Agri Picks Report August 27, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

Rainfall across the country today was 11.1 mm, 62% above the normal of 6.9 mm on Monday, the India Meteorological Department said. Since Jun 1, India has received 702.1 mm rainfall, 6% above the normal of 664.7 mm for the period, it said. Two out of four homogeneous regions in the country received below normal showers. Rainfall was 46% below normal at 5.4 mm in east and northeast India, and 33% below normal in the southern peninsula at 3.8 mm. Rainfall was 29% above normal in the northwest region at 6.8 mm and 191% above normal at 22.1 mm in central India. So far in the season, rainfall has been normal in 22 of the 36 subdivisions in the country. Rainfall was "excess" in eight, and "deficient" in four subdivisions, it said. Rainfall was "large excess" in two subdivisions since Jun 1. • The National Commodity and Derivatives Exchange Ltd announced today the launch of cotton wash oil futures contracts. Futures contracts of cotton wash oil will be available for trading on NCDEX from Sep 2, the domestic bourse said in the circular. Contracts expiring in the months of December, January, February, and March will be launched the same day. The open interest threshold of the cotton wash oil futures contract is 53,500 tn and the contract symbol is COTWASOIL, according to the circular. "Upon expiry of the contract, the positions would be cash settled and there will be no physical delivery," according to the circular. Contracts will be opened on the first trading day of the month, and in case of a holiday on that day, contracts will open on the next trading day, according to the circular. The expiry date for a contract is the 20th day of the delivery month, it added. "On the expiry of the contract, all outstanding positions shall be closed out at the final settlement price announced by the exchange," it said. The trading unit is 5 tn, and the maximum order size is 500 tn. Tick size is 10 paise, and the contracts will be quoted in rupees per 10 kg, the bourse said. "Once the price limit of 4% (+/-) is reached, then after a period of 15 minutes this limit shall be increased further by 2%," the circular said. After the daily price limit is enhanced, trade will be permitted throughout the day within the enhanced total daily price limit of 6%, it added. Member-wise position limit is set at 135,000 tn or 15% of the market-wide open interest in the commodity, whichever is higher. For clients, it is set at 13,500 tn.

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27082024 - co