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AGRI WRAP- India oilseeds, sugar drop on supplies; turmeric up
MUMBAI, Sept 24 |
MUMBAI, Sept 24 (Reuters) - Indian soyoil futures hit their lowest level in more than seven months on Monday following a sharp drop in Malaysian palm oil prices and on an expected rise in local supplies as soybean arrivals from the new crop have started.
* Soybean and rapeseed also fell on an expected rise in production due to favourable weather and higher acreage.
* Malaysian palm oil futures tumbled on Monday to their lowest in two years, hurt by rising inventories and steep losses in U.S. soybeans on expectations of higher output.
* The October soyoil contract on India's National Commodity and Derivatives Exchange (NCDEX) closed 2.05 percent down at 696.85 rupees per 10 kg. It fell to 683 rupees earlier in the day, the lowest level for the front-month contract since Feb.3.
* The October soybean contract dropped 0.97 percent to 3,421.5 rupees per 100 kg, while rapeseed fell 2.6 percent to 3,974 rupees per 100 kg.
* At the Indore spot market in Madhya Pradesh, soyoil slipped 22.05 rupees to 754.3 rupees per 10 kg, while soybean slumped by 624 rupees to 3,373 rupees. At Sri Ganganagar in Rajasthan, rapeseed fell 50 rupees to 4,100 rupees per 100 kg.
* Palm oil prices will fall further this year as slowing economic growth reins in demand for biofuel production, leading to higher stocks with top producers Indonesia and Malaysia, an industry meeting concluded on Sunday.
* India's 2012/13 edible oil imports could rise 4.2 percent to a record high, with palm oil cornering the bulk of that, a Reuters poll showed, as the world's second most populous country fails to raise output quickly enough to meet demand from a growing middle class.
Indian sugar futures dropped on expectations the government will allow a higher non-levy quota for the December quarter as it aims to keep a lid on prices during the festive season.
* The key October contract closed down 0.7 percent at 3,555 rupees per 100 kg.
* Non-levy, or free-sale, sugar is sold by millers in the open market, but the quantity each mill can sell is fixed by the federal government.
* In the Kolhapur spot market in Maharashtra, sugar edged up by a rupee to 3,662 rupees per 100 kg.
Indian chana futures fell to hit a new contract low as demand declined in spot markets and the rupee strengthened against the dollar, which could make imports cheaper.
* Scant rains may have reduced the output of the summer-sown crop by about 15 percent to 5.26 million tonnes in the current season, the government said on Monday.
* The key October chana contract closed 0.2 percent down at 4,384 rupees per 100 kg after hitting a new contract low of 4,253 rupees.
* In the Delhi spot market, chana fell 155 rupees to 4,431 rupees per 100 kg.
India's jeera futures hit a new contract low on Monday as recent rains in Gujarat state boosted prospects of higher production in the next season amid weak demand in spot markets.
* The October jeera contract closed 0.39 percent down at 13,567.5 rupees per 100 kg, after hitting a new contract low of 13,250 rupees per 100 kg.
* Carry-over stocks with traders from the previous year are high and that is hurting demand in spot markets.
* At Unjha, a key market in Gujarat, jeera fell 153 rupees to 14,450 rupees per 100 kg.
India's pepper futures fell due to lack of buying interest by exporters following softness in overseas prices and on a stronger rupee, which could further dent export demand.
* The most-active October contract ended 0.3 percent down at 43,160 rupees per 100 kg.
* In Kochi, a key market in Kerala state, spot pepper fell 224 rupees to 41,876 rupees per 100 kg.
Turmeric futures in India recovered on short-covering after a sharp fall in prices earlier in the day.
* The October turmeric contract on the NCDEX closed 0.67 percent up at 5,702 rupees per 100 kg.
* At Nizamabad, spot turmeric fell 278 rupees to 5,686 rupees per 100 kg. (Reporting by Rajendra Jadhav; Editing by Subhranshu Sahu)
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