The NCDEX Turmeric Apr futures surged up by 2.68% in the last trading to close at 7730 level till Wednesday closing at India's National Commodity & Derivatives Exchange (NCDEX).
Turmeric on NCDEX settled up by 1.16% at 7522 amid fall in output due to lower acreage. Prices also seen supported on firm indications from the spot market and weak stocks. The AP Markfed bought 48,500 ton turmeric in May when prices crashed below Rs 5,200 per quintal. The standing crop is in good condition Telangana, Andhra Pradesh and Maharashtra but Tamil Nadu is still facing water shortage which may impact the yield and production. New crop would commence by the end of this month and expectations of selling by the AP Markfed. AP Markfed had purchased nearly 48,500 ton turmeric under market intervention scheme. Standing turmeric crop is mostly in its vegetative to development stage across major growing states.
TURMERIC (APR) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 7885
RESISTANCE 1: 7810
SUPPORT 1: 7570
SUPPORT 2: 7420
STRATEGY: BUY ON DIPS
The NCDEX Soyabean Jan futures surged up by 0.32% in the last trading to close at 3087 level till Wednesday closing.
Tone remains positive in soybean due to the recent hike in import duty of edible oils and soybean. As stated in the notification the duty on soya bean has been increased to 45 per cent from 30 per cent. Since prices of all oilseeds had gone below the MSP and there was a sense of deep distress and despondency in the minds of farmers, this move by the government has been welcomed by oilseed industry. Soybean is sometimes imported, although at nominal quantity hence rise in import duty will be seen as beneficial in enabling farmers increasing their income. December soybean is likely to trade with upward bias this week, and between 2975-3075 levels. Harvest season, subdued export demand for soymeal and estimations of sufficient amount of inventory lying with stockists had been capping the upside so far, but now there is parity in exporting Indian soymeal while harvestseason is coming to end hence not much downside expected now.
SOYABEAN (JAN) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 3130
RESISTANCE 1: 3110
SUPPORT 1 : 3070
SUPPORT 2: 3050
STRATEGY: BUY ON DIPS
The NCDEX Guarseed Jan futures is slipped by -0.43% in the last trading to close at 3933 level till Wednesday closing.
Fundamentals remained strong for Guar even as profit booking at the higher levels limited the uptrend towards end of the week. Rising export demand amidst concerns on production front from recent crop losses, due to excess rains in Rajasthan, just few months back continue supporting long term trend. Lowering inventories too are bullish factors. The new crop arrivals shall continue in mandis for few more weeks and that might cap the upside. But with prices turning significantly cheap and export demand prospects improving, smart upside rallies are expected in near term. 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.
GUARSEED (JAN) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 4000
RESISTANCE 1: 3970
SUPPORT 1: 3900
SUPPORT 2: 3870
STRATEGY: BUY ON DIPS
The NCDEX Jeera Jan futures surged up by 0.55% in the last trading to close at 21750 level on Wednesday.
Jeera on NCDEX settled down by -1.87% at 21495 amid reports of higher sowing in Gujarat-the largest producing state. Jeera acreage in Gujarat, the largest producer, rose to 311,400 hectare from 226,700 hectare a year ago as farmer got very attractive prices. India's 2016-17 cumin output fell to 489,000 ton from 503,000 ton a year ago and as a result stocks with traders and farmers are stated to lower. Apprehensions of drop in supplies in the days may support prices to trade higher. India jeera is stated to cheaper as compared to that of Syria and Turkey in global markets and is in good demand. At present stock with traders and farmers is insufficient to meet the demand till February next year when new jeera crop will hit the markets. As per Gujarat Govt. in Gujarat normal Jeera sowing area around 280,300 hectares. Current year area sowing around 59,400 hectares as compared to last year 36,600 hectares.
JEERA (JAN) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 22140
RESISTANCE 1: 21950
SUPPORT 1: 21570
SUPPORT 2: 21380
STRATEGY: BUY ON DIPS
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance. CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
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