India corn futures ease on weak demand
MUMBAI, Dec 1 (Reuters) - India corn futures eased on Monday on lower demand from the poultry industry following an outbreak of bird flu in the north eastern state of Assam, analysts said.
Poultry industry is the major consumer of corn.
Traders are also delaying purchases hoping to buy corn from a government agency, which is currently procuring corn from the farmers.
"The cost price of procuring from the government will be lower than buying it from the market due to the tax component," Jeetendra Nagla, a trader in Nizamabad, said.
Total arrivals in the spot market in Nizamabad, Andhra Pradesh, was about 20 tonnes on Monday.
However, losses were limited due to recent exports orders. Traders have signed export deals for about 125,000 tonnes of the commodity in the last four weeks.
December corn NMZZ8 ended at 814 rupees per 100 kg, down 0.6 percent on the National Commodity and Derivatives Exchange. (Reporting by Abhishek Shanker; Editing by Harish Nambiar)
© Thomson Reuters 2009 All rights reserved
Dubai Debt Fears
Banks outside the Gulf played down their exposure to Dubai debt, after fears the emirate could default and even derail world economic recovery prompted a sell-off in global markets. Full Article | Slideshow
One Year Later
Mumbai held tearful memorials and police staged a show of strength as it marked the first anniversary of militant raids that killed 166 people and pushed up tensions with Pakistan. Slideshow | Full Coverage
