Agri futures show mixed trend on rain forecast

Written by fe Bureau | New Delhi | Updated: Jun 30 2009, 04:32am hrs
Agriculture futures on major commodities showed a mixed trend this week following the progress of the southwest monsoon, crucial for growth and production of many kharif sown crops. While refined soyoil, cardamom, chana and potato futures rose over fears that a below normal monsoon in 2009 could limit their output, future prices of cotton seed and mentha oil dropped.

On the Multi Commodity Exchange, refined soyoil August futures rose by 2.06% during the week over fears that poor rains in main soybean growing region of central India could limit output, thereby pushing up prices. Similarly, cardamom September futures rose by 8.58% to Rs 835.50 per kg because of low rains in main cardamom producing province of Kerala.

Chana July futures also closed high by 1.62% to Rs 2192 per 100-kg and potato August contract rose by 2.56% to Rs 1174 per 10-kg during the week ended June 26. Future prices of mentha oil and cotton seed dropped as a result of poor demand from domestic traders.

Base metal futures went up tracking firm trend in global markets. In MCX, copper November futures went up by 1.04% to Rs 247.65 per kg, nickel August contract gained by 2.87% to Rs 748.50 per kg, aluminium August contract rose by 1.76% to Rs 80.95 per kg, zinc June contract was up by 2.96% to Rs 76.65 per kg and lead June contract was high by 2.51% to Rs 81.80 per kg during the week ended June 26.

Gold and silver futures showed mixed trend tracking the movement of dollar in the international markets.