The Hindu Business Line : Fewer trades in commodity futures on market holiday

Mumbai March 19 Lack of price signals from major spot markets, which remained closed on Monday on account Gudi Padwa, pulled down participation in national commodity futures markets.

Total trades on the MCX fell from 70,812 (on Friday) to 58,336 on Monday. The turnover on Friday was Rs 4,329 crore up to 5 p.m. against Rs 3,489 crore up to 5 p.m. on Monday.

Jeera for April delivery on NCDEX gained 1.97 per cent to Rs 12,270 per quintal, as arrivals were lower at 10,000 bags against 20,000-70,000 bags through last week. Speculative buying pushed up chilli and pepper futures by 1.5 per cent and 0.69 per cent to Rs 4,535 per quintal and Rs 12,492 per quintal, respectively.

Potato down

Castorseed dropped 0.9 per cent to Rs 394 per 20 kg on profit-booking. Futures contracts of potato Delhi on NCDEX and potato Tarkeshwar on MCX lost 0.78 per cent and 2.4 per cent to Rs 651 per quintal and Rs 576 per quintal, respectively. "The demand has declined as almost 50-60 per cent of the cold storages are fully stocked up. Spot prices in Agra were quoted at Rs 600 per quintal," said a trader.

Cardamom futures on MCX dipped 2.36 per cent to Rs 654 per kg on lack of demand. Mentha oil futures were down 1.88 per cent to Rs 564 per kg as the production is expected to be higher than last year's 25,000 tonnes.