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AGRI WRAP-India turmeric hits contract high; soybean, sugar, chana up
December 10, 2012 / 1:12 PM / 5 years ago

AGRI WRAP-India turmeric hits contract high; soybean, sugar, chana up

MUMBAI, Dec 10 (Reuters) - Indian turmeric futures jumped over 4 percent, the maximum permissible daily limit, to hit a fresh contract high on Monday, tracking firm cues from the spot market.

* The April turmeric contract on the National Commodity and Derivatives Exchange (NCDEX) closed up 4 percent at 6,194 rupees per 100 kg.

* Spot turmeric rose 107 rupees to 5,154.5 rupees at Nizamabad, Andhra Pradesh.

* The area under turmeric cultivation is lower this year due to scant rainfall during the planting season and the shift of acreage to other crops, but higher carry-forward stocks are expected to keep supplies firm.

PEPPER

Indian pepper futures ended marginally up on depleting stocks and thin domestic supplies though estimates of higher output and weak overseas demand limited the upside.

* The most-active February pepper contract on the NCDEX rose 0.09 percent to 34,095 rupees per 100 kg.

* Spot pepper fell 56 rupees to 38,482 rupees per 100 kg in Kochi, a key market in Kerala.

JEERA

Indian jeera futures ended flat as sluggish overseas sales and weak local demand met a slow pace of sowing in parts of Gujarat, the top producer.

* Jeera is a winter crop for which sowing in Gujarat will continue through December.

* The March jeera contract on the NCDEX closed nearly unchanged at 15,180 rupees per 100 kg.

* Spot jeera edged down 37 rupees to 14,880 rupees per 100 kg at Unjha.

OILSEEDS

Indian soybean futures edged higher on thin supplies in the physical market, while soyoil rose, tracking global prices.

* Rapeseed futures eased on higher area under cultivation.

* The January soybean contract on India’s National Commodity and Derivatives Exchange rose 1.2 percent to end at 3,301 rupees per 100 kg.

* January rapeseed contract fell 0.48 percent to close at 4,178 rupees per 100 kg, while soyoil contract edged 0.45 percent higher to 709.85 rupees per 10 kg.

* At the Indore spot market in Madhya Pradesh, soyoil fell 1.4 rupee to 728.1 rupees per 10 kg, while soybean edged up 22 rupees to 3,262 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed nudged down by six rupee to 4,350 rupees.

CHANA

India chana futures rose nearly 1 percent as traders covered short positions after a recent fall in prices, though expectations of higher output on a likely increase in the area under cultivation limited the upside.

* The most-active chana contract for January delivery closed up 0.9 percent at 4,026 rupees per 100 kg.

* Sowing is lagging behind in some areas due to delayed harvesting of the summer crop, but the overall area is expected to exceed last year‘s, helped by attractive prices, traders and analysts said.

* In the New Delhi spot market, chana inched up 22 rupees to 4,200 rupees per 100 kg.

SUGAR

Indian sugar extended gains to hit its highest level in a week, as a key producing state fixed a higher price for farmers.

* India’s top cane producing Uttar Pradesh state raised the price sugar mills must pay for the new season crop by up to 16 percent to 290 rupees per 100 kg, which could encourage farmers to plant more.

* The key January contract closed up 0.12 percent higher at 3,299 rupees per 100 kg, after hitting a high of 3,312 rupees, the highest since Dec. 3.

* Spot sugar edged down 18 rupees to 3,347 rupees per 100 kg at Kolhapur in top-producing Maharashtra state. (Reporting by Deepak Sharma; Editing by Anand Basu)

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