The Hindu Business Line : Rubber contracts hit upper ceiling on NCDEX

On the other side
Mentha oil on a correction mode, dips 2 pc
Tur contracts slid 1.9%; potato down 1%
Weak dollar props up aluminium but zinc, steel lose

Mumbai , Nov. 27

Rubber prices hit the upper ceiling of 9 per cent at Rs 7,930 per quintal on NCDEX on Monday, following the ¥ 4-5 yen quintal gain on the Tokyo Commodity Exchange.

"Spot price of rubber in Kochi was falling for the last 14 days. But today, prices gained with positive signals emanating from the international market," said a trader.

Pepper turns hot

Pepper saw brisk sales in the Kochi spot market. Pepper futures on NCDEX gained 3.12 per cent at Rs 11,621 per quintal from its last week closing.

The Government has capped imports from Sri Lanka at 2,500 tonnes.

Unseasonal rains in Kerala may delay fresh arrivals by two months.

Soya firm

High crude palm oil prices in Malaysia, which gained 85 ringgits a tonne on Monday, pushed up refined soya oil prices on NCDEX.

Lower production of groundnut and mustard oil also helped in prices of soya oil firming up.

Spot prices of soyabean in Madhya Pradesh went up by Rs 45 per bag (50 kg) to Rs 1,427 as arrivals were limited to 20,000 bags.

Soyabean prices are expected to remain firm with only 35 per cent of this year's kharif production left to be sold in the market.

Chilli prices

Rise in spot market prices of chilli has improved sentiments on the futures market. Arrivals dropped to 15,000 bags of chilli compared to 40,000 bags during the same period last year. Market has received export enquiries for about 7,200 tonnes.

Mentha oil future prices went on a correction and lost 2 per cent. Jeera futures on the NCDEX fell 1.69 per cent due to a weak spot market. However, it is expected to gain strength later this week on a pick up in export order. Tur lost 1.9 per cent while potato fell by one per cent.

Precious metals looked up on a weak dollar against the euro. Zinc and steel lost ground while aluminium gained slightly.

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