The Hindu Business Line : RM seed futures down on weak spot prices

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Mumbai Feb. 8 Weak spot prices pulled down rapeseed-mustardseed (RM seed) futures on NCDEX by 1.68 per cent to Rs 362 per 20 kg. The Government has allowed the National Agricultural Cooperative Marketing Federation of India (NAFED) to continue sales of RM seed beyond the Feb. 10 deadline, which could see an inflow of 8 lakh tonnes of RM seeds into the spot markets.

Moreover, fresh arrivals of 10,000 bags (90 kg each) of RM seeds in Madhya Pradesh spot markets having higher moisture content aided the bearish tone in the futures market.

Soya oil imports

Higher soya oil imports of around 3.10 lakh tonnes in February against 2.80 lakh tonnes in January saw refined soya oil futures on NCDEX close down 0.75 per cent at Rs 442 per 10 kg.

Chana futures were marked lower 1.18 per cent to Rs 2,336 per quintal on fresh arrivals in Madhya Pradesh and Delhi. Chana production is also thought to be higher at 60 lakh tonnes against 50 lakh tonnes last year.

Pepper futures down

Pepper futures fell 0.67 per cent to Rs 12,590 per quintal on sluggish demand from buyers. Sugar futures moved down 0.77 per cent to Rs 1,549 per quintal on weak demand.

Kapas and kapaskali futures on MCX were up 1.45 per cent and 1.49 per cent at Rs 419 per 20 kg and Rs 334 per 50 kg respectively. Possibility of exports to US and China improved kapas futures.

Turnover up

NCDEX registered a turnover of Rs 2,585 crore (Rs 2,525 crore, up to 11 p.m.) up to 5 pm on 83,650 (84,330) trades while on MCX it was Rs 3,408 crore (Rs 8,958 crore, up to 11 p.m.) on 67,100 (164,393) trades. Active trades were seen in chana, pepper, guarseeds, refined soya oil, jeera and gold.

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