Indian soyaoil, oilseeds futures drop
Indian soyaoil, soyabean and rapeseed futures fell on Thursday, in line with the overseas markets wh…Indian soyaoil, soyabean and rapeseed futures fell on Thursday, in line with the overseas markets where benchmark palm oil futures slipped to a five-year low. Malaysian palm oil futures slid to touch a near five-year low on Thursday, following losses in overseas soya markets, and further dragged by forecasts of abundant supply of competing oilseeds alongside an expected surge in Southeast Asian palm output.
At 1209 GMT, the key September soyaoil contract on the National Commodity & Derivatives Exchange was down 1.70 percent at 646 rupees per 10 kg, while the September rapeseed contract fell 2.70 percent to 3,453 rupees per 100 kg. The key October soyabean contract closed down 3.38 percent at 3,516 rupees per 100 kg.
GUAR SEED Guar seed futures rose due to good export demand. The August contract closed 0.42 percent higher at 5,685 rupees per 100 kg.
SUGAR Indian sugar futures fell on higher supplies from mills. The key September contract was down 0.48 percent 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 on Thursday.
TURMERIC Turmericc futures fell on weak demand The key September contract finished down 0.42 percent at 6,596 rupees per 100 kg.
CUMIN SEED Jeera, or cumin seed, futures fell due to poor demand in the physical market. The key September contract ended down 0.62 percent at 11,240 rupees per 100 kg.
