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AGRI WRAP-India soyoil, sugar down; chana, turmeric up on demand
MUMBAI, Sept 20 |
MUMBAI, Sept 20 (Reuters) - Indian soyoil futures extended losses on Thursday following a decline in overseas prices and as fresh soybean crop began arriving in small quantities in key producing areas.
* The October soyoil contract on India's National Commodity and Derivatives Exchange (NCDEX) fell 0.24 percent to 742.45 rupees per 10 kg. It had hit 736.5 rupees earlier in the session, the lowest level for the second-month contract since June 19.
* Edible oil prices in the world market may come under pressure due to high palm oil stocks in Malaysia and Indonesia and the start of soybean crushing in the United States.
* The October soybean contract closed marginally down at 3,567 rupees per 100 kg, while rapeseed edged 0.09 percent up at 4,118 rupees per 100 kg.
* Most spot markets for farm goods were closed on Thursday due to a one-day nationwide strike called by opposition parties against sweeping economic reforms announced by the government last week.
Indian sugar futures closed nearly flat due to lack of cues from spot markets, which were closed due to the nationwide strike.
* The key October contract closed 0.19 percent down at 3,585 rupees per 100 kg.
* Key spot markets were closed and buyers postponed purchases as vehicles were not available for transport, dealers said.
Indian chana, or chickpea, futures recovered after falling in early trade as an improvement in consumer demand due to the ongoing festive season outweighed the impact of a downtrend in most farm commodities following improvement in monsoon rains.
* Majority of Indians celebrate the Ganesh festival this month, Dussehra in October and Diwali in November. Consumption of all pulses rises during the festive period.
* Monsoon rains were 21 percent above average in the week to Sept. 12, the third straight week of heavier-than-normal rains, and it could help boost yields of summer-planted crops, which were affected by the weak rain at the beginning of the monsoon season.
* The key October contract closed up 0.35 percent at 4,509 rupees per 100 kg.
* In the Delhi spot market, chana closed 10 rupees up at 4,600 rupees per 100 kg.
Indian jeera futures fell as recent rains in Gujarat state, the top grower of the commodity, boosted prospects of higher sowing amid lacklustre demand in spot markets.
* The September jeera contract ended down 0.76 percent at 13,905 rupees per 100 kg on the NCDEX.
* Spot markets in Gujarat were closed due to the nationwide strike against the recent hike in fuel prices and economic reforms announced by the government, traders said.
Indian pepper futures recovered after falling in a low volume trade due to a tight supply situation in spot markets.
* "Volumes in pepper trade are very low and it's difficult to predict any trend," said Ajitesh Mullick, head of farm research at Religare Commodities.
* The key October pepper contract closed up 0.24 percent at 43,080 rupees per 100 kg.
* In the Kochi spot market, pepper prices were 89 rupees higher at 41,595 rupees per 100 kg.
Indian turmeric futures rose after falling in the previous two sessions on short-covering, supported by hopes of a rise in demand from northern India after the rainy season.
* "Traders are expecting a surge in demand from northern India after the rainy season. Demand for turmeric goes up with decline in temperature after the rainy season," said Shreedhar Reddy, a trader based in Nizamabad, Andhra Pradesh.
* The October turmeric contract closed up 1.12 percent at 5,756 rupees per 100 kg.
* Turmeric is planted between June and August and is harvested after nine months.
* Key spot markets in Andhra Pradesh were closed due to the nationwide strike against the recent hike in fuel prices and economic reforms announced by the government, traders said. (Reporting by Deepak Sharma; Editing by Subhranshu Sahu)
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