The Hindu Business Line : Futures trading in soya turns bearish

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Mumbai Feb. 6 Futures trading in soya oil and soyabean turned bearish after the Union Government on Tuesday raised production estimates to 8.68 million tonnes from 7.55 million tonnes.

Soyabean futures on NCDEX lost 0.90 per cent to close at Rs 1,436 per quintal, while soya oil futures closed down 0.76 per cent at Rs 459 a quintal.

Jeera up

Fear of crop damage due to cloudy weather in Rajasthan boosted jeera futures by 2.04 per cent to Rs 9,300 a quintal. "Jeera is more sensitive to climate. Any rain, particularly when the crop is ready for harvest, will damage the quality," said a trader.

Turmeric rise

Turmeric futures on NCDEX rose 1.48 per cent to Rs 2,059 per quintal on speculative buying.

Opening on a bearish note, chilli futures dropped to the day's low of Rs 4,152 per quintal but saw some buying at lower levels to close on a positive note at Rs 4,230 per quintal.

Chana gains

Chana futures gained 3.32 per cent to Rs 2,303 per quintal on thin volumes.

Traders were seen buying on the futures market on firm spot price signals where it was quoting at Rs 2,425 per quintal.

After rallying in the last few sessions, kapas futures on MCX closed at Rs 416 per quintal, down 0.45 per cent.

Turnover up

NCDEX registered a turnover of Rs 2,215 crore (Rs 2,340 crore, up to 11 pm) up to 5 pm on 76,760 (82,740) trades while on MCX it was Rs 2,488 crore (Rs 8,235 crore, upto 11 p.m.) on 50,659 (154,921) trades.

Active trades were seen in chana, pepper, guarseeds, refined soy oil, jeera and gold.

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