The Hindu Business Line : Wheat futures dip on hopes of cut in stock limits

The possibility of a cut in wheat stock limits under the Essential Commodities Act pulled down wheat future prices on NCDEX by 2.7 per cent at Rs 1,076 per quintal.

"Wheat production (rabi) is also expected to be on the higher side at 80 million tonnes against 69.5 million tonnes last year. There were also reports of a stock pile up at the NCDEX warehouses turning sentiment bearish. We expect prices to drop by another Rs 20-25 per quintal. However, the two-month guidance for wheat still remains bullish," said Mr Harish Galipalli, head of research, Karvy Commodities.

Urad down

Fresh arrivals at the mandis dragged down urad desi futures on NCDEX by 3.59 per cent at Rs 3,254 per tonne. Pepper continued to fall on NCDEX at Rs 10,648 per quintal, a fall of 2.62 per cent. The lack of confirmation on export orders for turmeric pulled down prices by 2.44 per cent at Rs 1,960 per tonne. Rubber on MCX gained 0.75 per cent at Rs 7,889 per quintal.

Chilli lacks support

Lack of support at higher levels cut chilli prices by 2.92 per cent at Rs 6,910 per quintal on NCDEX. Kapaskhali, a cotton variety, on MCX lost 1.27 per cent at Rs 287.20 per 50 kg on predictions of a bumper crop. Build up of stocks by traders in anticipation of a demand from international markets marked up mentha oil prices on MCX by 1.22 per cent at Rs 670 per kg.

Refined soya oil gained 0.69 per cent on MCX at Rs 466.70 per 10 kg.

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