Turmeric Nov futures surged up on Thursday (5:00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric is increased by 0.43% to 7076 level at NCDEX.
Turmeric bounced back towards end of the week as prices found support near the psychological 7000 mark. Low demand adversely affected prices which were pounded further by higher stocks in mandis. However with new crop arrivals still far away and with an expected rise in export demand — that could support prices. 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: BEARISH
RESISTANCE 2: 7290
RESISTANCE 1: 7180
SUPPORT 1: 6940
SUPPORT 2: 6800
STRATEGY: SELL ON RISE
The NCDEX Soyabean Nov futures slipped by -0.95% in the last trading to close at 2820 level till Thursday closing.
Strength in global oil seed and soya oil markets helped futures in attracting buyers at every dip. Weekend profit taking diluted the impact to some extent. The new crop arrival pressure in Indian markets shall continue for few more weeks hence downside will be limited after November or early December. New season arrivals in the current week 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 in longer run. Therefore the downside can be moderate this week. Bullish cues from the latest USDA report is constantly getting diluted due prospects of rise in India’s new season arrivals.
SOYABEAN (NOV) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 2900
RESISTANCE 1:2860
SUPPORT : 2800
SUPPORT 2: 2780
STRATEGY: SELL ON RISE
The NCDEX Guarseed Nov futures is slipped by -1.67% in the last trading to close at 3522 level till Thursday closing.
Prices recovered strongly for Guar as it found some support at these levels over last few days even as high new crop arrivals prevented any strong 1 sided recover. Even a rise in crude oil prices failed to sustain uptrend momentum. Exporters waited for some more fall in prices before initiating fresh demand. Rising export demand amidst concerns on production front from recent crop losses, due to excess rains in Rajasthan, just few months back shall continue supporting long term trend. 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 new crop will be a bearish factor this week. Reports of export demand and possibility of a lower crop size versus last year, would be major supporting factors moving forward.
GUARSEED (NOV) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 3650
RESISTANCE 1: 3590
SUPPORT 1: 3480
SUPPORT 2: 3440
STRATEGY: SELL ON RISE
The NCDEX Dhaniya Nov futures slipped by -1.16% in the last trading to close at 4927 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 (NOV) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 5150
RESISTANCE 1: 5040
SUPPORT 1: 4870
SUPPORT 2: 4810
STRATEGY: SELL ON RISE
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