Indian sugar down on profit taking; guar up

(Reuters) – Indian sugar futures ended down on Friday due to profit-taking and are expected to open lower in the next session as buying support seen in the previous session on new export demand eased.

The key May contract on the National Commodity and Derivatives Exchange finished 0.2 percent up at 3,123 rupees ($51.08) per 100 kg.

SOYOIL & OILSEEDS

Soybean futures ended down in the absence of any major demand for soymeal from usual destinations in Southeast Asia as animal feed from South America is available at cheaper rates. Soybeans are processed to drive soymeal, used as animal feed, after extracting oil.

Soyoil took cues from rival palm oil futures in Malaysia which extended losses into a fourth session on signals of slower demand from major buyer China.

By the close, the benchmark May contract on the Bursa Malaysia Derivatives Exchange lost 0.4 percent at 2,797 ringgit ($850) per tonne.

Indian soy futures may open down in the next session, while rapeseed could also open lower as new arrivals pick up in spots.

The April soyoil contract ended down 0.4 percent at 724 rupees per 10 kg on the NCDEX.

The April soybean contract ended 0.2 percent down at 4,218 rupees per 100 kg.

The key April rapeseed contract closed 1.1 percent down at 3,447 rupees per 100 kg.

GUAR SEED

Guar futures ended marginally up as fresh supplies slowed down in spots. Guar may open flat in the next session.

The April guar seed contract rose 0.1 percent to close at 4,665 rupees per 100 kg.

TURMERIC

Turmeric futures ended higher on recovery after going through a phase of liquidation in the last couple of sessions. Turmeric may open up on fresh buying support in the next session.

The key April contract ended 0.6 percent up at 6,838 rupees per 100 kg.

CHICKPEA

Indian chana, or chickpea, futures closed down as weather worries eased, while prospects of improved output could lead to a weak opening in the next session.

The April chana contract ended 1.3 percent down at 3,237 rupees per 100 kg.

CUMIN SEEDS

Cumin seeds, or jeera, futures were down as new harvests speeded up in spots.

Jeera may open lower on lack of fresh buying interest. The April contract fell 3.4 percent to close at 10,180 rupees per 100 kg.