The Hindu Business Line : Short covering props up raw cotton

Mumbai, Jan. 24 Kapas khali (raw cotton) futures topped the list of gainers on NCDEX as the prices bounced back from previous losses on short covering. It gained 1.64 per cent to Rs 414 per 50 kg.

Rapeseed/mustad futures went up 1.15 per cent to Rs 483 per 20 kg on profit booking after the recent fall supported by strong fundamental like fall in production of mustard seed to 5.6-5.8 million tonnes from 6.02 million tonnes produced last year.

Chana prices rose 0.84 per cent to Rs 2,291 per quintal as retailers bought at lower levels. Guarseed was up marginally by 0.78 per cent to Rs 1,808 per quintal as the arrivals eased in the spot market coupled with robust export demand.

Barley drops

Barley settled down 1.5 per cent at Rs 983 per quintal on profit taking. Maize tumbled 1.27 per cent to Rs 778 per quintal on increased selling pressure after the recent bird flu outbreak in West Bengal. Maize is largely consumed in poultry feed industry.

Jeera was down 0.56 per cent to Rs 10,265 per quintal on increase in arrival pressure and weak sentiment in the Unjaha spot markets. Sugar futures continued its downward trend following UP government’s deadline for payment of cane arrears. It closed 0.48 per cent down at Rs 1,466 per quintal.

On MCX, mentha oil surged 2.24 per cent to Rs 447 per kg on rising domestic demand from stockiest coupled with short covering after the recent fall in prices. Khapas khali futures edged up 1.13 per cent to settle at Rs 384 per 20 kg.

MCX recorded a turnover of Rs 5,594 crore up to 5 pm on Thursday, while it was Rs 2,095 crore.