Turmeric Sep futures dipped on Thursday (5:00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric is decreased by -0.44% to 7320 level at NCDEX.
Turmeric traded sideways with no strong report from mandis even as prices found some support at these lower levels. Demand failed to pick up at the higher levels as stocks remained moderately high. Latest reports from Erode in Tamil Nadu indicate a drastic fall in sowing in those regions due to a drought like situation this year. As per trader estimates, the production this year 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. However, rains at this time would be critical for the crop in Maharashtra, while excess rains will be harmful for AP crop. Rains in TN will have negligible impact.
TURMERIC (SEP) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 7420
RESISTANCE 1: 7370
SUPPORT 1: 7290
SUPPORT 2: 7260
STRATEGY: SELL ON RISE
The NCDEX Soyabean Oct futures dipped by -0.52% in the last trading to close at 3074 level till Thursday closing.
Reports on higher possibility of crop damage in ground nut oilseed crop in Gujarat due to floods, slowing planting versus last year and positive tone in global oilseed markets had supported the market during greater part of August. However rains in growing areas of Rajasthan, MP and Maharashtra kept trend down for Soybean. With rains looming large even now, some more dips in prices is not ruled out. Reports of sufficient amount of inventory lying with stockists and a comfortable global supply situation keeps the upside limited from a broader perspective. Soybean found strong resistance above 3120 amid reports of good rains in soybean producing areas. Futures prices in coming weeks will depend largely on the yield prospects of the local and US crop.
SOYABEAN (OCT) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 3130
RESISTANCE 1: 3100
SUPPORT 1: 3050
SUPPORT 2: 3030
STRATEGY: SELL ON RISE
The NCDEX Guarseed Oct futures dipped by -3.98% in the last trading to close at 3956 level till Thursday closing.
The recent rains in some areas in Rajasthan kept uptrend limited for Guar as profit booking at the higher levels too pressurized the market sentiments. Overall fundamentals look strong with rising export demand amidst concerns on the production front from the recent crop losses from excess rains in Rajasthan a few weeks back. Low stocks too supported prices as markets shot up. Increased exports of guar gum during last year have been encouraging due to increasing rig count in US. Good export demand checks the down moves meanwhile.
GUARSEED (OCT) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 4180
RESISTANCE 1: 4065
SUPPORT 1: 3900
SUPPORT 2: 3840
STRATEGY: SELL ON RISE
The NCDEX Dhaniya Sep futures dipped by -3.14% in the last trading to close at 4928 level on Thursday.
Lack of buying activities due to heavy rainfall led to further decline in spot price. Arrivals of 3000 bags have been witnessed in Kota market. No change has been observed compared to previous day. Arrivals in Guna market (MP) have also been steady at 3000 bags. Smaller market like Ramganj has also observed lower arrivals of 1000 bags to a total of 5000 bags. Also during this week, arrivals in Gondal market have been in a steady range of 4000-5000 bags. Higher supply and weak domestic demand is expected to bring further decline in spot price for the day. There may be higher moisture content in coriander stocks due to heavy rain fall in Gujarat and Rajasthan. But overall trend is still bearish in the market.
DHANIYA (SEP) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 5200
RESISTANCE 1: 5060
SUPPORT 1: 4850
SUPPORT 2: 4770
STRATEGY: SELL ON RISE
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