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    Agri-commodity: Palm oil rises 0.73%; cardamom slumps 0.52%

    Synopsis

    Crude oil prices rose amid pick up in domestic demand and restricted supply from producing regions.

    PTI

    Commodity Summary

    MCX
    Crude palm oil prices today rose by 0.73 per cent to Rs 513.30 per 10 kg in futures trade amid pick up in domestic demand and restricted supplies from producing regions.

    At the Multi-Commodity Exchange, crude palm oil for delivery in June moved up by Rs 3.70, or 0.73 per cent to Rs 513.30 per 10 kg in business turnover of 141 lots.

    Likewise, the oil for delivery in May edged up by Rs 3.40, or 0.65 per cent to Rs 523.30 per 10 kg in 95 lots. Analysts said expanding of positions by participants due to uptick in demand in the spot market against tight stocks position on fall in supplies from producing belts, mainly led to rise in crude palm oil prices at futures trade.

    Cardamom
    Cardamom prices drifted lower by Rs 5.20 or 0.52 per cent to Rs 1,001.90 per kg in futures trading today due to weak advices from spot markets.

    At the Multi Commodity Exchange, cardamom for delivery in June declined by Rs 5.20, or 0.52 per cent to Rs 1,001.90 per kg in business turnover of 11 lots.

    Analysts said offloading of positions by participants in line with sluggish demand in spot markets mainly influenced cardamom prices at futures trade.

    Prices of the spice were under pressure at spot markets due to increased supplies from producing belts.

    Soya Oil
    Refined soya oil prices rose by 0.42 per cent to Rs 638.0 per 10 kg in futures market today on good demand in spot market.

    At the National Commodity and Derivatives Exchange, refined soya oil for delivery in June went up by Rs 2.70, or 0.42 per cent to Rs 638.20 per 10 kg with an open interest of 48,250 lots.

    Similarly, the oil for delivery in July was up by Rs 2.40, or 0.38 per cent to Rs 639.20 per 10 kg in 25,510 lots.

    Analysts said fresh positions created by traders supported by an uptick in demand in spot markets against tight stocks on fall in supplies from producing belts mainly led to the rise in refined soya oil prices at futures trade.

    Mentha Oil
    Mentha oil prices eased by 0.17 per cent to Rs 938.80 per kg in futures trade today as speculators cut down their bets amid subdued demand at spot market.

    At the Multi Commodity Exchange, mentha oil for delivery in May declined by Rs 1.60, or 0.17 per cent to Rs 938.80 per kg in business turnover of 52 lots.

    Analysts said offloading of positions by traders owing to slackened demand from consuming industries in spot market led to the slide in mentha oil prices in futures trade.

    The demand weakened at spot markets due to ample stocks position on increased supplies from Chandausi in Uttar Pradesh.

    Guargum
    Guargum prices moved down by Rs 77 to Rs 7,955 per quintal in futures trading today as traders preferred to liquidate positions, triggered by a weak trend at the domestic market due to muted export demand amid weak global cues.

    Market players said narrowing down of positions by speculators in line with a weak trend at the physical markets on fall in export demand and subdued cues from global markets, mainly pulled down the guargum prices in futures trading.

    Persistent supplies of guarseed from growing regions amid withdrawal of support by gum makers in spot market too weighed on price in futures market, they added.

    At the National Commodity and Derivatives Exchange, guargum for delivery in far-month July drifted lower by Rs 77, or 0.96 per cent, to Rs 7,955 per quintal, clocking an open interest of 8,955 lots.

    Guargum for most-active delivery in June also lost Rs 68, or 0.86 per cent, to Rs 7,820 per quintal, with an open interest of 436,225 lots.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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