Turmeric July futures slipped on Thursday (5:00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric is decreased by -0.94% to 5700 level at NCDEX.
Falling stocks amidst reports of improving demand in the mandis supported turmeric prices, which have fallen a lot over last few months. However, good monsoon reports kept prospects of better sowing this year and the uptrend was limited. With rates at very low levels, further downtrend may be limited. However favorable monsoon reports amidst high stocks and lack of strong demand kept the uptrend limited. With sowing starting in June, early arrivals and better prospects for rains could be good for the crop sowing. As of now trend looks weak.
CS TURMERIC (JULY) OVERVIEW:
TREND: BULLISH
RESISTANCE 2: 5910
RESISTANCE 1: 5810
SUPPORT 1: 5620
SUPPORT 2: 5550
STRATEGY: BUY ON DIPS
The NCDEX Soyabean July futures slipped by -1.48% in the last trading to close at 2790 level till Thursday closing.
Farmers' strikes in India's top soybean producing state of Madhya Pradesh over the last two weeks have created uncertainties about supply, causing volatility in prices and helped futures in recovering from lower levels in recent sessions. The strike can continue for some more time hence further gains expected in short term. The World Agricultural Supply and Demand Estimates (WASDE) report from the Department of Agriculture had made few changes like raising forecasts for soybean inventories..
CS SOYABEAN (JULY) OVERVIEW:
TREND: SIDEWAYS
RESISTANCE 2: 2870
RESISTANCE 1: 2830
SUPPORT 1: 2760
SUPPORT 2: 2740
STRATEGY: SELL ON RISE
The NCDEX Guarseed July futures remain unchanged 0.00% in the last trading to close at 3482 level till Thursday closing.
Prospects of rains in growing regions in Rajasthan in coming days can keep uptrend limited with chances of better sowing if monsoon rains arrive on time and remains good. Traders do feel however the current rates are on the lower side, therefore selling might reduce at current levels. Rains would be beneficial for the new crop sowing. Rates found strong psychological support at the 7000 mark as moderate bounce backs were noted for Guar rates. Prospects of early arrival and normal monsoon reports too pressurized sentiments for Guar which is highly sensitive to Monsoon rains.
CS GUARSEED (JULY) OVERVIEW :
TREND: BULLISH
RESISTANCE 2: 3620
RESISTANCE 1: 3550
SUPPORT 1: 3430
SUPPORT 2: 3390
STRATEGY: BUY ON DIPS
The NCDEX Dhaniya July futures Slipped by -1.44% in the last trading to close at 4987 level on Thursday.
In the month of April, where Coriander zoomed up with high pace, it slipped down with double pace now. The price of Coriander has been slipped down to its low level after august 2013. There has been pressure of coriander due year ending stock and week export demand. however this year's production is being reported less last year. Price have not able to keep pace with heavy stock.
CS DHANIYA (JULY) OVERVIEW:
TREND: BULLISH
RESISTANCE 2: 5250
RESISTANCE 1: 5120
SUPPORT 1: 4900
SUPPORT 2: 4830
STRATEGY: BUY ON DIPS
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