Hot spices power up agri index
The spices complex looked bullish on Saturday as did the soya complex with soya oil registering gains over the previous trading session.
By TNN |
MUMBAI: The spices complex looked bullish on Saturday as did the soya complex with soya oil registering gains over the previous trading session. The agri index was up two-fifth of a per cent at 1653.50 points.
Chilli for November rose 2.7% at Rs 5,350, while the December contract jumped 4.7% to Rs 5,470 per quintal. Brokers like Geojit Commodities feel the truce between NCDEX and local traders in Guntur with respect to quality issues at the exchange warehouses has given force to the rally.
Further reports of export buying provided immediate stimuli to the rally on Friday, when the commodity hit the upper circuit. In the case of the refined soya oil, the near month contract ended up 1.3% higher at Rs 439 per 10 kg, while December ended up half a per cent at Rs 451.4.
Soyabean also witnessed marginal gains. The 44th Convention of Kharif Oilseeds at Chennai has pegged the marketable surplus for crushing this year (’06-07) at 65 lakh tonnes, 2 lakh tonnes more than ’05-06. In the pulses complex, chana for December delivery, the most active month, rose about a fifth of a per cent at Rs 2,761 per quintal.
Urad for near month was up 1.4% at Rs 3,404 per quintal while the most active December month was up 1.5% at Rs 3,313 per quintal. On Friday urad desi fell on account of huge deliveries at the exchange warehouses after contract specs were modified.
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