MCX Crude Palm Oil(CPO)-Crude palm oil up for sixth consecutive day on declining inventories
Crude palm oil rose for the sixth consecutive day as the stockpiles in Malaysia, the world’s second-biggest producer may drop for the fifth month as output declines. According to data from the Malaysia’s palm oil board, the reserves have dropped 27 percent to 1.93 million tons last month from a record in December. At the MCX, Crude Palm Oil futures for May 2013 contract were trading at Rs.476.30 per 10 Kg, up by 0.23 per cent after opening at Rs. 475.20 against the previous close of Rs. 475.20.
MCX Cardamom-Cardamom reverses its previous day’s gains; falls on weak demand
Cardamom prices reversed its previous day’s gains, falling by 0.19 per cent on Today at the Multi Commodity Exchange (MCX) due to the adequate stocks availability in the physical market on account of higher supply from the producing belts of Chandausi in Uttar Pradesh. At MCX, Cardamom futures for June 2013 contract were trading at Rs. 738.80 per kg, down by 0.19 per cent, after opening at Rs. 741 against the previous closing price of Rs. 740.20. (At 10.13 AM today). Sentiment weakened further as the traders booked profits at the prevailing levels in the midst of a subdued demand for the commodity. Kerala (70 per cent), Karnataka (20 per cent) and Tamil Nadu (10 per cent) are the cardamom growing states in India while about 90 per cent of the produce is consumed within the nation. The important markets for cardamom in India are Vandanmendu, Bodinayakanur, Kumily, Thekkady, Kumbum and Pattiveeran Patti in Kerala.
Reversing its previous day’s losses, mentha oil prices rose by 0.04 per cent on Today at the Multi Commodity Exchange (MCX) as traders engaged in creating positions on account of good demand from consuming industries and lower arrivals from Chandausi in Uttar Pradesh. At MCX, Mentha oil futures for May 2013 contract, at MCX, were trading at Rs.919.90 per kg, up by 0.04 per cent after opening at Rs. 914.50 against the previous closing price of Rs. 919.50.Sentiment improved further due to tight stocks position in the physical market due to restricted arrivals from producing belts. About 80 per cent of the crop in India comes from Uttar Pradesh (Rampur, Moradabad, Bareilly, Barabanki and Badaun) and the balance 20 per cent from Punjab, Himachal Pradesh and Haryana.
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