Commodities

Mustardseed, soyabean contracts trade lower on NCDEX

Our Bureau | Updated on: Dec 21, 2021

It may be mentioned here that the government had allowed the import of 12 lt of GM soyabean meal to support the poultry industry during the period when the local soyabean meal prices went up sharply | Photo Credit: MUSTAFAH KK

Crude oil futures edge up on MCX

Contracts of commodities such as mustardseed and soyabean traded lower on the National Commodities and Derivatives Exchange (NCDEX) on Tuesday afternoon, following market regulator SEBI’s decision to suspend futures and options trading for one year in chana, mustardseed, CPO, moong, paddy (Basmati), wheat and soyabean and its derivatives,

On the NCDEX, January mustardseed contracts were trading at ₹7,701 on Tuesday afternoon against the previous close of ₹7,959, down by 3.24 per cent; and the January soyabean futures were trading at ₹5,950, against the previous close of ₹6,006, down by 0.93 per cent.

Only squaring of existing positions will be allowed and no new futures and options contracts will be launched till further notice in any of these commodities.

 

Crude oil recovers

After Monday’s fall, crude oil futures remained higher in the global markets on Tuesday afternoon. On the Multi Commodity Exchange (MCX), the January crude oil futures were trading at ₹5,232 on Tuesday afternoon, against the previous close of ₹5,148, up by 1.63 per cent.

February Brent oil futures were trading at $71.84, up by 0.45 per cent; and the January crude oil futures on WTI were trading at $69.12, up by 0.74 per cent.

Market reports mentioned that traders reassessed the outlook for fuel demand following the increase in the cases of Covid across the globe.

Added to this, data on an oil production cut by OPEC+ countries showed that production remained below the agreed targets for November. Reports also mentioned that Moderna’s booster vaccine dose appeared to be protective against the new variant in laboratory testing.

Meanwhile, UK Prime Minister Boris Johnson cautioned against tightening of measures to control the spread of the Omicron variant of the virus.

Guar gum futures traded higher on NCDEX on Tuesday afternoon. January guar gum futures were trading at ₹11,054 on Tuesday afternoon, against the previous close of ₹10,868, up by 1.71 per cent.

On MCX, December natural gas contracts were trading at ₹282.30 on Tuesday afternoon, as against the previous close of ₹289.40, down by 2.45 per cent.

Published on December 21, 2021
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