The Hindu Business Line : Wheat, turmeric futures slip

The expiry of December futures contract on commodity exchanges dragged down the prices of wheat, turmeric and cardamom on Friday. Wheat futures for December delivery on NCDEX fell 3.9 per cent to Rs 1,006 a quintal as traders felt prices may fall from January on fresh arrivals.

"Weak physical market sentiments have pulled down wheat futures prices to its recent lows. Huge delivery intentions also pressurised futures prices.

NCDEX has received delivery intentions for around 13,000 tonnes from sellers," said a Karvy Comtrade research report.

Cardamom on NCDEX was locked at the lower circuit of 6 per cent at Rs 327 per kg as the December contract expired on Friday. Turmeric fell Rs 64 per quintal to Rs 1,818. NCDEX registered a total turnover today of Rs 2,385 crore while that of MCX stood at Rs 2,318.16 crore.

Liquidation in chana

All chana contracts on NCDEX witnessed liquidation of long positions amid low volumes, suggesting a weakness in the markets.

The open interest for December chana contract dropped by almost 6,000 tonnes, while January contract fell by almost 7,000-8,000 tonnes at the closing session. December chana contract on NCDEX closed 1 per cent down at Rs 2,696 per tonne.

"Chana is expected to open weak tomorrow. A critical support of 2,705 was broken for NCDEX Chana January contract. NCDEX Chana January could test 2,676 levels," said a Kotak Commodities research report.

Pepper futures on NCDEX were up 2.47 per cent at Rs 10,186 per quintal. "Prices of Indian pepper being cheaper than other countries there was good export demand. Global output is also expected to be down by 25 per cent," said a trader.

Jeera gained 1.05 per cent at Rs 8,601 per quintal while chilli futures was up 0.75 per cent at Rs 7,024 per quintal on NCDEX.

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