TURMERIC
The NCDEX Turmeric Apr futures is slipped by -0.89% in the last trading to close at 7570 level till Monday closing at India's National Commodity & Derivatives Exchange (NCDEX).
Turmeric kept trading weak owing to lack of strong export demand in the mandis as prices faced strong Resistance near the 8000 mark. Reports of lower sowing prospects can support turmeric prices in coming sessions. Reports from Erode 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 (APR) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 7730
RESISTANCE 1: 7650
SUPPORT 1: 7500
SUPPORT 2: 7440
STRATEGY: SELL ON RISE
SOYABEAN
The NCDEX Soyabean Jan futures surged up by 2.71% in the last trading to close at 3300 level till Monday closing.
Soybean ended the session with moderate gains. With the recent hike in import duty, any fall will be short lived now. Currently prices are low enough to encourage buying from the solvent plants. The arrivals pace shall be dropping in coming weeks in the US and India. Therefore with prices still perceived cheaper, buyers will be showing interest in stocking soybean from physical markets at every moderate price fall. NCDEX February soybean in this week might trade between 3120- 3220 levels. Tone remains positive in soybean due to the recent hike in import duty of edible oils and soybean. As stated in the latest USDA report, inventories or end stocks of US soybean might total 445 million bushels at the
end of the marketing year, above last month’s forecast for 425 million bushels. The USDA also lowered its outlook for soybean exports by 25 million bushels due to weak demand so far this year.
SOYABEAN (JAN) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 3350
RESISTANCE 1: 3320
SUPPORT 1 : 3260
SUPPORT 2: 3220
STRATEGY: BUY ON DIPS
GUARSEED
The NCDEX Guarseed Jan futures is surged up by 0.56% in the last trading to close at 4325 level till Monday closing.
Guar prices found some immediate support at these lower levels as traders anticipate the exports to pick up from next week onwards. Trading activities remained low in mandis. In near tem, strong spot/ export demand and improving bullish outlook in Crude oil will be the key bullish drivers. Upward trend is expected in medium term also because of rising export demand and concerns on production front from recent crop losses, due to excess rains in Rajasthan, just few months back. Lowering inventories will be another bullish factor. The new crop arrivals shall drop further thereby offering further support.
GUARSEED (JAN) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 4390
RESISTANCE 1: 4360
SUPPORT 1: 4310
SUPPORT 2 : 4290
STRATEGY: BUY ON DIPS
JEERA
The NCDEX Jeera Jan futures surged up by 0.40% in the last trading to close at 21540 level on Monday.
Slight weak sentiments prevailed for Jeera as closure of many International mandis kept trading activities on the lower side. Traders anticipate however the export demand to start rising from next week onwards. In coming sessions any adverse weather conditions in Gujarat/ Rajasthan may cause prices to recover from these levels. Rains are beneficial for the crop growth. A cooler weather would also be beneficial for the crop.
Even as sowing is expected to be on the higher side with shifting of other crop towards Jeera due to the high prevailing rates, a delayed sowing in Gujarat (due to warmer climate) may have some adverse impact on the crop productivity and its arrivals.
JEERA (JAN) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 21900
RESISTANCE 1: 21700
SUPPORT 1: 21350
SUPPORT 2: 21150
STRATEGY: BUY ON DIPS
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