Soybean futures have been trading positively on account of tight supplies coupled with a weak rupee and forecast of below-normal monsoon. Concerns over deficient monsoons, emergence of El-Nino and shortage of seeds for kharif 2014 sowing have added fuel to the already rising prices. Soybean gained 5% over the month to close at Rs4,537/quintal on 23 April 2014 on the NCDEX.
Crude Palm Oil
Government has cut the base import price of crude palm oil from $966/tonne to $964/tonne. Malaysian palm oil exports declined 8% in March against February, while palm oil output jumped 17.4%. India’s crude palm oil imports declined 23.96% in March, to 0.42 million tonnes from 0.56 million tonnes last year. On the MCX, crude palm oil futures closed 3.75% lower, to Rs566.50/10kg on 23 April 2014.
Copper prices continue to inch up gradually on firm seasonal demand in China. April and May are, typically, brisk consumption months for copper due to increased construction activity. Copper fabricators in China, the largest consumers, are paying the highest premium in 29 months to secure delivery of the metal. On the MCX, copper futures rose by 3.77% over the month, to Rs413.60/kg on 23 April 2014.