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Our Bureau

Tussle over sugarcane pricing in UP has turned out to be blessing for gur makers

Mumbai , Jan. 8

NCDEX's decision on Friday to launch new chilli future contracts to Rs 6,215 per quintal. The prices have been moving down over the last few days due to non-availability of contracts for rollovers.

The tussle between sugar millers and farmers in Uttar Pradesh over sugarcane pricing has turned out to be a blessing for gur makers.

"Farmers are willing to offer a discount of Rs 50 a quintal at Rs 80-90 per quintal on cane to gur makers but do not want to sell to millers.

Sugar millers are offering Rs 1,250 per quintal while farmers are demanding Rs 2,200 per quintal," said Mr G. Viresh, a research analyst.

Urad up

Fresh buying at lower levels saw urad prices up 2.22 per cent at Rs 3,175 per quintal on NCDEX. Urad had lost around Rs 300 over the week but speculative buying kept prices above the psychological level of Rs 3,000.

"Burmese varieties of urad from Chennai, along with desi urad from Maharashtra were quoted higher by Rs 50-75 per quintal on good demand from Guntur, Andhra Pradesh. NCDEX Urad January contract could test Rs 3,232-levels," said a Kotak Commodities Research report.

Rubber prices gained 7.90 yen on the Tokyo commodity exchange prompting buying in the domestic markets. Rubber on MCX gained 4.52 per cent at Rs 8,400 per quintal.

Pepper futures

Pepper futures on NCDEX turned volatile on lower production. The January futures touched a high of Rs 9,798 per quintal but selling at these levels pushed down prices to Rs 9,450 before closing at Rs 9,548.

Cardamom futures on MCX lost 1.89 per cent at Rs 362.50 per kg, while mentha oil fell 1.09 per cent at Rs 643.50 per kg. Guarseed was down 1.07 per cent at Rs 2,035 per quintal.

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