Mustard seed gains tracking gains in other oilseed gains though arrivals of new rapeseed crop limited the gains. Arrivals of rapeseed from the new crop in Rajasthan state, the biggest producer of the oilseed in the country, are expected to pick up by mid-February.

Wheat yesterday traded with the negative node and settled -0.56% down at 1238 on prospects of rise in output in the current season and higher stocks with government agencies. At Lawrence road market of Delhi, wheat mill quality traded at Rs 1,225 a quintal. Arrival of wheat comprised 2,000 bags.

Crude Palm oil yesterday traded with the positive node and settled 0.56% up at 524.6 tracking gains in spot market demand though uncertainty over the euro zone debt crisis also dampened investors' risk appetite. The market kept a close watch on the February crop production as well as the supply and demand reports set to be issued by the U. S Department of Agriculture. The cargo surveyors will issue export data for the first 10 days of February on Friday, which will indicate how much the world's No.

Aluminium yesterday traded with the positive node and settled 1.68% up at 111.75 to levels unseen in nearly five-months, rallying with the euro as the dollar slid after Greece confirmed it had clinched a deal for emergency aid to help the country avoid a disorderly default. A stronger euro makes dollar-priced metals cheaper for European buyers. Reinforcing strong gains for base metals, the US government reported a steep decline in the number of Americans filing new applications for unemployment benefits last week.

Natural gas yesterday traded with the range bound node and settled 0.05% flat at 123 on forecasts for cooler weather across much of the U. S. and bottom fishing investors, pressure seen after a report from the US EIA showed that natural gas inventories declined less than expected last week, underscoring concerns over elevated US storage levels. The US EIA said in its weekly report that natural gas storage in the US in the week ended Feb 3 fell by 78bcf, after declining by 132bcf in the preceding week. Market had expected US natural gas storage to drop by 85bcf.

Ref Soyaoil yesterday traded with the positive node and settled 0.41% up at 704 tracking firmness in spot market demand. Traders were also awaited the U. S. Department of Agriculture's (USDA) reports on the demand and supply of main agriculture crops. Argentina's Agriculture Ministry in its monthly report reduced its soybean forecast to 48.9 million tonne from 52 million tonnes. Brazil’s production estimates are reduced to 71.50 million tonnes this year from 75.3 million tonnes last year.

Jeera February contract dropped Rs 174 and settled at Rs 14452 per quintal weighed by higher output estimates. As per latest monthly release from Spice Board of India, During April-November 2011, 26,500 tonnes of Cumin valued Rs.379.24 crores was exported as against 20,750 tonnes valued Rs.248.79 crores last year registering an increase of 28 per cent in quantity and 52 per cent in value. Moreover, weak production estimates in the current year might also add some buying in jeera futures.

Turmeric yesterday we have seen that market has moved 2.59% helped by lack of arrivals in the spot market. Supplies from the new season crop have started in spot market in small quantities and are likely to improve in coming weeks. Turmeric production for the year 2011-12 is projected at historical high of 82 lakh bags (1 bag= 70 kgs) compared to 69 lakh bags in 2010- 11. Erode is expected to produce45 lakh bags of turmeric a rise of 29% as compared to previous year. Bumper crop of Turmeric this year and sufficient carryover stocks is keeping market sentiments bearish.

Chana gained Rs 135 and settled at Rs 3504 per quintal on hopes of an increase in consumer demand during the approaching 'holi' festival and on expectations of lower output. India is the largest producer of chickpea, or chana, followed by Pakistan, and contributes around 70 percent of the world's total production. A winter-sown crop, it is the largest produced pulse crop in the country, with a 40 percent share of the total pulse production.

Soybean settled flat as traders kept USDA report on South America in focus. Mild pressure was derived from a stronger dollar and crop-enhancing rains moving through South American growing areas. China, the world's largest soyabean buyer, is likely to increase its soyabean imports from the United States in coming weeks due to a poor domestic crop and drought in South America.

Menthaoil February contract dropped Rs -23.7 and settled at Rs 1540.3 on profit booking after prices gained due to pick-up in demand from pharmaceutical units in the spot market. Less arrivals from major producing area of Chandousi in Uttar Pradesh further supported the uptrend in mentha oil futures prices. Trend in Dollar vs Re could also affect the short term market sentiments as weakening Dollar could affect the export rates adversely. But possibility of a rise in demand at the lower levels and low arrivals are expected to support the prices from a medium term point of view.

Pepper February delivery gained Rs 290 and settled at Rs 29800/quintal on short covering though gains were limited weighed by higher local availability and weak export demand on supplies from competing countries like Vietnam. Supplies have started in small quantities from the new season crop in the southern Kerala and Karnataka states. Industry officials are estimating 43,000-45,000 tonnes of domestic pepper output for 2012, compared with 49,000 tonnes last year. Buyers are reportedly waiting for the new crop arrivals from Vietnam in mid-Feb before making fresh significant queries.

Guarseed yesterday we have seen that market has moved 1.96% due to lack of fresh arrivals in the spot markets though expectations of a fall in export demand limited the gains. Traders fear that consuming industries might find it unprofitable to use guar gum at such high prices and could switch to other alternatives as such xanthan gum and plant cellulose which are widely available. According to the Agricultural and Processed Food Products Export Development Authority, guar gum exports increased by 75 per cent during the first half of the current fiscal to 3.47 lakh tonnes (1.98 lakh tonnes).

Nickel yesterday traded with the positive node and settled 0.57% up at 1067.9 tracking LME nickel which opened at USD 21,550/mt and closed at USD 21,700/mt overnight, up by USD 153/mt from a day earlier, with the highest price at USD 22,050 mt and the lowest price at USD 21,215/mt. LME nickel prices fell to certain extent after initial rallying. During Thursday’s European trading hours, the European interest rate meeting announced that quantitative easing scale shall be expanded to GBP 50 billion, and interest rate shall remain unchanged at 0.50%.

Zinc yesterday traded with the positive node and settled 1.78% up at 106 as support seen from the major Greek political parties reached an agreement to cut spending and salary, causing market concerns to ease, so the euro against the US dollar rose to a two-month high. Besides, the number of first jobless claims for last week was fewer than expected, so the US dollar against most currencies weakened. As a result, LME zinc prices rose and finally closed at USD 2,153/mt, up USD 33/mt or 1.56%. Hit by higher-than-expected CPI from China, LME prices slumped but later pared losses and fluctuated higher.

Copper yesterday traded with the positive node and settled 2.18% up at 434.15 as support seen greece's political leaders finally reached an agreement on a set of austerity measures and reforms Thursday following long delay, opening the door for the EU, IMF and other European countries to offer the second round of bailout deal for the country, and also clearing the way for Greece to finish the budget-cutting deal with private creditors as soon as possible. ECB Mario Draghi would likely provide 130-billion-euro to Greece in the second round of bailout package, which boosted market risk appetites.

Crude oil surged and settled up by 1.36% at 4942 as Greek leaders agreed on an austerity package and employment numbers provided a bullish surprise. Greece, the EC, the ECB and the IMF are meeting in Brussels today to determine if Greece has met its obligations to qualify for its second bailout package. The ECB decided to keep interest rates at the record low 1%. President Mario Draghi stated that surveys confirm tentative signs of economic stabilization in the euro zone. Meanwhile, the BoE decided to stimulate the economy with another GBP50bn to insure the economic recovery continues.

Silver edged higher on buoyed by a euro strengthened by hopes Greece was moving closer to a bailout deal, and surprisingly strong China inflation also supported sentiment. Also support seen from basemetal and crude as Greek political leaders have agreed on all points of a bailout package with international lenders would continue so a deal could be concluded before a meeting of euro zone FM. Bailing out Greece will boost the euro against the dollar for a while, making dollar-denominated assets such as gold cheaper and more attractive.

Mustardseed yesterday traded with the positive node and settled 1.28% up at 3413 tracking gains in spot market demand amid firmness in other oilseed counters also supported the prices. Rapeseed arrivals will pick up only by the end of next month when the new crop starts. The country's rapeseed output in the 2011/12 crop year that ends in June is likely to drop to 7.5 million tonnes, compared with 8.2 million tonnes a year ago, according to farm ministry estimates. Crushing is also very lower in Indian markets due to absence of the good margins which is resulting in lower production of oil and in turn supporting the prices.

Wheat yesterday traded with the negative node and settled -0.4% down at 1245 on prospects of rise in output in the current season and higher stocks with government agencies. India is expected to produce a record 88.31 million tonnes of wheat in 2012, a farm ministry forecast said on Friday, raising hopes the world's second-biggest producer will allow additional exports to trim bulging reserves. The estimated output is higher than the 86.87 million tonnes produced in the previous year and the country's annual consumption of 76 million tonnes. The bumper stock could help India firm up a proposal to export wheat to Iran to partially settle its oil imports bill with Tehran.