(Reuters) – Indian sugar futures fell on Wednesday to their lowest level in nearly two-and-a-half years on sluggish demand and ample supplies due to ongoing cane crushing.
The key March contract on the National Commodity and Derivatives Exchange closed 0.78 percent lower at 2,667 rupees per 100 kg, after falling to 2,665 rupees earlier in the day, the lowest level since August 9, 2011.
India started the new sugar marketing year on Oct. 1 with stocks of 8.8 million tonnes. It is expected to produce 25 million tonnes this year against a demand of 23 million tonnes.
Spot sugar dropped by 13 rupees to 2,690 rupees per 100 kg at the Kolhapur market in Maharashtra.
OILSEEDS
Indian soyoil and rapeseed futures edged higher, tracking gains in Malaysian palm oil, while soybean ended steady in choppy trade.
Malaysian palm oil futures ended higher on Wednesday after three days of losses, as investors squared positions ahead of a long weekend.
The key February soybean contract finished down 0.01 percent at 3,834 rupees per 100 kg.
The February soyoil contract rose 0.29 percent to 685.8 rupees per 10 kg, while the rapeseed contract for April edged up 0.15 percent to 3,369 rupees per 100 kg.
Soybeans eased 8 rupees to 3,970 rupees per 100 kg at the Indore spot market in Madhya Pradesh state, while soyoil fell by 2.30 rupees to 693 rupees per 10 kg. Rapeseed dropped 27 rupees to 3,494 rupees in Jaipur in Rajasthan state.
GUAR SEED
Indian guar seed futures eased on a rise in supplies from the new season crop.
The February contract finished down 0.39 percent at 5,130 rupees per 100 kg.
Guar seed fell by 60 rupees to 5,044 rupees per 100 kg in the Jodhpur spot market in Rajasthan.
CHICKPEAS
Indian chana, or chickpea, futures hit a contract low on ample carry-forward stocks and sluggish demand.
The February chana contract dropped 0.27 percent to 2,953 rupees per 100 kg, after hitting a contract low of 2,932 rupees earlier in the day.
Spot chana eased 23 rupees to 2,921 rupees per 100 kg in Delhi.
TURMERIC
Indian turmeric futures jumped to hit a contract high on thin supplies amid good export demand.
The most-actively traded turmeric contract for April delivery closed up 2.7 percent at 7,350 rupees per 100 kg, after hitting a contract high of 7,374 rupees.
Spot turmeric was 146 rupees higher at 6,348 rupees per 100 kg at Nizamabad, a key market in Andhra Pradesh state.
CUMIN SEEDS
Indian jeera, or cumin seed, futures edged lower, pressured by large stocks and prospects of higher production.
The actively traded jeera contract for March delivery dropped 0.52 percent to 12,362.5 rupees per 100 kg.
Supplies from the new season crop are expected to hit the market from mid-February.
