NCDEX
Maize futures could ease further today though some bargain hunting can
emerge in the counter given the recent correction. Maize futures
witnessed some selling in last session. The commodity has mostly been
pressed lower on good supplies in the current week. Market has been
stressed on worries about bird flu in China and higher US stockpiles.
The local arrivals are improving but the production is lower in India
this time around. This could support prices once the peak procurement
period starts in late May-June. NCDEX June futures closed at Rs 1169 per
quintal today, down Rs 7 per quintal or 0.60 % with a 2.30% increase
open interest.
Rabi Maize output is likely to be 15.59 Million
Tonnes, down 5.50% over the year. Total Maize output is likely to be
21.06 Million Tonnes, down 3.22%, indicating a shortfall for the
commodity on the whole. However, Maize supplies are rising and would
keep a tab on prices in near term. The spot prices of the commodity
slipped last week towards Rs 1400 per quintal during last week in
Delhi.
The spot prices of industrial grade Maize in Delhi have
been pushed lower on continued increase in the fresh arrivals of the
commodity from Bihar. The increase in arrivals of other grains like
Wheat and Barley could also underpin bearish mood in market. Prices are
currently at their lowest level in two and a half months.
Source by Commodity Insights
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