MARKET DEVELOPMENT
India Oilseeds, Soyoil Rise on Global Cues; Cumin Seed Drops
India Oilseeds, Soyoil Rise on Global Cues; Cumin Seed Drops
25/07/2014 (Reuters) - Indian oilseeds and soyoil futures rose on Thursday on some value-buying, supported by bullish cues from overseas markets.
* Malaysian palm oil futures ended higher, snapping a three-day losing streak as investors short-covered positions ahead of the long weekend and as a small recovery in the comparative soy oil markets provided some relief to palm.
* The key August soyoil contract on the National Commodity & Derivatives Exchange (NCDEX) was up 0.29 percent at 683.80 rupees per 10 kg at 1202 GMT, while the October soybean contract ended 0.54 percent higher at 3,732 rupees per 100 kg.
* The August rapeseed contract rose 0.67 percent to 3,623 rupees per 100 kg.
SUGAR
Indian sugar futures were higher on expectation of a pick-up in local demand ahead of festivals, though large supplies limited the upside.
* "Domestic demand of sugar is expected to remain higher in the coming two months because of festivals," said Mukesh Kuwadia, the secretary of the Bombay Sugar Merchants Association.
* India will celebrate festivals like Raksha Bandhan, Janmashtami and Ganesh Chaturthi in August.
* The key August contract rose 0.46 percent to 3,084 rupees per 100 kg.
GUAR SEED
Guar seed futures ended higher on some lower-level buying, supported by a fall in local supplies.
* The August contract closed 1.94 percent higher at 5,515 rupees per 100 kg.
CHICKPEA
Chana, or chickpea, futures edged up on lower area under summer-sown pulses due to delayed rains, though subdued demand restricted the upside.
* The August chana contract closed 0.21 percent higher at 2,836 rupees per 100 kg.
TURMERIC
Turmeric futures were higher on some local demand, though higher carry-forward stocks may weigh on sentiment on Friday.
* The key August contract closed 0.69 percent higher at 6,444 rupees per 100 kg.
CUMIN SEED
Jeera, or cumin seed, futures fell on higher-than-expected local supplies amid weak spot demand.
* The key August contract fell 0.44 percent to 11,395 rupees per 100 kg.
CORN, WHEAT
The August corn contract ended unchanged at 1,192 rupees per 100 kg, while August wheat fell 0.43 percent to 1,600 rupees per 100 kg.
* Malaysian palm oil futures ended higher, snapping a three-day losing streak as investors short-covered positions ahead of the long weekend and as a small recovery in the comparative soy oil markets provided some relief to palm.
* The key August soyoil contract on the National Commodity & Derivatives Exchange (NCDEX) was up 0.29 percent at 683.80 rupees per 10 kg at 1202 GMT, while the October soybean contract ended 0.54 percent higher at 3,732 rupees per 100 kg.
* The August rapeseed contract rose 0.67 percent to 3,623 rupees per 100 kg.
SUGAR
Indian sugar futures were higher on expectation of a pick-up in local demand ahead of festivals, though large supplies limited the upside.
* "Domestic demand of sugar is expected to remain higher in the coming two months because of festivals," said Mukesh Kuwadia, the secretary of the Bombay Sugar Merchants Association.
* India will celebrate festivals like Raksha Bandhan, Janmashtami and Ganesh Chaturthi in August.
* The key August contract rose 0.46 percent to 3,084 rupees per 100 kg.
GUAR SEED
Guar seed futures ended higher on some lower-level buying, supported by a fall in local supplies.
* The August contract closed 1.94 percent higher at 5,515 rupees per 100 kg.
CHICKPEA
Chana, or chickpea, futures edged up on lower area under summer-sown pulses due to delayed rains, though subdued demand restricted the upside.
* The August chana contract closed 0.21 percent higher at 2,836 rupees per 100 kg.
TURMERIC
Turmeric futures were higher on some local demand, though higher carry-forward stocks may weigh on sentiment on Friday.
* The key August contract closed 0.69 percent higher at 6,444 rupees per 100 kg.
CUMIN SEED
Jeera, or cumin seed, futures fell on higher-than-expected local supplies amid weak spot demand.
* The key August contract fell 0.44 percent to 11,395 rupees per 100 kg.
CORN, WHEAT
The August corn contract ended unchanged at 1,192 rupees per 100 kg, while August wheat fell 0.43 percent to 1,600 rupees per 100 kg.