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AGRI WRAP-India chana, oilseeds, soyoil up on festival demand; sugar down
MUMBAI Oct 18 (Reuters) - Indian soybean futures jumped 4 percent, the maximum permissible daily limit, on Thursday as local farmers held back soybean stocks hoping for a price rise amid improvement in edible oil demand in the ongoing festival season.
* The November soybean contract ended 3.91 percent higher at 3,211 rupees per 100 kg, after hitting the 4 percent upper circuit at 3,214 rupees earlier in the day.
* The November soyoil contract closed up 2.47 percent at 668.5 rupees per 10 kg while rapeseed edged up 0.49 percent to 4,258 rupees per 100 kg.
* Indians will celebrate Dussehra next week and Diwali in November. Demand for edible oils rises during these festivals.
* At the Indore spot market in Madhya Pradesh, soyoil edged up 8.1 rupees to 673.3 rupees per 10 kg, while soybeans rose 54 rupees to 3,163 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed jumped 50 rupees to 4,275 rupees.
Indian sugar futures eased as millers trimmed prices after the government warned it will convert unsold stocks of non-levy sugar for October and November into levy sugar.
* 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.
* Levy sugar is the quantity that mills sell at subsidised rates to the government for distribution in the public distribution system.
* The government said on Wednesday mills should sell the entire allocated non-levy quota before Nov. 30 and the unsold stocks would be converted into levy sugar.
* The key November contract closed down 0.47 percent at 3,326 rupees per 100 kg.
* At the Kolhapur spot market in Maharashtra state, sugar fell 8 rupees to 3,525 rupees per 100 kg.
Indian chick peas, or chana, futures closed up after reversing initial losses on buying by traders for the forthcoming festivals and on an estimated decline in pulses output this year.
* The key November contract closed up 1.84 percent at 4,813 rupees per 100 kg.
* Prices also received support from the projected 14.6 percent decline in production of kharif or summer-sown pulses.
* In New Delhi spot market, chana fell 69 rupees to 4,689 rupees per 100 kg.
Indian turmeric futures rose on value buying in low volume trade after falling sharply in the previous two sessions on subdued demand, though traders expect a further decline in prices.
* The November turmeric contract on the National Commodity and Derivatives Exchange (NCDEX) closed up 0.81 percent at 5,242 rupees per 100 kg.
* The contract fell sharply to hit fresh contract lows in the previous two straight sessions.
* In Nizamabad, a key market in Andhra Pradesh, spot turmeric fell 11 rupees to 5,022 rupees per 100 kg.
Indian jeera, or cumin seed, futures rose for a second straight session on strong export demand following the turmoil in Syria, a key grower.
* The November jeera contract on the NCDEX was 1.52 percent higher at 15,637 rupees per 100 kg.
* At Unjha, a key market in Gujarat, spot jeera rose 99 rupees to 15,125 rupees per 100 kg.
Indian pepper rose for a second straight session on thin supplies in spot markets and on depleting stocks, though weak exports weighed on the sentiment.
* The most-active November contract closed up 0.98 percent at 43,275 rupees per 100 kg.
* Pepper supply in spot markets is low and is supporting prices despite weak demand, traders said.
* At Kochi, a key market in Kerala, spot pepper rose 251 rupees to 42,280 rupees per 100 kg.
(Reporting by Deepak Sharma; Editing by G.Ram Mohan)
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