Mumbai rainfall futures bounce after recent correction

The NCDEX Mumbai Rainfall futures are witnessing a good uptick now after recent wave of correction. The benchmark September futures dipped from around Rs 2800 per lot in last week of July to lows under Rs 2100 at the start of this month. The counter edged up today and currently trades at Rs 2122 per lot, up 1.77% on the day. India Meteorological Department has noted that for Mumbai city, actual rainfall stood at 15.7 mm for the week ending 2 September, marking a departure of 87% compared to normal trends.

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