Turmeric Nov futures surged up on Friday (5:00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric is increased by 0.55% to 7326 level at NCDEX.
Profit booking at the higher levels after the recent highs amidst slow down of demand at these rates enabled some corrections for Turmeric. However with new crop arrivals still far away and with an expected rise in export demand — that could support prices in near term. 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.
TURMERIC (NOV) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 7400
RESISTANCE 1: 7360
SUPPORT 1: 7280
SUPPORT 2: 7230
STRATEGY: SELL ON RISE
The NCDEX Soyabean Nov futures slipped by -1.30% in the last trading to close at 2811 level till Friday closing.
In line with the bearish fundamentals. Soybean futures extended previous day’s losses. New crop arrival pressure in Indian markets amidst no strong demand in mandis had kept the trend down for Soybean last week. Bullish cues from the latest USDA report is constantly getting diluted due to possibility of rise in India’s new season arrivals. In the current week new season arrivals might increase in mandis of Maharashtra/Rajasthan and MP which will be a negative factor. But positive cues from the USDA report and bullish outlook in soya oil might imbue thoughts of some improvement in crushing demand of soybean. Therefore the downside can be moderate this week. The USDA Crop report was bullish for soybeans, as it highlighted not only a fall in the ’17 US soybean yield, but also larger harvested acres.
SOYABEAN (NOV) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 2880
RESISTANCE 1: 2840
SUPPORT 1: 2790
SUPPORT 2: 2770
STRATEGY: SELL ON RISE
The NCDEX Guarseed Nov futures is slipped by -2.14% in the last trading to close at 3612 level till Friday closing.
Prices bounced back for Guar even as no strong trend emerged. Prices failed to recover strongly due to rising arrivals of the new crop. However, the downtrend seen for prices currently may be limited—as per traders. Rising export demand amidst concerns on production front from recent crop losses, due to excess rains in Rajasthan, just few months back shall continue offering support to guar and gum in forthcoming sessions. Lowering inventories too are bullish factors. Increased exports of guar gum during last year have been encouraging due to increasing rig count in the US. Long term view is bullish but arrivals of the new crop will be a bearish factor this week.
GUARSEED (NOV) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 3730
RESISTANCE 1: 3670
SUPPORT 1: 3570
SUPPORT 2: 3540
STRATEGY: SELL ON RISE
The NCDEX Dhaniya Nov futures slipped by -0.06% in the last trading to close at 4985 level on Friday.
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 (NOV) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 5130
RESISTANCE 1: 5060
SUPPORT 1: 4910
SUPPORT 2: 4840
STRATEGY: BUY ON DIPS
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