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G K Nair

Kochi, Sept. 27 The market remained by and large sluggish with no active selling or buying.

No arrivals at terminal markets. Those holding expired stocks were trying to sell. Overseas buyers continued to remain on watching and waiting mode. They are looking for first and second quarter of next year. But, none wants to take a chance as the uncertainty here is wide, market observers told Business Line.

The continuous high volatility in the market seems to have resulted in most of the players loosing enthusiasm in the market, they said.

Prices in all other origins were steady to firm. Nobody was seems to be willing to sell while buyers were also not showing any interest anticipating that the prices would fall. However, the fundamentals in the world market remain unchanged, they said.

October contract on NCDEX on Thursday slipped by Re 1 a quintal to Rs 11,999. The fall in other contracts was from Rs 17 to Rs 96 a quintal.

On NMCE October contract dropped by Rs 16 a quintal to Rs 11,900. The drop in other contracts was from Rs 20 to Rs 71 a quintal.

The total turnover on NCDEX dropped by 3,047 tonnes to 12,984 tonnes, while that for October and November was 22 per cent and 70 per cent respectively.

On NMCE total turnover declined by 190 tonnes to 695 tonnes.

Total open interest on NCDEX moved up by 165 tonnes to 19,846 tonnes. October position dropped by 39 per cent, while November and December positions moved up by 39 per cent and 13 per cent respectively.

On NMCE, total open interest declined by 27 tonnes to 1,888 tonnes, while October position dropped by 32 per cent. Spot prices rules steady on Thursday at Rs 11,800 (un-garbled) and Rs 12,400 (MG 1) a quintal.

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