India corn futures end higher on official's remarks
MUMBAI, April 23 (Reuters) - Indian corn futures ended higher on Wednesday on media reports that the deputy chairman of the Planning Commission was opposed to a ban on commodities futures trade, analysts said.
Planning Commission Deputy Chairman Montek Singh Ahluwalia on Tuesday opposed suggestions to ban futures trade in commodities, the Business Standard paper reported.
"Some recovery was seen ...there could be some more rise..prices had fallen quite a bit in last few days," said an analyst with Motilal Oswal Commodities Broker Pvt Ltd.
Strong export demand also supported the gains, they said.
India is likely to export 2.1 million tonnes of corn by May.
India on Tuesday revised its 2007/08 output estimates to 18.54 million tonnes from an earlier estimate of 16.78 million tonnes.
At close, the May futures NMZK8 on National Commodity and Derivatives Exchange (NCDEX) was up 0.79 percent at 704.5 rupees per 100 kg.
If May corn breaches 708 rupees mark, it will see some upward movement, said an analyst with Angel Commodities Broking Pvt Ltd.
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