Agri-commodity: Cardamom, chana, wheat climb on firm demand.

Amid pick up in domestic and exports demand at the spot markets against restricted supplies from producing belts, cardamom prices edged up by 0.90 per cent to Rs 945 per kg in futures trading today as speculators built up fresh positions.

At the Multi Commodity Exchange, cardamom for delivery in December traded higher by Rs 8.40, or 0.90 per cent to Rs 945 per kg in business turnover of 316 lots.

Marketmen said fresh positions created by participants after upsurge in domestic as well as exports demand in the physical market against tight stocks position on fall in arrivals from growing regions, mainly influenced cardamom prices at futures trade.

Crude palm oil
Continuing its rising streak for the third day, crude palm oil prices traded higher by 0.35 per cent to Rs 571 per 10 kg in futures market today as speculators engaged in enlarging their positions, tracking a firm trend at spot market on rising demand.

At the Multi Commodity Exchange, crude palm oil for delivery in November went up by Rs 2, or 0.35 per cent to Rs 571 per 10 kg in business turnover of 376 lots.

Likewise, the oil for delivery in December edged up by Rs 1.50, or 0.26 per cent to Rs 573.70 per 10 kg in 186 lots.

Analysts said widening of positions by participants on the back of surging demand in the physical market against restricted supplies from producing regions mainly kept crude palm oil prices higher at futures trade.

Wheat
Wheat prices flared up by 2.35 per cent to Rs 1,789 per quintal in futures market today after participants built up fresh positions amid upsurge in demand at the spot market.

At the National Commodity and Derivatives Exchange, wheat for delivery in December shot up by Rs 41, or 2.35 per cent to Rs 1,789 per quintal with an open interest of 7,200 lots.

On similar lines, the wheat for delivery in November traded higher by Rs 30, or 1.75 per cent to Rs 1,742 per quintal in 4,560 lots.

Analysts said fresh positions created by traders due to uptick in demand from flour mills at the spot market, mainly led to rise in wheat prices at futures trade.

Meanwhile, the government yesterday doubled the import duty on wheat to 20 per cent to curb cheap shipments and give positive price signal to farmers in the ongoing Rabi season.

It also imposed import duty of 50 per cent on peas to check cheaper shipments from countries like Canada.

Chana
Chana prices climbed 4 per cent to hit an upper circuit at Rs 4,836 per quintal in futures market today as participants enlarged positions following pick up in demand in the spot market against tight supplies.

At the National Commodity and Derivatives Exchange, chana for delivery in January 2018 surged by Rs 186, or 4 per cent to Rs 4,836 per quintal with an open interest of 16,910 lots.

Chana for delivery in November rose by Rs 196, or 3.99 per cent to Rs 5,114 per quintal with an open interest of 14,480 lots, while delivery in December also climbed Rs 190, or 3.99 per cent to Rs 4,947 per quintal in 29,450 lots.

Analysts said building up of positions by traders, driven by pick-up in demand in the physical market against tight stocks position on fall in supplies from producing regions, mainly led to rise in chana prices at futures trade.

Meanwhile, the government had yesterday imposed import duty of 50 per cent on peas to check cheaper shipments from countries like Canada.

Source: economictimes.indiatimes.com