CAPITALSTARS - FREE AGRI COMMODITY MARKET NEWS & LEVELS - 08 DEC 2017

The NCDEX Turmeric Dec futures surged up by 0.38% in the last trading to close at 7448 level till Thursday closing at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric on NCDEX settled down to tracking weak physical demand and good supplies. New crop would commence by the end of this month and expectations of selling by the AP Markfed. AP Markfed had purchased nearly 48,500 ton turmeric under market intervention scheme. Standing turmeric crop is mostly in its vegetative to development stage across major growing states. As per preliminary estimates, output in the season is expected to decline slightly due to lower sowing. Arrivals of new crop generally start in December and picks up in JanuaryFebruary. There are reports good supplies from the government auctions but due to end of season the stocks are diminishing with the physical traders.
TURMERIC (DEC) TECHNICAL VIEW:
TREND: CONSOLIDATE
RESISTANCE 2: 7700
RESISTANCE 1: 7600
SUPPORT 1: 7300
SUPPORT 2: 7200
STRATEGY: BUY ON DIPS

The NCDEX Soyabean Dec futures slipped by -0.45% in the last trading to close at 3083 level till Thursday closing. Tone remains positive in soybean due to the recent hike in import duty of edible oils and soybean. As stated in the notification the duty on soya bean has been increased to 45 per cent from 30 per cent. Since prices of all oilseeds had gone below the MSP and there was a sense of deep distress and despondency in the minds of farmers, this move by the government has been welcomed by oilseed industry. Soybean is sometimes imported, although at nominal quantity hence rise in import duty will be seen as beneficial in enabling farmers increasing their income. with upward bias this week, and between 2975-3075 levels. Harvest season, subdued export demand for soymeal and estimations of sufficient amount of inventory lying with stockists had been capping the upside so far, but now there is parity in exporting Indian soymeal while harvest season is coming to end hence not much downside expected now.
SOYABEAN (DEC) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 3150
RESISTANCE 1: 3120
SUPPORT : 3070
SUPPORT 2: 3050
STRATEGY: BUY ON DIPS

The NCDEX Guarseed Dec futures is slipped by -1.95% in the last trading to close at 3745 level till Thursday closing. Fundamentals remained strong for Guar even as profit booking at the higher levels limited the uptrend towards end of the week. Rising export demand amidst concerns on production front from recent crop losses, due to excess rains in Rajasthan, just few months back continue supporting long term trend. Lowering inventories too are bullish factors. The new crop arrivals shall continue in mandis for few more weeks and that might cap the upside. But with prices turning significantly cheap and export demand prospects improving, smart upside rallies are expected in near term. 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.
GUARSEED (DEC) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 3850
RESISTANCE 1: 3800
SUPPORT 1: 3700
SUPPORT 2: 3670
STRATEGY: SELL ON RISE

The NCDEX Jeera Dec futures surged up by 0.39% in the last trading to close at 21670 level on Thursday. Jeera on NCDEX settled down on profit booking tracking weakness in spot demand. India's 2016-17 cumin output fell to 489,000 ton from 503,000 ton a year ago and as a result stocks with traders and farmers are stated to lower. Apprehensions of drop in supplies in the days may support prices to trade higher. India jeera is stated to cheaper as compared to that of Syria and Turkey in global markets and is in good demand. At present stock with traders and farmers is insufficient to meet the demand till February next year when new jeera crop will hit the markets. In Gujarat, jeera sowing reached about 1.914 lakh ha this year compared to 1.4 lakh ha last year as on 27 th Nov.
JEERA (DEC) TECHNICAL VIEW:
TREND: CONSOLIDATE
RESISTANCE 2: 21900
RESISTANCE 1: 21700
SUPPORT 1: 21450
SUPPORT 2: 21350
STRATEGY: SELL ON RISE

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