The Hindu Business Line : Urad, tur futures gain

Commodity futures ended Monday positive with spice and pulses futures posting a turnaround in prices. Urad futures on NCDEX gained by Rs 141 to Rs 3,291 a tonne, while tur futures gained 3.86 per cent at Rs 1,989 per tonne.

Prices of pulses gained strength after the Mineral and Metals Trading Corporation announced fresh procurement plans. Short covering pushed up Chana by 2.19 per cent at Rs 2,748 per tonne.

Chilli up

Chilli was up by Rs 195 to Rs 6,420 per quintal on short covering. Despite lack of buying in spot markets, Cardamom on MCX for January delivery gained 3.23 per cent at Rs 399.5 per kg.

Export demand pushed up guarseed prices by 1.83 per cent at Rs 2,063 per quintal. Investors were bullish on soyabean futures on NCDEX pushing up prices by 1.36 per cent to Rs 1,391 per quintal as crude palm oil prices on Malaysian markets gained 1.51 to 18.82 ringgets.

Sugar dips

The Government's unwillingness to lift the sugar export ban saw futures on NCDEX down by 0.54 per cent to Rs 1,660 per quintal.

The US Fed trade data is set to dictate gold price trends. "The deficit might narrow down further. Though deficit is expected to narrow largely on lower crude oil prices, GDP growth may remain at 1.5 per cent, which will not boost the dollar. Thus one should be looking to buy at dips. "We continue to maintain our target of $680 an ounce for gold by February. Buy on all dips for $680," said a Kotak Commodities research report.

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