MARKET DEVELOPMENT
Indian Rapeseed Futures Rise on Short Covering; Guar up
Indian Rapeseed Futures Rise on Short Covering; Guar up
27/02/2015 (Reuters) - Indian rapeseed futures rose on Thursday amid short covering as production of the main winter oilseed crop is expected to be lower, while ongoing harvest curbed buying support.
* Soyoil traded higher, in line with gains in benchmark palm oil prices in Malaysia, while soybean fell amid lack of processing demand for Indian soymeal due to absence of any export demand from traditional buyers of the animal feed in South East Asia.
* Malaysian palm oil futures inched up, tracking gains in crude markets, but uncertainty over global appetite for the vegetable oil and prospects of a faster-than-expected recovery in weather-hit yields kept prices rangebound.
* The April rapeseed contract rose 1.0 percent to 3,386 rupees ($55) per 100 kg on the National Commodity and Derivatives Exchange.
* The April soybean contract closed 0.2 percent down at 3,373 rupees per 100 kg.
* At 1240 GMT, the key April soyoil contract was 0.6 percent higher at 596 rupees per 10 kg
GUAR SEED
Indian guar seed futures rose on short covering due to gains in the crude oil market.
* The March contract closed up 3.4 percent at 3,672 rupees per 100 kg.
* Guar seed futures are likely to open higher on Friday as well.
CHANA
Indian chana, or chickpea, futures ended higher on fresh demand and are likely to open higher on Friday as bullish sentiment prevails on lower output.
* The April contract closed 0.7 percent higher at 3,708 rupees per 100 kg.
TURMERIC
Turmeric futures fell on poor export enquiries.
* The key April contract closed down 1.5 percent at 8,880 rupees per 100 kg.
* Turmeric futures may open lower in the next session.
SUGAR
Sugar futures fell on ample supplies in spots.
* The key March contract was quoted 0.6 percent down at 2,575 rupees per 100 kg.
* The contract is likely to open down on bearish sentiment.
JEERA
Indian jeera, or cumin seed, futures fell in the absence of any demand trigger in spots.
* The key March jeera contract fell 0.2 percent to 14,565 rupees per 100 kg.
CORN, WHEAT
* The March corn contract ended up 0.2 percent at 1,264 rupees per 100 kg, while the March wheat contract was 0.2 percent down at 1,580 rupees per 100 kg.
($1 = 61.7321 Indian rupees)
* Soyoil traded higher, in line with gains in benchmark palm oil prices in Malaysia, while soybean fell amid lack of processing demand for Indian soymeal due to absence of any export demand from traditional buyers of the animal feed in South East Asia.
* Malaysian palm oil futures inched up, tracking gains in crude markets, but uncertainty over global appetite for the vegetable oil and prospects of a faster-than-expected recovery in weather-hit yields kept prices rangebound.
* The April rapeseed contract rose 1.0 percent to 3,386 rupees ($55) per 100 kg on the National Commodity and Derivatives Exchange.
* The April soybean contract closed 0.2 percent down at 3,373 rupees per 100 kg.
* At 1240 GMT, the key April soyoil contract was 0.6 percent higher at 596 rupees per 10 kg
GUAR SEED
Indian guar seed futures rose on short covering due to gains in the crude oil market.
* The March contract closed up 3.4 percent at 3,672 rupees per 100 kg.
* Guar seed futures are likely to open higher on Friday as well.
CHANA
Indian chana, or chickpea, futures ended higher on fresh demand and are likely to open higher on Friday as bullish sentiment prevails on lower output.
* The April contract closed 0.7 percent higher at 3,708 rupees per 100 kg.
TURMERIC
Turmeric futures fell on poor export enquiries.
* The key April contract closed down 1.5 percent at 8,880 rupees per 100 kg.
* Turmeric futures may open lower in the next session.
SUGAR
Sugar futures fell on ample supplies in spots.
* The key March contract was quoted 0.6 percent down at 2,575 rupees per 100 kg.
* The contract is likely to open down on bearish sentiment.
JEERA
Indian jeera, or cumin seed, futures fell in the absence of any demand trigger in spots.
* The key March jeera contract fell 0.2 percent to 14,565 rupees per 100 kg.
CORN, WHEAT
* The March corn contract ended up 0.2 percent at 1,264 rupees per 100 kg, while the March wheat contract was 0.2 percent down at 1,580 rupees per 100 kg.
($1 = 61.7321 Indian rupees)