Turmeric July futures slipped on Friday (5:00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric is decreased by -1.70% to 6130 level at NCDEX. Bullish trend persisted for Turmeric with falling stocks and rising demand supporting prices. Prospects of lower sowing due to falling prices too supported the market sentiments. Even as demand picked up at these lower levels amidst falling stocks, arrival of monsoon in the growing regions of AP and Telangana kept uptrend limited. Reports of stocking interest specially at Erode market, and decreasing stocks will support prices.
CS TURMERIC (JULY) OVERVIEW:
TREND: BULLISH
RESISTANCE 2: 6350
RESISTANCE 1: 6240
SUPPORT 1: 6030
SUPPORT 2: 5930
STRATEGY: BUY ON DIPS
The NCDEX Soyabean July futures surged up by 0.68% in the last trading to close at 2826 level till Friday closing. Soybean traded sideways amid lack of fresh cues regarding near term demand prospects of soymeal and talks of a satisfactory monsoon year. Chances of long lasting uptrend are quite low in near term, 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. strikes in India's top soybean producing state of Madhya Pradesh over the last two weeks have created uncertainties about supply, causing volatility in prices and helped futures in recovering from lower levels in recent sessions.
CS SOYABEAN (JULY) OVERVIEW:
TREND: BULLISH
RESISTANCE 2: 2870
RESISTANCE 1: 2850
SUPPORT 1: 2790
SUPPORT 2: 2770
STRATEGY: BUY ON DIPS
The NCDEX Guarseed July futures slipped by -0.61% in the last trading to close at 3261 level till Friday closing. Bearish trend persisted for Cotton on higher sowing reports amidst weakness in International markets. Better sowing prospect reports from ICAC amidst timely Monsoon arrival is seen favorable for sowing of the crop. Bearish tone in global markets and good rainfall reports have eased domestic sentiments. The trend for this week is likely to remain negative due to pressure in International markets in addition to above factors. As per 2nd Govt estimates, despite lower area coverage during 2016-17, higher productivity of Cotton has resulted into higher production of 32.51 million bales (of 170 kg each) as compared to 30.01 million bales during 2015-16.
CS GUARSEED (JULY) OVERVIEW :
TREND: BEARISH
RESISTANCE 2: 3350
RESISTANCE 1: 3300
SUPPORT 1: 3230
SUPPORT 2: 3200
STRATEGY: SELL ON RISE
The NCDEX Dhaniya July futures surged up by 3.98% in the last trading to close at 5125 level on Friday. 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: BULLISH
RESISTANCE 2: 5250
RESISTANCE 1: 5190
SUPPORT 1: 4990
SUPPORT 2: 4860
STRATEGY: BUY ON DIPS
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