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Agri commodities: Mustard seed, soybean, guar gum futures dip on soft demand

New Delhi: Refined soya oil prices on Wednesday rose 0.6 per cent to Rs 823.8 per 10 kg in futures trade as speculators created fresh positions.

On the National Commodity and Derivatives Exchange, refined soya oil contracts for December delivery went up by Re 1, or 0.12 per cent, to Rs 823.8 per 10 kg with an open interest of 26,810 lots.

Analysts said fresh positions built up by traders against restricted arrivals from growing regions mainly led to rise in refined soya oil prices.

Cottonseed oil cake

Cottonseed oil cake prices on Wednesday were trading up by Rs 19 to Rs 1,946 per quintal in futures trade after participants accumulated fresh positions on spot demand.

On the National Commodity and Derivatives Exchange, cottonseed oil cake for delivery in December traded higher by Rs 19, or 0.99 per cent, to Rs 1,946 per quintal, with an open interest of 38,530 lots.

Likewise, for delivery in January, cottonseed oil cake was trading higher by Rs 17, 0.87 per cent, to Rs 1,964 per quintal with an open interest of lots of 46,450.

Marketmen said raising of positions by participants amid a rising demand from cattle-feed makers mainly influenced prices here.

Mustard seed

Mustard seed prices on Wednesday moved down by Rs 5 to Rs 4,362 per quintal in futures trade as traders reduced their holdings coupled with a weak trend in spot market.

On the National Commodity and Derivatives Exchange, mustard seed for delivery in December fell by Rs 5, or 0.11 per cent, to Rs 4,362 per quintal clocking an open interest of 24,620 lots.

Also, mustard seed for delivery in January was down by Rs 13, or 0.3 per cent, to Rs 4,391 per quintal with an open interest of 7,080 lots.

Marketmen said offloading of positions by participants following a weak trend in spot market due to easing demand led to fall in mustard seed prices in futures trade.

Soybean

Soybean prices on Wednesday fell by Rs 16 to Rs 4,086 per quintal in futures market as traders cut down their positions amid weak cues from physical markets.

On the National Commodity and Derivatives Exchange, soybean to be delivered in December contracts moved down by Rs 16, or 0.39 per cent, to Rs 4,086 per quintal with an open interest of 56,315 lots.

Soybean for delivery in January contracts also eased by Rs 22, or 0.55 per cent, to Rs 4,112 per quintal with an open interest of 1,48,090 lots.

The fall in soybean prices in futures trade was mostly due to reduction of exposure by participants, marketmen said.

Guar gum

Guar gum prices on Wednesday fell by Re 1 to Rs 7,234 per five quintal in futures trade as investors cut their bets following weak trend in physical market.

Marketmen said subdued demand on persistent arrivals from growing belts mainly exerted pressure on guar gum prices here.

On the National Commodity and Derivatives Exchange, guar gum contracts for December declined by Re 1, or 0.01 per cent, to Rs 7,234 per five quintal with an open interest of 17,730 lots.

Guar gum contracts for January delivery eased by Rs 5, or 1.07 per cent, to Rs 7,334 in 50,355 lots.

Guar seed

Guar seed prices on Wednesday fell by Rs 12 to Rs 4,018 per 10 quintal in futures trade as investors offloaded positions amid a weak trend in spot market.

Marketmen attributed the downward trend in guar seed futures to thin demand in spot market amid increasing supplies from growing regions.

On the National Commodity and Derivatives Exchange, guar seed contracts for December delivery moved down by Rs 12, or 0.3 per cent, to Rs 4,018 per 10 quintal with an open interest of 37,270 lots.

Similarly, guar seed contracts for January delivery eased by Rs 4, or 0.1 per cent, to Rs 4,046 per 10 quintal with an open interest of 60,505 lots.

Coriander

Coriander prices on Wednesday gained 0.34 per cent to Rs 6,560 per quintal in futures market as participants built up fresh positions on firm spot demand.

Besides, tight stocks from restricted arrivals in major growing belts aided the rally in coriander futures.

On the National Commodity and Derivatives Exchange, coriander for December delivery rose by Rs 22, or 0.34 per cent, to Rs 6,560 per quintal with an open interest of 7,080 lots.

Source: Economic Times