The Hindu Business Line : Jeera futures drop on lack of demand

Mumbai, Aug. 17 Jeera futures for August delivery on NCDEX hit the lower circuit to touch 4.29 per cent at Rs 11,033 per quintal. The September contract fell 1.81 per cent to Rs 11,801 per quintal due to a lacklustre demand.

Opening on a strong note, chilli futures fell 1.14 per cent to Rs 4,425 per quintal. “Speculators wound off their position, which they had build in the last two days on lack of price signal from Guntur—the main spot market for chilli,” said an analyst.

Weak rupee against dollar took its toll on guarseed, an export commodity. Guarseed futures on NCDEX dropped by Rs 13 per quintal to Rs 1,827. Favourable weather in Rajasthan also supported the bearish sentiments.

Soyabean volatile

Soyabean futures were volatile during the day and closed almost flat with a loss of Re 1 at Rs 1,544 per quintal. Opening at Rs 1,535 per quintal, it touched a low of Rs 1,525 and reached a high of Rs 1,545.

Soya oil futures closed almost unchanged at Rs 486 per 10 kg, while chana futures remained range bound.

Metal futures on MCX followed the global melt down. “Investors have burnt their fingers in copper futures yesterday. We predicted copper to fall to $281 when it was trading close to $300. The fall happened yesterday,” said Mr Harish Galipalli, head of research, Karvy Commodities.

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