The Hindu Business Line : Jeera futures turn volatile on rumours

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Mumbai Feb. 26 Jeera futures on NCDEX were volatile on unconfirmed news that the commodity markets regulator Forward Markets Commission (FMC) is planning to delist wheat and jeera futures from the market.

Opening on a bearish note at Rs 11,004 per quintal, jeera futures gained to hit a high of Rs 11,665 after plunging to a low of Rs 11,281. Finally, jeera closed with a gain of 2.1 per cent at Rs 11,615 per quintal after fears over ban eased. Wheat for March delivery on NCDEX was up 1.39 per cent to Rs 966 per quintal.

Good demand from cold storage companies pushed up potato (Tarkeshwar) on NCDEX to touch the first circuit breaker of 4 per cent and close 5.06 per cent up at Rs 628 per cent quintal. Chana futures on NCDEX gained 2 per cent to Rs 2,939 per quintal as arrivals in spot markets slowed down.

Firm Guntur spot prices, which were ruling at Rs 4,100 per per quintal, coupled with fresh buying by chilli powder making companies marked up chilli futures by 1.8 per cent to Rs 3,908 per quintal. Mentha oil futures on MCX were up by a per cent to Rs 587 per kg.

Rubber futures on MCX bucked the international trend to lose 2.03 per cent at Rs 9,550 per quintal. Rubber futures on Tokyo Commodity Market (TOCOM) gained 5.9 yen to 2775 yen per tonne.

Pepper futures on NCDEX were down 1.63 per cent to Rs 12,286 per quintal while castorseed futures lost 0.6 per cent at Rs 375 per quintal.

NCDEX registered a turnover of Rs 3,044 crore (Rs 2,099 crore, up to 11 p.m.) up to 5 pm on 93,960 (65,270) trades, while on MCX it was Rs 3,703 crore (Rs 757 crore, up to 11 p.m.) on 67,494 (17,531) trades. Active trades were seen in chana, pepper, guarseeds, refined soya oil, jeera and gold.

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