The Hindu Business Line : Maize likely to move up

Maize (yellow and red) futures prices could move up further this week on speculative buying support from some operators supported by good buying from starch units.

Maize July 2006 contracts prices on NCDEX were up Rs 25 at Rs 598.50 a quintal on continued buying support from operators. June contracts on MCX were also traded Rs 20 higher at Rs 575 on limited buying support.

"Prices may rule firmer on continued buying interest by starch units and reduced inflows in Andhra Pradesh. However, some stockists were sellers but a big company is steady buyer in the physical market," a local trader said.

Spot prices at Nizamabad market were up Rs 20-25 at Rs 570 a quintal on continued local buying interest.

Zinc may slip

Zinc futures prices may continue to rule weak this week on lack of renewed local buying support amid weak global reports.

MCX June contracts traded lower at Rs 152.85 a kg (ex-Bhiwandi), down by Rs 20 per kg over last week in the absence of fresh buying support. Zinc slab spot prices were also Rs 12 down at Rs 181 a kg ex-Mumbai.

"Domestic prices have weakened last week in line with LME market. LME price was down on continued selling pressure, despite reduced warehouse stocks," an analyst said.

"Domestic futures prices may reduce further on lack of fresh support. Fresh industrial buying may be limited," a trader said.

Zinc on LME was down $65 at $3,545 a tonne on Thursday over previous week.

Chana seen firm

Chana futures prices may rule firm this week on fresh buying support from dal mills amid reduced offerings.

Chana June contracts on MCX were up Rs 50 at Rs 2,506 per 100 kg on Saturday (ex-Delhi) over last week.

"Prices may ruled firm on continued buying support," a local trader said. Spot prices in Delhi market were up Rs 40 at Rs 2,420 per 100 kg on Saturday on fresh buying interest.

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