Turmeric July futures surged up by Wednesday (5:00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric is increased by 1.99% to 6036 level at NCDEX. The downtrend may be limited this week on account of reports of stocking interest specially at Erode market, and decreasing stocks will be supportive for prices in near term. However favorable monsoon reports amidst high stocks and lack of strong local demand shall not allow prices to show any sharp upward rally. With sowing starting in June, early arrivals and better prospects for rains could be good for the crop sowing.
CS TURMERIC (JULY) OVERVIEW:
TREND: BULLISH
RESISTANCE 2: 6120
RESISTANCE 1: 6080
SUPPORT 1: 5950
SUPPORT 2: 5860
STRATEGY: BUY ON DIPS
The NCDEX Soyabean July futures slipped by -0.88% in the last trading to close at 2813 level till Wednesday closing. Soybean currently displays some strength because of positive cues from global wheat markets which is prompting the Fund houses to expect some gains in soybean. Wheat and soybean find use in animal feed rations, therefore a bullish impact in near future in wheat will be translated in soybean as well. However as stated earlier, chances of long lasting uptrend are quite low because of satisfactory report, talks of sufficient amount of inventory lying with stockists and reports of timely onset of monsoons, beneficial for sowing of soybean.
CS SOYABEAN (JULY) OVERVIEW:
TREND: BULLISH
RESISTANCE 2: 2850
RESISTANCE 1: 2830
SUPPORT 1: 2790
SUPPORT 2: 2780
STRATEGY: BUY ON DIPS
The NCDEX Guarseed July futures slipped by -1.75% in the last trading to close at 3313 level till Wednesday closing. Prospects of early arrival and normal monsoon reports had pressurized sentiments in recent weeks as guar is highly sensitive to Monsoon rains. But currently spot demand remains stable and arrival pace is quite slow these days which explains guar complex maintaining strong trend. The upside might be limited in coming weeks due to improving rainfall situation in the state of Rajasthan. The near term support of July guar is now seen as 3350-3375. As per latest Rajasthan Agri dept report, production there is expected to fall to 14.04 lakh tons vs 22.23 lakh tons previous year.
CS GUARSEED (JULY) OVERVIEW :
TREND: BEARISH
RESISTANCE 2: 3380
RESISTANCE 1: 3350
SUPPORT 1: 3290
SUPPORT 2: 3270
STRATEGY: SELL ON RISE
The NCDEX Dhaniya July futures slipped by -2.04% in the last trading to close at 4900 level on Wednesday. In the month of April, where Coriander zoomed up with high pace, it slipped down with double pace now. The price of Coriander has been slipped down to its low level after august 2013. There has been pressure of coriander due year ending stock and week export demand. however this year's production is being reported less last year. Price have not able to keep pace with heavy stock.
CS DHANIYA (JULY) OVERVIEW:
TREND: SIDEWAYS
RESISTANCE 2: 5060
RESISTANCE 1: 4980
SUPPORT 1: 4840
SUPPORT 2: 4790
STRATEGY: BUY ON DIPS
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