Pepper futures may remain firm. Black pepper prices gained Rs 300-500 per quintal in key Kochi market on Thursday. Investors in black pepper are buying ungarbled in spot market. In Kochi, Black pepper un-garbled is sold at Rs 29,300 per quintal and MG-1 at Rs 30,300 a quintal.
Enquiries are emerging from American markets while, demand from the upcountry markets too has risen though aggressive buying in spot in quite unlikely because of high prices. Chilli futures may remain sideways holding support above 8000 levels.
Red chilli prices remained steady in the key Guntur mandi of Andhra Pradesh on Thursday. Meanwhile, there are reports that chilli plantation has been completed in the Nimaad region of Madhya Pradesh. Jeera futures may remain sideways & trade with a weaker bias.
Spot cumin seed prices were quoted Rs 50 per 20 kg down in benchmark Unjha market on Thursday. Unjha mandi will remain closed from Sunday to Tuesday on account of ‘janmashtami’ and will resume on Wednesday. Turemric futures may remain downside. At the spot market, sales were poor due to the proposed lorry strike, as traders purchased very little quantity.
Other commodities: Kapas futures may remain sideways on reports on higher acreage. As the kharif sowing gets into its last leg amid a mixed monsoon in Gujarat, acreage under cotton has spurted by over 2.52 lakh hectares in the state. Sugar futures may remain downside tracking weak international prices. At the spot market, business was restricted to the retail market as there was no new buying by stockists. Chana futures may trade with a weaker bias. However the counter is expected to hold support above 3000 levels. The crop in Uttar Pradesh is adversely affected by heavy rains, as the seeds undergo moisture stress, and cold weather causes the flowers and pods to drop.
Oilseeds: Domestic oilseeds may trade in weaker zone owing to bearish crude oil prices. Crude oil futures tumbled 5.9% Thursday as weakening economic data in the U.S. sparked renewed fears of a global downturn. Soya oil remained unchanged even as festival demand slid and trading remained sluggish. In the resale market, soya refined witnessed scattered buying at Rs 632 for 10 kg. On Wednesday also, soya refined witnessed sluggish trading at Rs 633-34 for 10 kg on increased selling and falling soya-oil prices in international markets. Soyabean also ruled flat on slack buying. In the local mandis, soyabean ruled at Rs 2,270-2,290 a quintal, though a few plants quoted soyabean as high as Rs 2,320 a quintal. US soybean futures end lower, driven down by board based selling attributed to global economic worries. CBOT Nov soy finish down 5 3/4c or 0.4% at $13.61/bushel.
Courtesy: SMC Global
