The Hindu Business Line : Jeera hits upper circuit

Mumbai, April 4 Inflation rate of seven per cent announced by the Government on Friday had an adverse impact on futures trading in chana and soyabean.

Traders felt that chana and edible oil complex will be delisted from futures trading as it was done with urad and tur when inflation touched 6.5 per cent last year.

MCX turnover fell 13 per cent to Rs 3,215 crore (Rs 3,685 crore) up to 5 pm, while that of NCDEX dipped 38 per cent to Rs 1,797 crore (Rs 2,484 crore) in NCDEX.

Rainfall in Unjha pushed up jeera futures to the four per cent upper circuit of Rs 9,064 per quintal, while the May contract, which also hit the upper circuit, closed 3.14 per cent higher at Rs 9,155 per quintal.

Soyabean rose 1.79 per cent to Rs 2,109 per quintal on short covering. It fell to a day’s low of Rs 2,057 per quintal when the inflation rate was announced.

Chilli for April delivery gained 2.88 per cent to Rs 4,467 per quintal due to lack of good quality stock in the market. The quality of chilli was affected due to the recent rainfall in Andhra Pradesh.

Chana lost 0.76 per cent to Rs 2,731 per quintal as the traders expect state governments to impose storage limits under Essential Commodities Act to rein in runaway inflation.

Pepper was down 0.74 per cent at Rs 15,075 per quintal, while sugar dipped 0.35 per cent to Rs 1,422 per quintal.

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Joseph Massey is MCX MD, Jignesh Shah Vice-Chairman