The Hindu Business Line : Weak cottonseed spot market hits futures

Mumbai, Nov 5 Following the weak spot market, Cottonseed oilcake (Cocud) futures on NCDEX hit the lower circuit at Rs 335 per 50 kg. “Cocud futures have taken a cue from the Akola spot markets where it fell by Rs 100-150 per tonne in the last 2-3 days,” said an analyst.

Guar seed futures fell 2.6 per cent to Rs 1,647 per quintal on weak spot prices supported by higher arrivals.

Though the crude palm oil futures on Malaysian Exchange remained firm, soyabean and soy oil futures on NCDEX posted a sharp decline on account of lacklustre demand and increased selling pressure in the market. Soybean and soya oil for November delivery dipped 2.15 per cent and 1.14 per cent to Rs 1,638 per quintal and Rs 499 per 10 kg, respectively.

Chilli declines

Chilli dropped 1.38 per cent to Rs 4,431 per quintal due to large arrivals in the Guntur spot markets. Jeera prices toppled 1.13 per cent to Rs 10,731 per quintal on the back of increased selling pressure in the spot market.

Kapaskhali futures on MCX fell 3.77 per cent to Rs 309 per candy (1 candy = 355.60 Kg) on long liquidation supported by weak spot markets. Mentha oil futures fell 3.49 per cent to settle at Rs 466 per kg on back of heavy selling. After opening firm, potato (Tarkeshwar) futures shed 1.78 per cent to Rs 655 per quintal due to long liquidation.

Castorseed on NCDEX and cardamom on MCX were the only marginal gainers.

MCX on Monday recorded a turnover of Rs 4,026 crore while on NCDEX it was Rs 1,876 crore up to 5 pm. MCX Comdex – the composite index of metals, energy and agri sub-indices – receded by 1.08 per cent at 2387.85 points, MCX Metal Index by 0.67 per cent at 2616.42 points, MCX Energy Index by 1.28 per cent at 2786.27 points and MCX Agri- Index by 1.74 per cent at 1611.44 points.

Gold contracts, including gold mini, fell in the range of Rs 69 and Rs 52 per 10 gm. Gold December receded by 0.54 per cent at Rs 10,182 per 10 gm. Silver contracts, including silver mini, moved within a mixed range of – Rs 148 and Rs 440 per kg. Silver December lost 0.75 per cent to Rs 19,067 per kg.

More Stories on : Commodity Markets | Cotton | Oilseeds & Edible Oil

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