The Hindu Business Line : Turmeric, sugar hit upper circuit

Mumbai, March 4 It was a mixed day for commodity futures trading in the national exchanges. While kapas (raw cotton), turmeric and sugar hit the upper circuit on NCDEX, soya oil, soyabean and rapeseed mustard seed futures hit the lower circuit limit.

Kapas for April delivery closed up 3.44 per cent at Rs 560 per 20 kg as prices on the New York Board of Trade hit a 10-year high of 88.80 cents per pound.

“US-based International Cotton Advisory Committee (ICAC) has forecast the closing stock for 2007-08 down 9 per cent at 11.5 million tonne, lower by 1.1 million tonne. ICAC expects the demand to remain robust in the current season,” said an analyst.

Good buying in Andhra Pradesh spot markets boosted turmeric futures 3.32 per cent to Rs 3,456 per quintal.

Chilli turns hot

Shortage of good quality chilli stocks in the spot markets fuelled speculative buying in futures. Chilli March contract gained 1.38 per cent to Rs 4,492 per quintal.

Sugar for April delivery was locked in the upper circuit of 3.05 per cent at Rs 1,587 per quintal.

It was profit booking time in the soy counter. Refined soya oil lost 1.97 per cent to 714 per 10 kg, rapeseed mustard seed closed down 1.77 per cent to Rs 636 per 20 kg and soyabean dipped 1.67 per cent to Rs 2,329 per quintal. Chana was marginally down by 0.74 per cent at Rs 2,963 per quintal.

On MCX, potato (Tarkeshwar) closed at the lower circuit of 2.28 per cent at Rs 492 per quintal.

MCX recorded a turnover of Rs 6,302 crore up to 5.45 pm on Tuesday, while it was Rs 4,518 crore on NCDEX.

Chana futures fall

Reuters reports: Chana futures fell on Tuesday afternoon tracking a weak spot market, after arrivals improved slightly, analysts said.

The benchmark April Chana contract on the National Commodity and Derivatives Exchange was trading down 0.67 per cent at Rs 2,965 per 100 kg.

In Delhi, the spot price fell Rs 58 to Rs 2,750 per 100 kg.

GUAR

Guar futures pared early losses on Tuesday due to export demand from the U.S. and a weak rupee, analysts said.

The most traded April guar futures was trading at Rs 2,034, up 0.15 per cent. It had shed 1.57 per cent in early trade.