Indian soya futures seen extending gains
India's soya futures ended up on Monday tracking firmness in global prices and are likely to extend…India's soya futures ended up on Monday tracking firmness in global prices and are likely to extend the gains in the next trading session on poor availability of soyabeans in spot markets. Guar received buying support towards the end of the day's session though its fundamentals remained weak on expectations of higher output and large carry-forward stocks. Guar could open higher on Tuesday.
OILSEEDS Rapeseed futures reflected the sentiment of soya futures despite weak fundamentals due to higher output prospects on conducive weather conditions in the growing areas of western India. The key March soyabean contract ended up 0.7 percent at 3,955 rupees per 100 kg on the National Commodity and Derivatives Exchange (NCDEX). The March soyaoil contract ended up 0.6 percent at 692.6 rupees per 10 kg, while the rapeseed contract for April closed 0.6 percent higher at 3,374 rupees per 100 kg.
GUAR The February guar seed contract ended higher 1.7 percent at 4,935 rupees per 100 kg on the NCDEX.
SUGAR Indian sugar futures rose, riding on government subsidy for production of raw sugar. The subsidy is expected to boost exports of raws from the world's second biggest producer after Brazil.
They also received support from expectations that India's annual sugar output could drop 4 percent in the 2013/14 season to around 24 million tonnes as cane yields fell in the main producing states due to bad weather. The key March contract ended up 0.4 percent at 2,778 rupees per 100 kg on the NCDEX. Sugar futures may open steady as demand is subdued.
CHICKPEAS Indian chana is expected to extend gains on Tuesday on continued short-covering. The April chana contract ended higher 0.5 percent at 3,024 rupees per 100 kg.
CUMIN SEEDS Indian jeera fell on large crop estimates, favourable weather and higher stocks. The actively traded jeera contract for March delivery ended 0.4 percent lower at 11,580 rupees per 100 kg on the NCDEX.
TURMERIC Indian turmeric futures ended down on a rise in the new season crop and are expected to open weak in the next session. The most-actively traded turmeric contract for April delivery ended down 1.2 percent at 7,260 rupees per 100 kg on the NCDEX.