Turmeric June futures traded on a slipped Tuesday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spiced by -0.11% to 5698 level at NCDEX. Prices found very strong support at these lower levels for last few days as markets started rising for Turmeric. Better production prospects, rising stocks and low export and domestic demand continued pressurizing prices for so long as prospects of good monsoon too limited the uptrend. With sowing starting in June, early arrivals and better prospects for rains could be good for the crop sowing. rend looks weak. Exports are however expected to recover for the new crop at these lower levels as arrivals slow down.
TURMERIC (JUNE) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 5800,
RESISTANCE 1: 5750,
SUPPORT 1: 5600,
SUPPORT 2: 5500.
STRATEGY: BUY ON DIPS
The NCDEX Soyabean June futures slipped by -1.81% in the last trading to close at 2817 level till Tuesday closing. Soybean June ended lower yesterday and expect further decline today if the contract is unable to trade above 2960. Sentiments are currently weak because of favorable monsoon reports. The upside will be however limited in near term because of lack of strong demand and a comfortable worldwide supply situation. Markets in coming days shall seek direction from this month’s USDA report, to be released today after trading hours. The April month’s USDA supply and demand report of oilseed complex was perceived bearish by global participants.
SOYABEAN (JUNE) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2:2900,
RESISTANCE 1:2850,
SUPPORT 1: 2750,
SUPPORT 2: 2650.
STRATEGY: SELL ON RISE
Guarseed futures traded on a Positive note increased demand on Tuesday (5.00PM). Gaurseed June contract gained 0.69% to 3628 levels. Markets found some support at these lower levels as skies cleared up over Rajasthan. But prospects of rains in coming days may well limit the uptrend, as rainfall remains the only determinant factor for the price movements. Pre-monsoon showers are likely tohave good impact on the crop sowing starting next month. Prospects of early arrival and normal monsoon reports too pressurized sentiments for the counter which is highly sensitive to Monsoon rains. In the longer run, rise in lower production prospect is likely to support prices.
GAURSEED (JUNE) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 3700,
RESISTANCE 1:3650,
SUPPORT 1: 3600,
SUPPORT 2: 3550.
STRATEGY: SELL ON RISE
The NCDEX Dhaniya June futures Slipped by -2.42% in the last trading to close at 5320 level on Tuesday. after a 1-sided increase in the beginning of apl, there is a huge decline in the coriander's market. on the commodity exchange NCDEX the price of coriander has dropped has by around 1,500 RPs in a month. in the beginning of April, coriander price for near future trading on NCDEX 7900 per quintal, but now the price has come down to RS 6450. in march , the price of coriander touched a low of RS 6410. Which was lowest price in about 13 months. there has been pressure of coriander due year ending stock and week export demand. however this year's production is being reported less last year. Price have not able to keep pace with heavy stock.
DHANIYA (JUNE) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 5500,
RESISTANCE 1: 5400,
SUPPORT 1: 5250,
SUPPORT 2: 5200.
STRATEGY: SELL ON RISE
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