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AGRI WRAP- India sugar, soyoil, chana gain on festival demand
MUMBAI, Sept 14 |
MUMBAI, Sept 14 (Reuters) - Indian sugar futures rose to their highest level in a week on Friday on an expected rise in demand due to forthcoming festivals and a delay in cane crushing.
* The key October contract on India's National Commodity and Derivatives Exchange was up 1.63 percent at 3,608 Indian rupees ($65.1) per 100 kg, after hitting 3,614 rupees earlier in the day.
* The western state of Maharashtra, the country's top sugar producer, has decided to start crushing for the 2012/13 season from Nov. 1, instead of Oct. 1, as cane has not developed well due to water shortage.
* Indians celebrate the Ganesh festival this month, which will be followed by Dussehra in October and Diwali in November. Sugar consumption usually rises during the festival period.
* In the Kolhapur spot market in Maharashtra, sugar edged down 7 rupees to 3,575 rupees per 100 kg.
Indian soyoil futures rose on Friday, supported by good demand in the spot market and a rise in Malaysian palm oil, while soybeans reversed gains on hopes of higher production.
* The October soyoil contract closed up 0.38 percent at 778.7 rupees per 10 kg.
* The October soybeans contract fell 0.2 percent to 3,843 rupees per 100 kg, while rapeseed jumped 1.5 percent to 4,174 rupees per 100 kg.
* India's soybeans production in 2012/13 is likely to rise to 11.8 million tonnes from 11 million tonnes in the current year, JP Morgan said in a research report last week.
* At the Indore spot market in Madhya Pradesh, soyoil rose by 2.15 rupees to 800.15 rupees per 10 kg, while soybeans edged up 8 rupees to 4,519 rupees per 100 kg. In Sri Ganganagar in Rajasthan, rapeseed fell 40 rupees to 4,185 rupees per 100 kg.
India's jeera, or cumin seed, futures, which fell in the last three sessions, rose on Friday on expectations of a revival in demand during the approaching festival season, though good rains in key growing areas weighed on prices.
* The key October jeera contract closed up 0.88 percent at 13,945 rupees per 100 kg.
* At Unjha, a key market in Gujarat, jeera was flat at 14,750 rupees per 100 kg.
India's pepper futures reversed early losses to close up on lower supplies in spot markets, though weak demand from overseas markets and improved rains in key growing areas, which could boost production, capped the gains.
* The key October contract ended up 0.17 percent at 43,385 rupees per 100 kg.
* Demand for Indian-origin pepper has been lower due to higher supplies from Vietnam, the world's largest producer, at comparatively low prices, traders said.
* In Kochi, a key market in Kerala state, spot pepper rose 204 rupees to 41,586 rupees per 100 kg.
Turmeric futures jumped 2 percent on an expected fall in output due to a decline in area under cultivation and rising consumer demand from north India.
* The Oct. turmeric contract closed up 2 percent at 5,812 rupees per 100 kg.
* At Nizamabad, spot turmeric rose 26 rupees to 5,661 rupees per 100 kg on lower seeded area.
* Farmers slashed the area under turmeric cultivation this season, following a sharp decline in prices that started last year.
Indian chick peas, or chana, futures, which hit a two-month low in the previous session, rose on Friday on expectations of a rise in demand in the approaching festival season.
* Chana futures fell over 12 percent since Aug 17. as revival of the monsoon after mid-August boosted prospects of production of summer-sown pulses, weighing on prices of all pulses including chana.
* Chana for October delivery closed up 0.63 percent at 4,444 rupees per 100 kg.
* In the Delhi spot market, chana fell 80 rupees to 4,550 rupees per 100 kg. ($1 = 55.4100 Indian rupees) (Reporting by Deepak Sharma; Editing by Sunil Nair)
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