The Hindu Business Line : Chilli, jeera hit upper circuit

Mumbai, Feb. 28 Buoyed by the tight supply at the Guntur spot markets, chilli futures on NCDEX hit the upper circuit at 3.67 per cent to Rs 4,185 per quintal.

Jeera also hit the upper circuit of two per cent at Rs 9,527 per quintal on improved buying activities in spot markets. Robust export demand on the back of thin supply propped up pepper futures by 1.2 per cent to Rs 15,780 per quintal.

Rape and mustard seed and maize prices increased 0.62 per cent each to Rs 587 per 20 kg and Rs 814 per quintal. Fresh buying on firm spot market coupled with strong export demand in the market boosted maize prices while RM seed recovered on speculative buying supported by strong fundamentals.

Barley futures dipped 0.89 per cent to Rs 1,022 per quintal on long liquidation after the recent rally. Chana for March delivery shed 0.82 per cent to Rs 2,799 per quintal on profit taking as spot prices remained weak across major markets. Kapas was down 0.62 per cent at Rs 512 per 20 kg on profit taking and weak global markets.

On MCX, potato futures were close to the upper circuit at 1.99 per cent to Rs 640 per quintal on stockiest buying.

MCX recorded a turnover of Rs 5,547 crore up to 5 pm on Thursday while it was Rs 2,498 crore.

Gold futures ease

Reuters reports: Gold futures opened down on Thursday as foreign markets took a breather from the previous day’s records, but analysts said it could aim for fresh highs owing to the the weak outlook for the US economy.

“Gold may go down a bit and then come up again,” said an analyst at IL&FS Investsmart Commodities Ltd.

Overseas gold was slightly lower than the previous day, but still very much in sight of its record $964.70 an ounce reached the previous day.

A technical analyst Mr Aurobinda Prasad at Karvy Comtrade Ltd said the April gold contract on the Multi Commodity Exchange of India Ltd could aim for Rs 12,350 per 10 gm if it manages to stay above its support of Rs 12,170.

April gold on MCX touched its all-time high of Rs 12,291 on Wednesday.

Open interest for April gold was at 11,319 lots, up from the previous day’s 11,277. Volume on Wednesday was at 53.81 kg.

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Chilli, jeera hit upper circuit