Chana: Agri-commodity: Crude palm oil falls; chana, mentha oil rise

Crude palm oil prices were trading higher by 0.31 per cent at Rs 538 per 10 kg in futures trade today, backed by pick-up in demand at the spot market.

Tight stock position, an outcome of fall in supplies from the oil growing regions, provided support.

At Multi Commodity Exchange, crude palm oil for delivery in October rose by Rs 1.70, or 0.31 per cent, to Rs 538 per 10 kg, in a business turnover of 123 lots.

Contracts for the current month delivery was trading at Rs 548.50, up by 0.11 per cent, or 0.60 paise, with a business volume of 222 lots.

Analysts said building up of exposure driven by pick-up in demand at the spot market against tight stock position kept crude palm oil prices higher in futures trade.

Wheat
Wheat prices traded lower by 0.37 per cent to Rs 1,614 per quintal in futures trading today as speculators cut down bets, triggered by ample stock positions against lower demand.

At National Commodity and Derivatives Exchange, wheat for delivery in October declined by Rs 6, or 0.37 per cent, to Rs 1,614 per quintal with an open interest of 9,740 lots.

Wheat for delivery in November contracts shed Rs 4, or 0.24 per cent, to Rs 1,638 per quintal in 4,900 lots.

Offloading of positions by traders following sluggish demand in the physical market and sufficient stock position because of increased supplies from producing regions weighed, analysts said.

Chana
Chana prices went up by 0.68 per cent to Rs 5,638 per quintal in futures trade today as demand picked up in the spot market.

Tight stock position as a result of fall in arrivals from producing belts fuelled the uptrend.

At National Commodity and Derivatives Exchange, chana for delivery in October rose by Rs 38, or 0.68 per cent, to Rs 5,638 per quintal with an open interest of 13,790 lots.

The commodity for delivery in November contracts gained Rs 27, or 0.48 per cent, to Rs 5,640 per quintal in 27,160 lots.

Analysts attributed the rise in chana prices to fresh positions created by traders due to uptick in demand in the physical market against restricted supplies from producing regions.

Mentha oil
Mentha oil prices were up 0.77 per cent to Rs 1,172.60 per kg in futures market today on surging bets after demand build-up from consuming industries in the domestic spot market.

Tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh supported the uptrend.

At Multi Commodity Exchange, mentha oil for delivery this month rose by Rs 9, or 0.77 per cent, to Rs 1,172.60 per kg, clocking a business volume of 55 lots.

The oil for October delivery traded higher by Rs 5.60, or 0.48 per cent, to Rs 1,182 per kg, with a trading volume of 187 lots.

Analysts said fresh positions built up by speculators, driven by rising demand from consuming industries, coupled with the lesser supplies from Chandausi led to the rise in mentha oil prices in futures trade.

Leave a Reply

Your email address will not be published.

8 − six =