home Latest News Agri-commodity: Chana, cardamom rise on robust demand – Economic Times

Agri-commodity: Chana, cardamom rise on robust demand – Economic Times

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Rising for the second day, refined soya oil prices by another 0.57 per cent to Rs 674 per 10 kg in futures trade today as speculators engaged in enlarging their positions, tracking a firm trend at spot market on surging demand.

At the National Commodity and Derivatives Exchange, refined soya oil for delivery in October advanced by Rs 3.85, or 0.57 per cent to Rs 674 per 10 kg with an open interest of 50,180 lots.

Likewise, the oil for delivery in September contracts gained Rs 3.60, or 0.55 per cent to Rs 663.80 per 10 kg in 9,580 lots.

Analysts said widening of positions by traders following increased demand in the physical market against restricted supplies from producing belts, mainly kept refined soya oil prices higher at futures trade.

Chana
Chana prices were higher by 1.34 per cent to Rs 6,268 per quintal in futures market today as speculators engaged in building up positions, driven by rising demand in the spot market against tight supply.

At the National Commodity and Derivatives Exchange, chana for delivery in September shot up by Rs 83, or 1.34 per cent to Rs 6,268 per quintal with an open interest of 1,130 lots.

In a similar fashion, the commodity for delivery in October contracts went up by Rs 52, or 0.83 per cent to Rs 6,300 per quintal in 35,540 lots.

Analysts said widening of positions by traders on the back of surging demand in the physical market against tight stocks position on fall in arrivals from producing regions mainly kept chana prices higher at futures trade.

Crude palm oil
Crude palm oil prices went up by 0.48 per cent to Rs 543.60 per 10 kg in futures trading today as speculators created fresh positions after uptick in demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for delivery in September moved up by Rs 2.60, or 0.48 per cent to Rs 543.60 per 10 kg in business turnover of 247 lots.

Likewise, the oil for delivery in October contracts was trading higher by Rs 2.30, or 0.43 per cent to R 542.90 per 10 kg in 108 lots.

Analysts said fresh positions built up by participants due to uptick in demand in the spot market against restricted supplies from growing regions, mainly helped crude palm oil prices to trade higher at futures trade.

Firming trend overseas also supported the upmove, they said.

Cardamom
Continuing its rising streak for the third day, cardamom prices advanced by 1.79 per cent to Rs 1,245 per kg in futures trade today as speculators engaged in enlarging their positions, tracking a firm trend at spot market on rising domestic as well as exports demand.

Besides, tight stocks position on fall in supplies from major producing regions,fuelled the uptrend.

At the Multi Commodity Exchange, cardamom for delivery in October month shot up by Rs 21.90, or 1.79 per cent to Rs 1,245 per kg in business turnover of 2 lots.

On similar lines, the spice for delivery in October month contracts traded higher by Rs 15.80, or 1.26 per cent to Rs 1,274 per kg in business turnover of 26 lots.

Traders said expanding of positions by participants, taking positive cues from spot market on strong domestic as well as exports demand, mainly kept cardamom prices higher at futures trade.

Mentha oil
Mentha oil prices softened by 0.58 per cent to Rs 1,210.10 per kg in futures market today as speculators trimmed their positions, driven by easing demand from consuming industries in the spot market.

At the Multi Commodity Exchange, mentha oil for delivery in October declined by Rs 7.10, or 0.58 per cent to Rs 1,210.10 per kg in business turnover of 23 lots.

Likewise, the oil for delivery in September contracts shed Rs 7, or 0.58 per cent to Rs 1,196.90 per kg in 198 lots.

Analysts said offloading of position by participants owing to muted demand from consuming industries in the physical market against adequate stocks position on increased supplies from producing belts, mainly weighed on mentha oil prices at futures trade.