rs 1,396 per quintal while soyaoil was down 1.81 per cent at Rs 474 per 10 kg.

Pepper was one of the major losers on NCDEX on poor spot demand. Pepper futures were down 5.04 per cent per quintal at Rs 10,935 per quintal. Chilli gained Rs 200 per quintal and was the only positive commodity. It was up 2.21 per cent on NCDEX at Rs 715 per quintal as news of firm export orders reached the market.