Pulses, wheat ease

Mumbai, Sept 28 | Updated: Sep 29 2006, 05:30am hrs
Pulses and wheat prices eased on the NCDEX by 1700 hours and closed near the days lows, as dealers termed the prices as expensive after a five-day rally. However, base metals extended gains on global cues.

On the NCDEX, chana for October delivery traded at Rs 3,261 per 100 kg, down Rs 57 or 1.7% after touching an intra-day high of Rs 3,324. Open interest (OI) stood at 30,380 metric tonne. Highest OI was 58,890 metric tonne for the November contract. Chana contracts had seen a major rise in the past five days and a correction was due, Akshita Bhatt of Kotak Commodity Services Ltd, said. Chana closed at Rs 3,116 on September 20. Since then it had rallied more than Rs 200 before Thursdays fall.

Improved arrivals in the spot market have eased the future prices of desi urad, which have also resulted in a gradual price decline in the spot market, Akshita added.

Near month urad desi contract that opened weaker at Rs 3,550 per 100 kg as against the previous close of Rs 3,571 and closed trading at Rs 3,464, down Rs 107 or 2.9% after touching an intra-day high of Rs 3,580.

Urad desi further month contracts traded in backwardation to the near month contract with November, December and January contracts trading at Rs 3,279, Rs 3,279 and Rs 3,276, respectively. OI for the near month contract stood at 11,260 metric tonne, highest OI was noticed for the month of 31,420 metric tonne.

Near month tur desi closed at Rs 1,896 per 100 kg down Rs 32, or 1.8%, from Wednesdays close of Rs 1,928. All tur desi contracts opened weaker against their respective previous closes. OI stood at 8,190 metric tonne against 8,840 metric tonne on Wednesday.

Wheat for near month delivery opened weaker at Rs 974.4 per 100 kg against Rs 977.2 on Wednesday, and came down Rs 8.2 to close at Rs 969.