Turmeric July futures traded on a Surged up Tuesday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spiced by 3.90% to 6390 level at NCDEX. Bullish trend persisted for Turmeric with falling stocks and rising demand supporting prices. Prospects of lower sowing due to falling prices too supported the market sentiments. Even as demand picked up at these lower levels amidst falling stocks, arrival of monsoon in the growing regions of AP and Telangana kept uptrend limited. Reports of stocking interest specially at Erode market, and decreasing stocks will support prices. Favorable monsoon reports amidst high stocks and lack of strong local demand may limit the uptrend however.
TURMERIC (JULY) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 6550,
RESISTANCE 1: 6450,
SUPPORT 1: 6250,
SUPPORT 2: 6150.
STRATEGY: BUY ON DIPS
The NCDEX Soyabean July futures surged up by 0.60% in the last trading to close at 2847 level till Tuesday closing. Soybean traded sideways amid lack of fresh cues regarding near term demand prospects of soymeal and talks of a satisfactory monsoon year. Chances of long lasting uptrend are quite low in near term, because of satisfactory report, talks of sufficient amount of inventory lying with stockists and reports of timely onset of monsoons, beneficial for sowing of soybean. 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.
SOYABEAN (JULY) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2:2900,
RESISTANCE 1:2870,
SUPPORT 1: 2800,
SUPPORT 2: 2780.
STRATEGY: BUY ON DIPS
Guarseed futures traded on a Negative note decreased demand on Tuesday (5.00PM). Gaurseed July contract gained to -0.52 to 3258 levels. There was no let up in falling rates for Guar as rains in some regions in Rajasthan created possibilities of better sowing in the region. Reports of slight slowdown in Monsoon progress had supported market sentiments last week. Currently spot demand remains stable and arrival pace is quite slow. The upside might be limited in coming days due to improving rainfall situation in the state of Rajasthan. As per latest Rajasthan Agri dept report, production there is expected to fall to 14.04 lakh tons vs 22.23 lakh tons previous year.
GAURSEED (JULY) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 3320,
RESISTANCE 1:3280,
SUPPORT 1: 3220,
SUPPORT 2: 3200.
STRATEGY: SELL ON RISE
The NCDEX Dhaniya July futures Surged up by 1.25% in the last trading to close at 5170 level on Tuesday. after a 1-sided increase in the beginning of apl, there is a huge decline in the coriander's market. on the commodity exchange NCDEX the price of coriander has dropped has by around 1,500 RPs in a month. in the beginning of April, coriander price for near future trading on NCDEX 7900 per quintal, but now the price has come down to RS 6450. in march , the price of coriander touched a low of RS 6410. Which was lowest price in about 13 months. 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.
DHANIYA (JULY) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 5350,
RESISTANCE 1: 5250,
SUPPORT 1: 5100,
SUPPORT 2: 5000.
STRATEGY: BUY ON DIPS
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