Today pulses and spices went down on the news of government passing Essential Commodities Amendment Bill 2006 and finally ended the day in a bearish mode.
Pepper December contract touched the floor of 5% and closed at Rs 10935. The fall in prices can be credited to following factors such as psychological effect of implementation of Essential Commodity Bill, speculation selling and weakness in the spot market.
Chilly December contract gained 2.13% and closed at Rs 6710 on lack of arrivals in the spot market. Cardamom (MCX) eased down to the lower circuit of 4.09% and closed at Rs 398.5 on slack demand from the spot market. Jeera December contract was down by 0.88% and closed at Rs 8507 on fear of bad weather in major growing areas coupled with lack of spot market demand.
Refined soy oil (MCX) January contract eased down by 1.17% and closed at Rs 474 on the news of outbreak of bird flu in South Korea. Similarly soybean January (NCDEX) contract went down by 2.33% to Rs 1396 on lack of buying support from crushing units.
Mentha oil December (MCX) contract declined 3.07% and closed at Rs 658 on lack of export demand and weakness in the spot market. Urad desi December contract went down by Rs 88 and closed at Rs 3355. Chana January contract was down by 2.48% and closed at Rs 2792 on slack demand from the spot market.
Tur January contract traded down by 1.08% and closed at Rs 1925. Guar seed January contract went down by 3.9%, nearly touching the floor and closed at Rs 2071 on the rumours of a ban on Guar Seed futures trading in the coming days.
Courtesy: Geojit Commodities Ltd