Turmeric Oct futures dipped on Wednesday (5:00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric is decreased by -0.93% to 7646 level at NCDEX.
Moderate firmness was noted for Turmeric as rise in demand in the mandis kept supporting prices ahead of the Festive season. Rise in export demand from the Gulf countries. Latest reports from Erode in Tamil Nadu indicate a drastic fall in sowing in those regions due to a drought like situation this year. As per trader estimates, the production this year is expected to fall to 1-3 lakh bags from the normal 15-20 lakh bags seen on an average. This lower production will be to some extent compensated by a higher production expectation from AP and Maharashtra. However, rains at this time would be critical for the crop in Maharashtra, while excess rains will be harmful for AP crop.
TURMERIC (OCT) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 7860
RESISTANCE 1: 7750
SUPPORT 1: 7570
SUPPORT 2: 7490
STRATEGY: BUY ON DIPS
The NCDEX Soyabean Oct futures surged up by 0.67% in the last trading to close at 3140 level till Wednesday closing.
Soybean ended on positive amid expectations of USDA to lower the Indian crop/US crop yields in its latest demand-supply report. Near term sentiments are positive while broader term outlook is weakening for soybean. Still few feel that an overall slower progress of the monsoon in Maharashtra, and unattractive prices last year might lower planting intentions of the growers. For the current month, October soybean has a strong psychological support of 302050. For the current month, October soybean has a strong psychological support of 3020-50. The recently released GOI data indicates lowering production prospects versus last year. Festive season demand is another supportive factor as of now. Therefore for remaining part of the year we expect prices to remain supported this month, but after September or October (when new season arrivals commence,) then futures prices will be reverse from the upward trend.
SOYABEAN (OCT) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 3180
RESISTANCE 1: 3160
SUPPORT 1: 3120
SUPPORT 2: 3090
STRATEGY: BUY ON DIPS
The NCDEX Guarseed Oct futures is flat by 0.00% in the last trading to close at 3873 level till Wednesday closing.
Guarseed/Guargum traded with high volatility as rise in export demand supported prices. Prospects of rains in Rajasthan could keep some short term pressure on market sentiments however. Overall fundamentals look firm with rising export demand amidst concerns on the production front from the recent crop losses from excess rains in Rajasthan a few weeks back. Low stocks too supported prices as markets shot up. Increased exports of guar gum during last year have been encouraging due to increasing rig count in US. Good export demand checks thedown moves meanwhile. As per reports from APEDA, improved export demand of guar in quantity and monitory terms has been noted.
GUARSEED (OCT) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 3980
RESISTANCE 1: 3930
SUPPORT 1: 3840
SUPPORT 2: 3810
STRATEGY: SELL ON RISE
The NCDEX Dhaniya Oct futures surged up by 0.66% in the last trading to close at 4890 level on Wednesday.
Lack of buying activities due to heavy rainfall led to further decline in spot price. Arrivals of 3000 bags have been witnessed in Kota market. No change has been observed compared to previous day. Arrivals in Guna market (MP) have also been steady at 3000 bags. Smaller market like Ramganj has also observed lower arrivals of 1000 bags to a total of 5000 bags. Also during this week, arrivals in Gondal market have been in a steady range of 4000-5000 bags. Higher supply and weak domestic demand is expected to bring further decline in spot price for the day. There may be higher moisture content in coriander stocks due to heavy rain fall in Gujarat and Rajasthan. But overall trend is still bearish in the market.
DHANIYA (OCT) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 4990
RESISTANCE 1: 4940
SUPPORT 1: 4850
SUPPORT 2: 4820
STRATEGY: SELL ON RISE
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