The Hindu Business Line : Pepper, sugar futures fall

Almost all the agro commodities on NCDEX closed in the red as investors rolled over their positions with many contracts expiring on January 15. Traders will have to square positions five days before the futures contract expires.

Weak international markets pulled down pepper futures by 1.97 per cent to Rs 11,040 per quintal. Expectations of a bumper sugar production in Pakistan, Bhutan and Bangladesh turned Indian sugar futures weak by 1.5 per cent to Rs 1,569 per quintal.

"We feel lifting of the ban on sugar exports will not help Indian companies realising better prices. To add to the bearish sentiments, the Government has raised quarterly sugar release to 41 lakh tonnes against 38 lakh tonnes for the same period last year while demand rules weak. Sugar futures may dip to Rs 1,500 per quintal levels," said a Karvy Comtrade analyst.

Weather effect

Prevailing cold weather in southern states dampened chilli futures, which were down 1.94 per cent to Rs 4,205 per quintal.

Jeera futures lost 1.58 per cent to Rs 9,116 per quintal on good arrivals in the spot markets.

Rapeseed mustard and soyabean futures lost 1.5 per cent and 1.1 per cent at Rs 364 per 20 kg and 1,349 per quintal, respectively. Pulses futures - chana, urad and tur - were down on lack of trading interest.

Profit booking pulled down rubber prices on MCX by 0.63 per cent to Rs 10,254 per quintal.

Cardamom and mentha oil ended the day with minor gains of 0.37 per cent and 0.89 per cent at Rs 407 per kg and Rs 543 per kg, respectively.

NCDEX registered a turnover of Rs 2,560 crore (Rs 2,840 crore, up to 11 p.m.) up to 5 p.m. on 91,340 (93,870) trades, while on MCX it was Rs 3,734 crore (Rs 11,158 crore, up to 11 p.m.) on 72,028 (1,94,379) trades.

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