The Hindu Business Line : Cotton futures gain on hike in procurement rates

Mumbai March 9 Riding on the Cotton Corporation of India decision to raise procurement prices by Rs 200 to Rs 300 per candy (one candy is equal to 356 kg), kapaskhali futures on MCX went up 2.39 per cent to Rs 376 per 50 kg. Lowering of kapas production estimates from 27 million bales based (a bale is 170 kg) 26.5 million bales, also helped kapaskhali futures.

Chilli gains

After hitting the lower circuit on Thursday, chilli futures on Friday gained 2.92 per cent to Rs 4,560 per quintal on NCDEX. Possibility of rains in Andhra Pradesh raised concerns over quality.

Potato futures on MCX were up 2.69 per cent to Rs 657 per quintal, while RM seed (Rapeseed Musterseed) futures on NCDEX was up 2.97 per cent to Rs 391 per quintal.

Futures prices of chana rose 2.07 per cent to Rs 2,173 per quintal on lower arrivals in the spot markets. "The government has convened a traders meeting to review prices of pulses on March 12. Chana futures turned weak after the news reached the market," said a trader.

Mentha oil futures on MCX were down 1.56 per cent to Rs 535 per kg on higher production estimates. Less demand in spot markets pulled down pepper and cardamom futures by 0.93 per cent and 0.51 per cent to Rs 12,255 per quintal and Rs 486 per kg.