Turmeric on NCDEX settled down by -2.04% at 7212 on expectations of higher output and favorable weather condition in the producing centers. Though, good demand in spot market capped some losses. Turmeric sowing has been completed in all the producing states and crop is pest free. Sowing is almost complete across major growing states and are mostly in vegetative stage with no reports of pests and diseases.
Technically market is under fresh selling as market has witnessed gain in open interest by 1.8% to settled at 11610 while prices down -150 rupee, now Turmeric is getting support at 7086 and below same could see a test of 6958 level, And resistance is now likely to be seen at 7366, a move above could see prices testing 7518.
Soyabean on NCDEX settled down by -0.52% at 3069 due to the harvest season and weak demand for soymeal in export market. Soybean harvest is almost complete in major growing states and crop arrival will increase in coming weeks. Further, weighing on prices is robust crop progress reports from United States, the world's biggest bean producer, indicating oversupply situation in international markets. India's soymeal exports slipped 54.5% during October month compared to same period a year ago on weak demand, data from Soybean Processors Association of India (SOPA) showed.
Technically market is under fresh selling as market has witnessed gain in open interest by 7.26% to settled at 124090, now Soyabean is getting support at 3056 and below same could see a test of 3042 level, And resistance is now likely to be seen at 3091, a move above could see prices testing 3112.
Jeera on NCDEX settled down by -1.51% at 17920 amid good sowing prospects for jeera in Gujarat and Rajasthan as the sowing season is about to commence. In the global market, jeera production is expected to witness a decline in other major producing countries such as Syria and Turkey. India imported around 2,550 ton jeera during Apr-Oct 28 as against negligible in the previous year. In 2016- 17, the output of jeera is seen falling in other major producers Syria and Turkey to 10,000 ton and 12,000 ton respectively from 15,000 ton and 17,000 ton in 2015-16.
Technically market is under fresh selling as market has witnessed gain in open interest by 6.61% to settled at 8472, now Jeera is getting support at 17785 and below same could see a test of 17655 level, and resistance is now likely to be seen at 18095, a move above could see prices testing 18275.
Mentha Oil on MCX settled up by 1.62% at 974.2 due to rising demand and falling arrivals the physical markets. Amid fear of lower output this year and rising demand, stockists have started hoarding of mentha oil to manipulate prices. Spurt in the prices of mentha oil would raise cost of production for consumers industries which may prompt producers to revise prices of their final product upwards.
Technically market is under fresh buying as market has witnessed gain in open interest by 3.74% to settled at 4522 while prices up 15.5 rupee, now Menthaoil is getting support at 960.5 and below same could see a test of 946.7 level, And resistance is now likely to be seen at 983.1, a move above could see prices testing 991.9.
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