Indian agri commodities flat on lack of direction

Commodities opened flat on Friday with the Dhaanya Index rising 5.5 points, or 0.2 percent, to 2,999.2 points. Modest buying was evident on futures of Chana, Coriander, Cotton Seed Oilcake, Refined Soya Oil and Sugar while Guar Seed and Mustard Seed futures dipped in trade.

Chana futures for June delivery rose 48 rupees, or 0.8 percent, to 6,134 rupees. Chana is in an uptrend for the past several sessions on expectations of slim supplies in the coming months. Its production has already been revised downwards to 7.5 million tons from 8 million tons earlier.

Jeera futures for June were up 30 rupees, or 0.2 percent, to 16,150 rupees as better quality of produce hit the spot markets. Sellers were seen realising superior produce to support higher prices.

Guar Seed futures dropped 9 rupees, or 0.3 percent, to 3039 rupees. Provisional data released showed exports of guar seed products such as powder, split and meal was about 5115 tons, up nearly 10 percent, in the week of May 16-22nd. Prices are likely to remain muted in the sessions ahead.

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