Indian guar seed futures rise on export demand
Guar seed futures rose on Tuesday and are likely to extend gains in the next session as well due to…Guar seed futures rose on Tuesday and are likely to extend gains in the next session as well due to concerns about production and on export demand amid thin local supplies. The August contract closed 3.55 percent higher at 5,830 rupees per 100 kg on the National Commodity & Derivatives Exchange.
CHICKPEA Chana, or chickpea, futures ended higher on fresh local demand ahead of festivals and slack supplies. The September chana contract closed up 2.44 percent at 2,980 rupees per 100 kg.
OILSEEDS AND SOYAOIL Indian soyabean futures ended weak on Tuesday due to poor export demand for soyameal and on some recovery in the area under cultivation due to recent rains. Chicago Board of Trade soyabeans futures edged lower, giving up some of the last session's gains after a weekly report from the US Department of Agriculture showed a slight improvement in crop ratings.
Rapeseed futures, however, rose on lower-level buying. The key October soyabean contract closed down 1.07 percent at 3,404 rupees per 100 kg on the National Commodity & Derivatives Exchange, while the September rapeseed contract rose 0.44 percent to 3,414 rupees per 100 kg. At 1232 GMT, the key September soyaoil contract was down 0.03 percent at 634.40 rupees per 10 kg.
SUGAR Indian sugar futures slipped on higher domestic supplies from mills and lower-than-expected demand. The key September contract was 0.1 percent down at 3,085 rupees per 100 kg. India will have enough sugar to last roughly four months when the new season starts in October, the chief of a leading industry body said, keeping a lid on local prices even if some money-losing mills stick to their decision of not crushing cane. India could raise import duty on sugar to protect local mills if they clear farmers' cane arrears, food minister Ram Vilas Paswan told reporters last week.
TURMERIC Turmeric futures rose on domestic demand ahead of festivals and delay in sowing due to late monsoon rains.