Friday, 16 March 2012

Potato futures do a guar, uprise acutely on low pitched yield estimations.

Potato has abruptly turned a preferred commodity of traders on the futures chopine. Along with prices open interest has gone up substantially from the beginning of this twelvemonth.

Prices have nearly doubled up since the start of this twelvemonth, to trade on Thurs at Rs. 7 to 9 per kilogram in the Vashi Agricultural Produce Market Committee market. They have been in this scope for 10 odd daytimes on supplying deficit from major growing centres such as Tarkeshwar & Agra. Prices for birnging in Apr on the NCDEX as well replicated to come together at Rs 1,039 a quintal on Thurs, in contrast to Rs 590 a quintal on Jan 3. In the futures exchange, the near-month contract shot up likewise, which a segment of traders full term as inquisitive trading.



Potato futures have been trading higher than spot prices on supposition. As a consequence, spot prices are along with this expected to move up in the approaching daytimes, articulated Sanjeev Mittal, an Agra-based trader.

Against the normal arrival of 90-100 motortrucks (of 14 metrics ton each), only 70 motortrucks reported setting down on Thurs, due to low toned availability of trucks in UP. According to a Mumbai-based trader, There was election mood in U.P during the final workweek, which concured with Holi solemnization across the country. Hence, very few motortrucks were easily available for potato transferral, which resulted in lower accessibility in major consuming mandis. Traders unexpected attractiveness towards potato can also be judged from the substantial step up in open interest in the past few calendars week on the Multi Commodity Exchange.

According to a monger, closely 25 per cent of the latest seasons end product has already turned over cold storages, which is unlikely to be brought out in the close time to come. Stockists broadly opt to unblock heldover stock during thin seasons for higher fruitions. Potato has got together the rallying of other commodities like guar gum, guar seed, pepper and mentha oil that have registered an all over 200 per cent step up in the past year.

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