March 18, 2008

India rapeseed futures fall on high arrivals

Indian rapeseed July futures plummeted to the lower circuit of 4 percent before ending down on Monday as arrivals picked up in Rajasthan spot market and as soy complex weakens.

The near-month contract breached the first lower circuit of 3 percent before ending down.

The arrivals in Rajasthan touched 210,000-230,000 bags of 85 kilogrammes each, compared to the average daily arrival last week which was about 150,000 bags.

Spot rapeseed prices in Jaipur, a hub for the trade in India, fell more than 1 percent to INR2,720 (US$66.87) per 100 kg.