TURMERIC
The NCDEX Turmeric Apr futures is slipped by -2.57% in the last trading to close at 7544 level till Friday 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:
RESISTANCE 2: 7710
RESISTANCE 1: 7530
SUPPORT 1: 7200
SUPPORT 2: 7080
STRATEGY: SELL ON RISE
SOYABEAN
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 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:
RESISTANCE 2: 3400
RESISTANCE 1: 3380
SUPPORT 1 : 3340
SUPPORT 2: 3320
STRATEGY: BUY ON DIPS
GUARSEED
Upside was limited for Guar even as rising Crude oil prices amidst launch of OPTIONS supported the market sentiments. Traders anticipate exports to 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 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:
RESISTANCE 2: 4380
RESISTANCE 1: 4340
SUPPORT 1: 4230
SUPPORT 2 : 4160
STRATEGY: SELL ON RISE
JEERA
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 shifting of other crop towards Jeera due to the high prevailing rates, a delayed sowing in Gujarat (due to 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 too has shifted to India as geo-political tensions in Turkey and Syria adversely affected the production and the exports from there. India became major beneficiary.
JEERA (FEB) TECHNICAL VIEW:
RESISTANCE 2: 16800
RESISTANCE 1: 16700
SUPPORT 1: 16450
SUPPORT 2: 16350
STRATEGY: SELL ON RISE
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
0 comments:
Post a Comment