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Our Bureau

Short covering props up cardamom

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Mumbai Feb. 13 Opening on a high note, potato futures on MCX hit the upper circuit at Rs 601 a quintal for the third consecutive day, but later relinquished much of the gain to close at Rs 586, up 2.45 per cent from the previous close.

"Investors preferred to book profits as potato futures have gained from the low of Rs 508 per quintal on February 9, rising to Tuesday's high of Rs 601," said a dealer.

Short covering in cardamom futures on NCDEX pushed prices up 4 per cent to Rs 481 per kg. Pepper futures were up Rs 286 per quintal to Rs 12,651 per quintal.

Wheat futures

Wheat futures for March delivery rose 1.92 per cent to Rs 973 per quintal, while February contracts remained firm at Rs 1,077, up 1.8 per cent.

"Wheat arrivals were hampered in the main markets due to unseasonal rains. Lowering of rabi production estimates to 72.5 million tonnes (mt) from 75 mt was also affecting market sentiment," said an analyst.

Lack of guidance from spot markets kept chana futures on NCDEX up; they rose 1.42 per cent to Rs 2,146 per quintal. Mentha oil futures on MCX were down 1.18 per cent at Rs 593 per kg while guarseed for March delivery closed 1.35 per cent lower at Rs 1,898 per quintal.

NCDEX registered a turnover of Rs 2,443 crore (Rs 2,864 crore, up to 11 p.m.) up to 5 p.m. on 83,280 (89,900) trades, while on MCX the corresponding figures were Rs 2,817 crore (Rs 10,049 crore) on 61,099 (176,891) trades. Active trades were seen in chana, pepper, guarseed, refined soya oil, jeera and gold.

More Stories on : Horticulture/Fruits & Vegetables | Stock Markets

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