February 9, 2009

India corn futures closed lower on Friday (Feb 6) on sudden absence of buying by domestic feedmakers and exporters in the spot market, analysts said.

Enquires from both domestic feedmakers and exporters were non-existent in the market, according to a trader in major trading hub, Nizamabad.

Prices fell by Rs4 to Rs820 per 100 kg in Nizamabad spot market.

Prices had been moving up in the past one month as domestic demand picked up.

Government agencies and another major group of buyers had nearly stopped their purchases for three to four days, said a trader.

February futures NMZG9 on the National Commodity and Derivatives Exchange ended at Rs848 per 100 kg, down 1.39 percent.

US$1 = Rs48.4100 (Feb 9)