Commodities close: Oilseeds jump on demand,spices drop

Indian soybean futures surged 4 percent on Thursday to hit their highest in a month.

Indian soybean futures surged 4 percent on Thursday to hit their highest in a month on gains in overseas markets and as local oil millers aggressively bought in spot markets due to good export demand for soymeal.

Soyoil got support from festival season demand,while rapeseed edged higher on depleting stocks.

Malaysian palm oil futures rose to a near 1-month high on Thursday on encouraging export data that showed firm demand and some short-covering ahead of a holiday weekend in parts of Asia.

Soymeal exports are up sharply as the new season crop arrives,with deals so far for 1 million tonnes in October-December and more expected in the coming weeks,helping ease tight global supplies due to a U.S. drought.

The November soybean contract on India8217;s National Commodity and Derivatives Exchange closed up 3.61 percent at 3,357 rupees per 100 kg. The contract earlier rose to 3,370 rupees,the highest level since Sept. 26.

The November soyoil contract rose 2.62 percent to 700.75 rupees per 10 kg,while rapeseed jumped 1.95 percent to 4,338 rupees per 100 kg.

At the Indore spot market in Madhya Pradesh,soyoil rose 6.05 rupees to 708.75 rupees per 10 kg,while soybean rose 44 rupees to 3,300 rupees per 100 kg. At Sri Ganganagar in Rajasthan,rapeseed fell 70 rupees to 4,070 rupees.

SUGAR

Story continues below this ad

Indian sugar futures rose for the first time in three sessions on bargain-buying driven by hopes festivals will lift demand for the sweetener,though higher supplies for October and November weighed on sentiments.

The key November contract closed up 0.7 percent at 3,292 rupees per 100 kg.

The contract hit a low of 3,270 rupees on Tuesday,the lowest level for the front- month contract since July 20.

Sugar eased 14 rupees to 3,473 rupees per 100 kg at the Kolhapur spot market in the top producing Maharashtra state.

Story continues below this ad

Indians will celebrate Diwali,or the festival of lights,in November,when demand for sugar goes up as the consumption of sweets rise.

CHANA

Indian chick peas,or chana,futures rose on improved spot demand in the ongoing festive season amid thin supply,though prospects of higher sowing and likely higher shipments from other regions in the coming months limited the upside.

The December contract closed up 1.17 percent at 4,493 rupees per 100 kg.

In the New Delhi spot market,chana edged up 21 rupees to 4,608 rupees per 100 kg. TURMERIC

Story continues below this ad

Indian turmeric futures hit a fresh contract low due to sluggish exports and higher stocks.

The November turmeric contract closed down 1.15 percent at 4,966 rupees per 100 kg,after hitting a contract low of 4,940 rupees earlier.

The key Nizamabad spot market in Andhra Pradesh was closed.

JEERA

Indian jeera,or cumin seed,futures fell tracking weak cues from the domestic market where supplies were high while slack overseas demand also weighed on sentiment.

Story continues below this ad

The November jeera contract fell 2.12 percent to 14,802.5 rupees per 100 kg.

At Unjha,a key market in Gujarat,spot jeera fell 138 rupees to 15,040 rupees per 100 kg.

PEPPER

Indian pepper futures fell as almost negligible exports and hopes of higher than expected output due to revived rains,weighed on prices.

The most active November contract fell 0.35 percent to 44,175 rupees per 100 kg.

Story continues below this ad

At Kochi,spot pepper eased 5 rupees to 42,682 rupees per 100 kg on thin supplies.