Sunday 6 November 2016

AGRI COMMODITY MARKET NEWS & UPDATES - 07 NOV 2016

Agri commodity calls, Agri Commodity Tips, Cardamom Tips, Free  Commodity Tips, Free Agri Tips, maize tips, RM Seed Tips,

Cardamom on MCX settled up 0.16% at 1336.6 on short covering after prices seen some pressure amid a fall in physical demand in the domestic spot market. India’s Production is likely to fall by 30-40% in 2016-17 due to unfavourable weather conditions.

Technically market is under fresh buying as market has witnessed gain in open interest by 6.16% to settled at 896 while prices up 2.2 rupee, now Cardamom is getting support at 1321.5 and below same could see a test of 1306.5 level, and resistance is now likely to be seen at 1351.2, a move above could see prices testing 1365.9.

Rmseed on NCDEX settled up 2.56% at 4642 on strong demand and on lower stockpiles in the local market. According to sources, nearly 4.5 million tons of mustard seed crop have been arrived as on November 1, against total available crop 5.7 million tons of total production, including carry over stock from previous crop. 
Technically market is under fresh buying as market has witnessed gain in open interest by 3.84% to settled at 35670 while prices up 116 rupee, now Rmseed is getting support at 4559 and below same could see a test of 4477 level, and resistance is now likely to be seen at 4689, a move above could see prices testing 4737.

CPO on MCX settled down -0.58% at 515.4 on weak demand in export market. Malaysia palm oil exports during Oct 1-31 dropped 5.1% compared to a month earlier on subdued demand from China, United States, India, Pakistan, Bangladesh and Egypt, data showed. Malaysia palm oil exports slipped to 1.29 million tons during Oct 1-31 compared to 1.36 million tons for the same period a month ago, Dow Jones reported citing data from SGS, a private surveyor. India's palm oil imports from Malaysia during Oct 1-31 slipped 28.69% to 189,724 tons compared to 266,080 tons during Sep 1-30.
Technically market is under long liquidation as market has witnessed drop in open interest by -6.25% to settled at 4757 while prices down -3 rupee, now CPO is getting support at 512.3 and below same could see a test of 509.3 level, And resistance is now likely to be seen at 519, a move above could see prices testing 522.7.

Maize on NCDEX settled up 1.17% at 1388 tracking firmness in spot demand due to inconsistent quality even as maize harvest continues at rapid pace. Maize harvest continues at a fast pace in Telanagana, Karnataka and arrivals are somewhat good, but the quality of the produce is inconsistent. 
Technically market is under fresh buying as market has witnessed gain in open interest by 5.63% to settled at 20260 while prices up 16 rupee, now Maize is getting support at 1383 and below same could see a test of 1379 level, and resistance is now likely to be seen at 1390, a move above could see prices testing 1393.

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