Sat, January 28, 2023

Agricultural Commodities Thrives in Commodity Exchange

Commodity Exchange: Still life shot of agricultural commodities.

On Wednesday, soybean prices traded higher at the commodity exchange by Rs 13 to Rs 3,493 per quintal in futures trade. It was after participants continued their bets, tracking positive signals from the physical market.

A marketman indicated the positive demand at the spot market. It has also led the prices of soybeans to rise.

At the National Commodity and Derivatives Exchange, soybean for November increased. Rs 13, or 0.37 percent went up to Rs 3,493 per quintal, showing an open interest of 16,610 lots.

Meanwhile, refined soya oil prices grew 0.45 percent to Rs 753 per 10 kg in futures trade on Wednesday. It was as traders formed new positions in sync with upbeat demand at the spot market.

September contracts of refined soya oil on the National Commodity and Derivatives Exchange strengthened. Rs 3.4, or 0.45 percent, went up to Rs 753 per 10 kg with an open interest of 39,780 lots.

On similar lines, the oil for October contracts was trading higher at the commodity exchange. Rs 2.45, or 0.33 percent, up to Rs 752.25 per 10 kg in 13,470 lots.

Analysts stated that limited supplies from mounting belts encouraged traders to build up the exposure. It has led to the rise in soy oil prices.

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At the same day, the coriander prices at the commodity exchange grew by 0.89 percent to Rs 6,093 per quintal in the futures market. It was when participants developed new positions amid rising spot demand.

Besides, tight stocks on account of controlled arrivals from major growing regions mainly backed coriander prices.

Additional Agricultural Commodity Updates

September coriander contracts on the National Commodity and Derivatives Exchange edged up by Rs 54, or 0.89 percent, at Rs 6,093 per quintal with an open interest of 27,120 lots.

Similarly, the October coriander contracts have added by Rs 71, or 1.16 percent, at Rs 6,210 per quintal. It goes with an open interest of 5,280 lots.

Market analysts accredited the rise of coriander futures to gain in demand in the physical market versus tight stocks position.

In addition, Mustard seed prices traded at the commodity exchange were higher. Rs 2 to Rs 3,941 per quintal in futures trade. Investors shaped fresh bets on firm spot demand.

September mustard seed delivery on the National Commodity and Derivatives Exchange went up by Rs 2, or 0.05 percent, to Rs 3,941 per quintal with an open interest of 57,720 lots.

The delivery for October contract also increased by Rs 3, or 0.08 percent, to Rs 4,001 per quintal, clocking an open interest of 31,970 lots.

Guar gum prices multiplied by Rs 33 to Rs 8,595 per five quintals in futures trade on Wednesday. It was amid strong export demand at the spot market.

September delivery of guar gum contracts on the National Commodity and Derivatives Exchange, traded higher by Rs 33, or 0.39 percent, at Rs 8,595 per five quintals with an open interest of 53,780 lots.

October delivery for Guar gum also rose by Rs 44, or 0.51 percent, to Rs 8,701 per five quintals, mirroring an open interest of 13,285 lots.

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