Capitalstars Updates: FREE AGRI COMMODITY MARKET NEWS & LEVELS - 17 JAN 2018

TURMERIC 

The NCDEX Turmeric Apr futures is slipped by -0.50% in the last trading to close at 7532 level till Tuesday closing at India's National Commodity & Derivatives Exchange (NCDEX).  

No strong movement was noted for Turmeric, which however found support at these lower levels after the recent dips. Arrivals of new crop in some areas in TN amidst prospects of rising arrivals from other regions in coming weeks—prevented strong uptrend. Traders waited for new crop arrivals before initiating fresh demand. Markets talks suggest that a significant drop in sowing in regions across Erode due to a drought like situation last year. As per trader estimates, production 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. Absence of sufficient dams is adversely affecting the crop in TN due to 2 unfavorable monsoons. Total demand is expected at 105 lakh bags approx till Feb next year—as per traders.  

                                                                                                          TURMERIC (APR) TECHNICAL VIEW: 

TREND: BEARISH 

RESISTANCE 2: 7600 

RESISTANCE 1: 7560 

SUPPORT 1: 7500 

SUPPORT 2: 7470 

STRATEGY:  SELL ON RISE 

SOYABEAN 

The NCDEX Soyabean Feb futures surged up by 0.03% in the last trading to close at 3314 level till Tuesday closing.  

India’s harvest season, subdued export demand for soymeal and estimations of sufficient amount of inventory lying with stockists had been capping the upside just a few months, back, but as parity in exporting Indian soymeal has re-established and harvest season nears completion, any sharp fall is ruled out.  USDA’s recent supply-demand report was slightly bearish but that was already factored in by global trade participants, therefore, soybean and US soy complex traded with bullish mood yesterday. Technically NCDEX Feb soybean will tend to remain firm as long as finds support above 3210-3220 levels. As stated in the latest USDA report, U.S. oilseed production for 2017/18 is estimated at 131.3 million tons, down 0.9 million from last month.  

SOYABEAN (FEB) TECHNICAL VIEW: 

TREND: BULLISH 

RESISTANCE 2: 3350 

RESISTANCE 1: 3330 

SUPPORT 1 : 3300 

SUPPORT 2:  3280 

STRATEGY:  BUY ON DIPS 

GUARSEED 

The NCDEX Guarseed Feb futures is slipped by -1.51% in the last trading to close at 4311 level till Tuesday closing.  

Upside was limited to Guar even as rising Crude oil prices amidst launch of OPTIONS supported the market sentiments. Traders anticipate exports to a rise in coming weeks. Moving forward, guar is likely to touch at least 5000, while guar gum might see levels of 10000 or even above. Upward trend is expected in medium term also because of rising concerns on production front from recent crop losses, due to excess rains in Rajasthan, just a few months back. Lowering inventories will be another bullish factor. The new crop arrivals shall drop further thereby offering further support. 

Increased exports of guar gum during last year have been encouraging due to increasing rig count in the US               

GUARSEED (FEB) TECHNICAL VIEW: 

TREND: BEARISH 

RESISTANCE 2: 4420  

RESISTANCE 1: 4370 

SUPPORT 1: 4280 

SUPPORT 2 : 4250 

STRATEGY:  SELL ON RISE 

  

JEERA 

The NCDEX Jeera Feb futures slipped by -1.45% in the last trading to close at 16680 level on Tuesday.  

Prices found some immediate support for Jeera after the recent dips even as traders expect the trading activities to rise in the coming days ahead. However, apprehensions of quality issues in warehouses as per market reports prevented strong recovery. Any adverse weather conditions in Gujarat/Rajasthan may cause prices to recover from these levels. Rains are beneficial for crop growth. A cooler weather would also be beneficial for it. Even as sowing is expected to be higher with the shifting of other crops towards Jeera due to the high prevailing rates, a delayed sowing in Gujarat (due to a warmer climate) may have some adverse impact on the crop productivity and its arrivals. Exports from China have reportedly been on the rise. 

Demand from Gulf countries to has shifted to India as geopolitical tensions in Turkey and Syria adversely affected the production and the exports from there. India became the major beneficiary.  

JEERA (FEB) TECHNICAL VIEW:

  

TREND: BEARISH 

RESISTANCE 2: 17100 

RESISTANCE 1: 16900 

SUPPORT 1:  16550 

SUPPORT 2: 16450 

STRATEGY: SELL ON RISE 

Click here -  Free Trading tips , equity Tips , sebi registered advisory company , Mcx Tips  ,  Capitalstars , Intraday Stock tips , Capitalstars Video Gallery

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