Maize prices increase on decreasing stocks

New Delhi, July 9 (UNI) Maize prices continued to move north today on account of decreasing stocks in the lean period as prices have doubled with a 0.26 per cent increase to have a last trading price (LTP) of Rs 783.50 on the near futures at NCDEX.

At NCDEX, 567 members (2,867) users participated in trading on July 9, 2007 and up to 1700 hrs volumes were Rs 2,296 crore (one-way). There were more than 70,681 trades put through by them.

Active trades were high in among others guar seeds, chana, pepper, jeera, soya oil and gold.

Prices of on near futures of pepper lost Rs 360 on NMCE today to crash by 2.51 per cent to have a LTP of Rs 13,956 compared to an opening price of Rs 14,350.

Pepper near series traded last week in backwardation as pepper near futures was volatile throughout last week though more on the negative side, losing more than four per cent in the near series over its previous week's close price.

July futures which went in backwardation finally ended last week at Rs 14,316 from Rs 14,889 last week. Spot prices, too lost during the week to close at Rs 14,690 on Saturday.

Pepper futures showed a downward trend throughout the week, with the spot market not showing much activity. The down-trend during the week was due to bearish cues from the global markets.

Rubber went up on the near futures contract by Rs 48 to have a LTP of 7,499 up 0.64 per cent.

Rubber futures continued to remain weak during the outgoing week on various reasons being attributed to its declining trend.

The effect on lowering of circuit limits were seen last week as it went on to hit the lower circuit twice and upper circuit during last week at NMCE.

The domestic futures prices fell as it took cues from global rubber prices like TOCOM. According to market reports, absence of tyre companies in the spot market and carry-over stocks from last year depressed the market. However export demand pushed up the futures prices during the week, says a NMCE report.

On the NMCE out of 192 series of 71 commodities, futures contracts on 16 series got traded. The total volume is 10,248 lots with a turnover of Rs 98.88 crore.

On the MCX crude oil prices for the near futures Rs 10 to have an LTP of Rs 2,936 compared to an opening of Rs 2,926.

Natural Gas at MCX was up 2.81 per cent to have an LTP of Rs 267 compared to the opening of Rs 258.

MCXAGRI is 1,737.33 down 0.86 per cent while MCXENERGY is at 2238.36 up 0.67per cent MCXMETAL is at 2503.41 down 0.60 per cent while MCXCOMDEX (Futures) traded at 2157.86 down 0.40 per cent.

UNI