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The NCDEX Turmeric Apr futures is slipped by -0.64% in the last trading to close at 7102 level till Monday closing at India's National Commodity & Derivatives Exchange (NCDEX). Sideways to slight weak trend persisted for Turmeric as new crop arrivals kept uptrend limited and traders too waited for some more fall in prices before initiating demand in the mandis. 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.
TURMERIC (APR) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 7290
RESISTANCE 1: 7200
SUPPORT 1: 7030
SUPPORT 2: 6960
STRATEGY: SELL ON RISE
The NCDEX Soyabean Feb futures slipped by -2.98% in the last trading to close at 3518 level till Monday closing. Soybean recovered from day’s low after receiving positive inputs from the 2018-19 Union Budget session. 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: BEARISH
RESISTANCE 2: 3650
RESISTANCE 1: 3580
SUPPORT 1 : 3480
SUPPORT 2: 3450
STRATEGY: SELL ON RISE
The NCDEX Guarseed Feb futures is slipped by -3.00% in the last trading to close at 4564 level till Monday closing. Guar gradually starts moving up as firmness in Crude oil prices leading to rising export demand kept supporting prices after the recent fall. Overall trend remains Bullish. A rise in Dollar vs Rupee too would be supporting factor for exports. 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.
GUARSEED (FEB) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 4700
RESISTANCE 1: 4630
SUPPORT 1: 4530
SUPPORT 2 : 4500
STRATEGY: SELL ON RISE
The NCDEX Jeera March futures surged up by 0.78% in the last trading to close at 16720 level on Monday. Markets found strong support at these lower levels as prices stabilized after the recent fall. However, recovery was limited due to lack of strong demand amidst expected higher arrivals of the new crop in coming weeks . 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 (MARCH) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 16980
RESISTANCE 1: 16850
SUPPORT 1: 16600
SUPPORT 2: 16500
STRATEGY: BUY ON DIPS
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