Friday 6 April 2018

CAPITALSTARS FREE AGRI COMMODITY MARKET NEWS & UPDATES - 06 APR 2018

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The NCDEX Turmeric Apr futures is slipped by -0.71% in the last trading to close at 6440 level till Wednesday closing at India's National Commodity & Derivatives Exchange (NCDEX). Slight weak trend persisted for Turmeric on lower trading activities in mandis from Financial year ending. Prices faced strong resistance near the 7000 mark. Falling arrivals amidst rise in demand at these lower levels are likely to support prices however. As new crop arrivals gradually come down with harvesting season getting over, demand started poring in and supporting the falling market sentiments. Technically the daily charts are now strongly oversold. Traders expect export and domestic demand to rise in coming weeks, but new crop arrivals have kept uptrend limited in recent months. April turmeric had posted high above 8000 last year amid expectations of rising export prospects and talks of lower sowing prospects versus last year but could not sustain above 8000 and trend had been on the lower side since then.
TURMERIC (APR) TECHNICAL VIEW:
TREND: BEARISH 
RESISTANCE 2: 6550
RESISTANCE 1: 6490 
SUPPORT 1: 6390
SUPPORT 2: 6350 
STRATEGY: SELL ON RISE

The NCDEX Soyabean Apr futures surged up by 1.11% in the last trading to close at 3812 level till Wednesday closing. Soybean traded with eased tone yesterday. Talks of soybean import deals from African markets put pressure initially but long term fundamentals are bullish therefore a moderate recovery was noted. In longer term bullish tone in soymeal shall continue helping prices to bounce from support levels. The USDA in its March month’s report had trimmed US exports again by 35 million bushels, but increased crush by 10 million bushels. As a result the U.S. supplies increased to 555 million bushels. The World Supply scenario for soybeans however stood positive like previous month. Brazil’s soy crop was given marginal hike to 113 mmt, up 1 mmt from last month’s 112 mmt and below last year’s record of 114 mmt. This was somewhat friendly since the estimate did not rise as much as expected.
SOYABEAN (APR) TECHNICAL VIEW:
TREND: SIDEWAYS 
RESISTANCE 2: 3880
RESISTANCE 1: 3840 
SUPPORT 1 : 3780
SUPPORT 2: 3740 
STRATEGY: SELL ON RISE

The NCDEX Guarseed Apr futures is surged up by 0.43% in the last trading to close at 4088 level till Wednesday closing. Moderate weakness persisted for Guar with IMD’s recent bulletin on possibilities of good Monsoon this year weighing on prices amidst lack of strong demand for now. But a recovery in crude oil prices brighten the export prospects keeping long term trend bullish. Lack of strong demand, higher stocks have kept trend down in short term even as long term trend remains positive. Medium term outlook looks firm however as Guar seed production is expected to lower versus last year while guar gum demand remains better than previous years and likely to remain better in coming months.
GUARSEED (APR) TECHNICAL VIEW:
TREND: BEARISH 
RESISTANCE 2: 4140
RESISTANCE : 4110 
SUPPORT 1 : 4060
SUPPORT 2 : 4030 
STRATEGY: SELL ON RISE

The NCDEX Jeera Apr futures is surged up by 3.73% in the last trading to close at 15160 level on Wednesday. Closure of mandis in Gujarat close due to Financial year ending kept trend slight weak for Jeera as trading activities fell. Markets are likely to trade slight down this week but expected to recover strongly next week. Amidst arrivals of the new crop from Gujarat, arrivals from Rajasthan are set to pick up in coming days and could put some short term dips on prices. However traders anticipate the downtrend to be limited as prices have fallen a lot over last few months. The demand for the new crop is expected to rise at these lower levels in coming days. Rising arrivals of new crop and an overall high crop estimate have been pressurizing prices. Due to high prevailing rates last year, more sowing was done for this crop. Good rains in Gujarat and Rajasthan further boosted productivity aspects and traders estimate the crop to be between 65-75 lakh bags.
JEERA (APR) TECHNICAL VIEW:
TREND: BULLISH 
RESISTANCE 2: 15600
RESISTANCE 1: 15350 
SUPPORT 1: 14750
SUPPORT 2: 14400 
STRATEGY: BUY ON DIPS



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