The NCDEX Turmeric Apr futures is surged up by 3.09% in the last trading to close at 7332 level till Thursday closing at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric on NCDEX settled down by -0.62% at 7104 on profit booking after prices seen supported as new crop supplies have not picked up in various producing centres. The overall production in the major states has been estimated to be down by 25-30% which is limiting the downside. Turmeric prices are likely to rule easy in the coming as supplies for new crop would increase. Arrivals in Nizamabad stood at 20,000 and bulb variety was traded at Rs 6,000-6,500 per quintal while finger variety changed hands at Rs 6,500-7,400 a quintal. Turmeric output is seen lower because farmers planted on lower area due to weak prices. New crop supplies have started in the markets of Maharashtra, Tamil Nadu, Odisha, and Andhra Pradesh but in limited quantity. India's turmeric export during April-September remained flat 59,000 ton, showed Spices Board data.
TURMERIC (APR) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 7430
RESISTANCE 1: 7340
SUPPORT 1: 7200
SUPPORT 2: 7140
STRATEGY: BUY ON DIPS
The NCDEX Soyabean Feb futures surged up by 3.09% in the last trading to close at 3634 level till Thursday closing. Positive inputs from the 2018-19 Union Budget session shall keep soybean in near term but in short term, moderate decline is possible since fresh buying interest in physical market shall emerge only after a 50- 100 rupee fall, as per trade sources. Possibility of rise in delivery quantities against the February contract expiry will be another bearish factor. Overall view will be positive as per broad based fundamentals. March soybean is likely to find strong support between 3500-3550 in the current month. India’s harvest season, subdued export demand for soymeal and estimations of sufficient amount of inventory lying with stockists had been capping the upside just few months, back, but as parity in exporting Indian soymeal has re-established and harvest season nears completion, any sharp fall is ruled out.
SOYABEAN (FEB) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 3730
RESISTANCE 1: 3700
SUPPORT 1 : 3620
SUPPORT 2: 3560
STRATEGY: BUY ON DIPS
The NCDEX Guarseed Feb futures is surged up by 0.92% in the last trading to close at 4512 level till Thursday closing. Rising crude oil prices, firmness in Dollar vs Re and pickup in exports at these lower levels—all these factors supported Guar prices. Moving forward, guarseed is likely to touch 5000 and find immediate strong resistance there, while guar gum breaks levels of 10000. Upward trend is expected in medium term also because of rising 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. Increased exports of guar gum during last year have been encouraging due to increasing rig count in the US. As per reports from APEDA, improved export demand of guar has been noted.
GUARSEED (FEB) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 4550
RESISTANCE 1: 4470
SUPPORT 1: 4350
SUPPORT 2 : 4300
STRATEGY: SELL ON RISE
The NCDEX Jeera March futures is slipped by -0.33% in the last trading to close at 16720 level on Thursday. Jeera on NCDEX settled up by 0.78% at 16720 on short covering after prices dropped due to hopes of bumper output on the back of favourable weather conditions and higher sowing. Jeera sowing in Gujarat jumped to 382,600 hectare from 286,030 hectare a year ago, according to data from Gujarat Agriculture Department. Jeera sowing in Rajasthan-the other producing state-is also stated to be higher. New jeera crop supplies have commenced in the markets of Gujarat and may pick up in the coming days putting pressure on prices. During April-September 2017, India's jeera exports jumped 16% to 79,460 ton as per data from Spices Board. According to farmer estimates, jeera production in Gujarat was estimated at around 2.75 lakh tonnes (approximately 50 lakh bags weighing 55 kg each) last year, which is likely to touch 4.12 lakh tonnes this year.
JEERA (MARCH) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 16830
RESISTANCE 1: 16600
SUPPORT 1: 16250
SUPPORT 2: 16100
STRATEGY: BUY ON DIPS
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