The Hindu Business Line : Futures drop on sub-prime woes

Mumbai, Aug 16 Woes of sub-prime lending seem to have hit sentiments on the commodity futures exchanges, especially on soya complex, which tracks the international price movements. Almost all the agriculture commodity futures ended Thursday in the red.

Soya oil futures on NCDEX dropped 1.8 per cent to Rs 486 per 10 kg, while soyabean for August delivery dipped 1.43 per cent to Rs 1,547 per quintal. Soya oil on Malaysian markets was down 81 ringgit per tonne to 2,389.

Market estimates a bumper soyabean production of 8.5 million tonnes this year.

Guarseed futures lost 1.18 per cent to Rs 1,843 per quintal on profit booking.

Jeera futures gave in Rs 168 per quintal to Rs 12,024, keeping in line with weak spot markets.

Expiry of turmeric August contract pulled prices down 1.78 per cent to Rs 2,098 per quintal. “Traders expect more delivery to happen on August contract expiry,” said an analyst.

Weak international market had its impact on pepper futures on NCDEX with September contract losing 1.26 per cent to Rs 13,211 per quintal. “Pepper futures could test 12740 levels in the short-term; from that level we can see a smart bounce,” said a Share Khan commodity report.

Increase in arrivals from Hassan pulled down potato futures on MCX for September delivery by 1.98 per cent to Rs 627 per quintal.

MCX recorded a turnover of Rs 5,684 crore (Rs 10,161 crore up to 11 pm on Tuesday).

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