Firm trend persisted for Turmeric as fundamentals remained strong. Low rains in growing regions of AP and Tamil Nadu amidst rising demand kept overall trend firm however. Prospects of lower sowing due to falling prices too supported market sentiments. 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. Exports are however expected to recover at these lower levels as arrivals slow down.
TURMERIC (AUG) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2:7300
RESISTANCE 1: 7090
SUPPORT 1: 6780
SUPPORT 2: 6670
STRATEGY: SELL ON RISE
The NCDEX Soyabean Aug futures surged up by 1.07% in the last trading to close at 3024 level till Tuesday closing.
Strong global cues supported the domestic market yesterday. Soybean futures were up more than 2% at close. Disappointing acreage numbers sparked decent gains in CBOT soybean futures last Friday, and its impact was observed in the domestic market yesterday. Talks of sufficient amount of inventory lying with stockists and reports of timely onset of monsoons, beneficial for sowing of soybean shall continue limiting the upside in near future. (currently sowing is running lower versus previous year and this too supported the market yesterday). The World Agricultural Supply and Demand Estimates (WASDE) report released last month, had made few changes like raising forecasts for soybean inventories.
SOYABEAN (AUG) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 3070
RESISTANCE 1: 3040
SUPPORT 1: 3000
SUPPORT 2: 2950
STRATEGY: SELL ON RISE
The NCDEX Guarseed Oct futures surged up by 0.56% in the last trading to close at 3429 level till Tuesday closing.
Rains in Rajasthan and Gujarat and prospects of more rains in coming days kept trend weak for Guar as sowing reports turn out to be good. Higher than normal rains in West Rajasthan had kept trend down so far as that favorably affected the sowing. As per latest Rajasthan Agri dept report, as on June 27, the sowing area has increased to ~6 lakh ha—up 445% vs last year 1.1 lakh ha. However rising exports are supporting the price. As per IMD, Rajasthan received 40.40mm of rainfall during the week 22 -28 June, 142% above the normal weighted average of 16.7 mm.
GUARSEED (OCT) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 3470
RESISTANCE 1: 3440
SUPPORT 1: 3400
SUPPORT 2: 3380
STRATEGY: SELL ON RISE
The NCDEX Dhaniya Aug futures slipped by -0.26% in the last trading to close at 4910 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 (AUG) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 5010
RESISTANCE 1: 4950
SUPPORT 1: 4870
SUPPORT 2: 4840
STRATEGY: SELL ON RISE
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