The Hindu Business Line : Cardamom, urad continue to gain

After falling for two weeks, cardamom futures for January delivery on MCX gained 4.63 per cent to Rs 384 per kg as arrivals in the Kerala spot markets slowed down.

"There has been good demand for cardamom from North India especially from Delhi markets. With the next harvest to start only in August, there will be no fresh arrivals in the markets," said a Karvy Comtrade report.

Rubber futures on MCX went up by 3.18 per cent to Rs 10,300 per quintal tracking the trend on the Tokyo Commodity Exchange, where it hit the upper circuit by gaining 10.6 yen to 239 yen per kg.

Agro commodities

Among agro commodities on NCDEX, urad futures continued its upward march to Rs 3,113 per quintal, a rise of 3.42 per cent. Turmeric futures on NCDEX, which have remained quiet over the last month, attracted some buying interest among stockists at lower levels. It gained 1.54 per cent to Rs 1,982 per quintal. Chilli was up 0.57 per cent to Rs 4,275 per quintal.

Mentha oil futures on MCX closed lower by 3.80 per cent at Rs 539 per kg as investors preferred to book profits. Potato futures on MCX were down marginally by 0.62 per cent at Rs 479 per quintal.

Chana and jeera futures on NCDEX were down 0.88 per cent and 0.68 per cent at Rs 2,364 per quintal and Rs 9,245 per quintal, respectively.

The soyabean market opened strong on firm product prices. Arrivals remained limited to Monday's level of 85,000 bags in Madhya Pradesh while Maharashtra reported an arrival of 60,000 bags.

"Extractors and stockists kept the demand firm on the futures market. But the market shed all its gains towards the closing hours of trading on profit booking and short covering. The benchmark January soyabean contract on NCDEX touched an intra-day high of Rs 1,372.8 per quintal before sliding to close near Rs 1,362.7 per quintal. Investors can buy with every fall," said a Kotak Commodity report.

On Tuesday, NCDEX registered a turnover of Rs 2,557 crore (Rs 2,885 crore) till 5 pm through 98,160 trades (99,450) while on MCX, it was Rs 3,69.72 crore (Rs 10,096 crore) via 71,114 trades (1,85,858). Among others, active trades were seen in guarseeds, chana, pepper, tur desi, urad desi and refined soy oil.