TURMERIC
The NCDEX Turmeric Apr futures is slipped by -0.85% in the last trading to close at 7194 level till Tuesday closing at India's National Commodity & Derivatives Exchange (NCDEX).
Turmeric on NCDEX settled down by -1% at 7326 tracking weakness in spot demand amid lower exports and increased supply from government auctions. However, expectation of improvement in country's demands for new season crop trimmed further losses. Not much of demand is emerging in Turmeric as supplies are about to increase. New crop arrivals are increasing and prices are witnessing a lean patch now. The demand from the stockists is likely to be thin in coming days. Fresh crop supplies are expected to be higher in the coming days and higher moisture content may impact buying activities. Spot turmeric prices showed a mixed trend amid limited sales at Erode markets. There are limited quantity of Mysore variety and the turmeric buying season will commence from February when the arrival of new crop hits the yards and prices will improve.
TURMERIC (APR) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 7310
RESISTANCE 1: 7250
SUPPORT 1: 7150
SUPPORT 2: 7100
STRATEGY: SELL ON RISE
SOYABEAN
The NCDEX Soyabean Feb futures slipped by -2.70% in the last trading to close at 3708 level till Tuesday closing.
Soybean kept trading firm on strong demand in mandis amidst firmness in International markets. Outlook for this month shall remain bullish. 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:
TREND: CONSOLIDATE
RESISTANCE 2: 3920
RESISTANCE 1: 3810
SUPPORT 1 : 3630
SUPPORT 2: 3560
STRATEGY: BUY ON DIPS
GUARSEED
The NCDEX Guarseed Feb futures is surged up by 0.36% in the last trading to close at 4660 level till Tuesday closing.
Guargum inched towards the 10,000 psychological mark as traders expect the exports to start rising at these levels with the recent firmness in Crude oil prices. Moving forward, guarseed 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:
TREND: BULLISH
RESISTANCE 2: 4750
RESISTANCE 1: 4700
SUPPORT 1: 4580
SUPPORT 2 : 4490
STRATEGY: BUY ON DIPS
JEERA
The NCDEX Jeera Feb futures slipped by -0.88% in the last trading to close at 16345 level on Tuesday.
Jeera on NCDEX settled up by 0.21% at 16475 on short covering after prices dropped amid reports of rising arrivals of new crop supplies in the producing markets of Gujarat. Jeera sowing in Gujarat jumped to 382,600 hectare until January 15 from 286,030 hectare a year ago. New crop of jeera has started trickling in the benchmark market of Unjha in Gujarat from last week. The new crop arrivals are from Saurashtra, and the Gondal region in Gujarat. In March, when arrivals peak, prices of jeera are likely to decline to 17,000-18,000 rupees per 100 kg. According to traders' estimate, the country's jeera output during 2017-18 (Oct-Sep) is seen rising 30% on year to 6.5 mln bags due to a sharp rise in acreage as farmers were lured by higher prices last season. India is likely to have exported a little over 102,000 tn of jeera in Apr-Dec, a 12% on- year rise, as political unrest in Syria and waning stocks in Turkey kept these two traditional competitors on the sidelines.
JEERA (FEB) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 16750
RESISTANCE 1: 16550
SUPPORT 1: 16200
SUPPORT 2: 16050
STRATEGY: SELL ON RISE
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