home Latest News Agri Commodities: Soybean, mustard, guar gum rise in futures trade amid strong demand – Economic Times

Agri Commodities: Soybean, mustard, guar gum rise in futures trade amid strong demand – Economic Times

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Soybean prices rose by Rs 10 to Rs 3,777 per quintal in futures trade on Friday as traders created fresh positions supported by a strong spot demand.

On the National Commodity and Derivatives Exchange, soybean for delivery in October was up by Rs 10, or 0.27 per cent, at Rs 3,777 per quintal in 15,830 lots.

Soybean for delivery in November rose by Rs 14, or 0.38 per cent, to Rs 3,663 per quintal in 74,260 lots.

Market players said raising of fresh positions by speculators on the back of high demand mainly led to rise in soybean prices here.

Soya oil
Refined soya oil prices fell Rs 2.1 to Rs 755 per 10 kg in futures trade on Friday as speculators trimmed their bets amid adequate supply at the spot market.

On the National Commodity and Derivatives Exchange, refined soya oil contracts for October delivery declined by Rs 2.1, or 0.28 per cent, to Rs 755 per 10 kg with an open interest of 17,310 lots.

For November delivery, the contract fell by Rs 1.85, or 0.24 per cent, to Rs 756 per quintal with an open interest of 24,660 lots.

Market analysts said cutting down of positions by participants against ample stocks mainly influenced prices.

Cottonseed oil

Cottonseed oil cake prices fell by Rs 3 to Rs 2,132 per quintal in futures trade on Friday as participants reduced their bets amid weak trend at the spot market.

Market players said sell-off by participants at existing levels amid subdued trend at the market mainly weighed on cottonseed oil cake prices.

At the National Commodity and Derivatives Exchange, cottonseed oil cake to be delivered in December fell by Rs 3, or 0.14 per cent to Rs 2,132 per quintal with an open interest of 48,170 lots.

The contract for January delivery next year shed Rs 8, or 0.38 per cent to Rs 2,080 per quintal with an open interest of 19,180 lots.

Mustard
Mustard seed prices rose by Rs 4 to Rs 4,055 per quintal in futures trade on Friday as speculators raised their bets amid limited supplies.

Marketmen said apart from restricted arrivals from growing belts, demand from oil mills at the spot market mainly lifted mustard seed prices in futures trade.

At the National Commodity and Derivative Exchange, mustard seed for delivery in October rose by Rs 4, or 0.10 per cent, to Rs 4,055 per quintal in an open interest of 8,400 lots.

Similarly, the delivery for November gained by Rs 2, or 0.05 per cent, to Rs 4,109 per quintal with an open interest of 43,330 lots.

Guar gum

Guar gum prices rose by Rs 2 to Rs 7,270 per five quintal in futures trade on Friday as investors increased their holdings on spot demand.

Marketmen said tracking firm physical market trend, traders opted to raise their bets which led to rise in guar gum prices.

At the National Commodity and Derivatives Exchange, guar gum delivery for October contract jumped up by Rs 2, or 0.02 per cent, to Rs 7,270 per five quintal with an open interest of 2,735 lots.

Likewise, the delivery of November contract edged by Rs 2, or 0.03 per cent, to Rs 7,389 per five quintal as open interest stood at 59,015 lots.

Guar seed
Guar seed prices rose by Rs 6 to Rs 3,834 per 10 quintal in futures trade Friday as participants built their positions driven by a firm trend in the spot market.

On the National Commodity and Derivatives Exchange, guar seed contracts for October increased by Rs 6, or 0.16 per cent, to Rs 3,834 per 10 quintal with an open interest of 5,630 lots.

For November contracts, guar seed futures gained marginally by 50 paise, or 0.01 per cent to Rs 3,888 per 10 quintal with an open interest of 75,870 lots.

According to marketmen, raising of bets by speculators tracking a firm trend in the spot market amid thin supplies from growing belts mainly led to rise in prices here.