The NCDEX Turmeric Dec futures slipped by -0.47% in the last trading to close at 7132 level till Wednesday closing at India's National Commodity & Derivatives Exchange (NCDEX).
Turmeric on NCDEX settled up 0.72% at 7032 amid strong demand in the spot market. Besides, limited arrivals from major growing regions also added support to turmeric prices’ uptrend. Tamil Nadu, turmeric growing regions still no rainfall reported only coastal regions received higher rainfall currently. Turmeric farmers were waiting for rainfall as standing crop requires 23 times rainfall till 15 Dec for better yield otherwise yield might get affected. As per farmer sowing intentions estimated, current year Turmeric area was reported lower in Tamil Nadu by around 40-45% due to lower rainfall in sowing period. The sale of turmeric in the Erode markets has been poor owing to slack demand from North India. The farmers are having enough stock of turmeric but are keen on bringing only medium quality for sale and stocking the fine variety turmeric with them expecting better price.
TURMERIC (DEC) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 7250
RESISTANCE 1: 7190
SUPPORT 1: 7090
SUPPORT 2: 7060
STRATEGY: SELL ON RISE
The NCDEX Soyabean Dec futures surged up by 1.94% in the last trading to close at 2993 level till Wednesday closing.
Futures failed to sustain higher amid absence of fresh cues from consuming markets and steady arrival pace in mandis. The new crop arrival pressure in Indian markets shall continue for one or two weeks more hence downside will be limited in the current week. All in all, positive cues from the USDA report and bullish outlook in soya oil are most likely to help futures in recovering from lower support levels. Currently Dec soybean has strong support region between 2800-10. Bullish outlook in soya oil shall continue increasing prospects of improvement in crushing demand of soybean in longer run. The USDA Crop report was bullish for soybeans, as it highlighted not only a fall in the ’17 US soybean yield, but also larger harvested acres.
SOYABEAN (DEC) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 3060
RESISTANCE 1: 3020
SUPPORT : 2940
SUPPORT 2: 2890
STRATEGY: BUY ON DIPS
The NCDEX Guarseed Dec futures is surged up by 0.67% in the last trading to close at 3744 level till Wednesday closing.
Guar failed to maintain the upside momentum seen last week as profit booking set in amidst arrivals pressure of new crop in the mandis. Even a rise in crude oil prices failed to sustain uptrend momentum. Exporters waited for some more fall in prices before initiating fresh demand. Rising export demand amidst concerns on production front from recent crop losses, due to excess rains in Rajasthan, just few months back shall continue supporting long term trend. Lowering inventories too are bullish factors. Increased exports of guar gum during last year have been encouraging due to increasing rig count in the US. Long term view is bullish but arrivals of new crop will be a bearish factor this week. Reports of export demand and possibility of a lower crop size versus last year, would be major supporting factors moving forward.
GUARSEED (DEC) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 3790
RESISTANCE 1: 3760
SUPPORT 1: 3730
SUPPORT 2: 3710
STRATEGY: BUY ON DIPS
The NCDEX Dhaniya Dec futures slipped by -0.52% in the last trading to close at 4970 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 (DEC ) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 5070
RESISTANCE 1: 5020
SUPPORT 1: 4930
SUPPORT 2: 4900
STRATEGY: BUY ON DIPS
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