Turmeric June futures traded on a surged up Friday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spiced by 0.52% to 5420 level at NCDEX. Trend remained weak for Turmeric as lack of demand amidst good monsoon reports kept pressure on prices. Better production prospects, rising stocks and low export and domestic demand continued pressurizing prices. With sowing starting in June, early arrivals and better prospects for rains could be good for the crop sowing. As of now trend looks weak. Exports are however expected to recover for the new crop at these lower levels as arrivals slow down. With Spices exports rising, prices can find some support from that factor.
TURMERIC (JUNE) TECHNICAL VIEW:
TREND: CONSOLIDATE
RESISTANCE 2: 5600,
RESISTANCE 1: 5500,
SUPPORT 1: 5300,
SUPPORT 2: 5200.
STRATEGY: SELL ON RISE
The NCDEX Soyabean June futures surged up by 0.58% in the last trading to close at 2760 level till Friday closing. Soybean futures ended lower for yet another session. For the week June soybean will trade with bearish trend unless breaks 2880 comfortably. Prospects of a better monsoon year and poor buying interest will encourage sellers to enter at every rise in this week. Overall, the upside will be limited in near term because of lack of strong demand and a comfortable world wide supply situation. It may be recalled that US markets had reacted negatively last fortnight from cues provided from the latest USDA report due to upgrades of South American production and fears of world demand slowing.
SOYABEAN (JUNE) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2:2800,
RESISTANCE 1:2780,
SUPPORT 1: 2720,
SUPPORT 2: 2700.
STRATEGY: SELL ON RISE
Guarseed futures traded on a Positive note increased demand on Friday (5.00PM). Gaurseed June contract gained 0.60 to 3528 levels. There were no changes in market sentiments as favorable monsoon reports amidst rains and prospects of rains in Rajasthan kept pressure on the prices for Guar. Rains would be beneficial for the new crop sowing from next month. As monsoon reports remain favorable, some more short term dips are not ruled out. Pre-monsoon showers are likely to have good impact on crop sowing starting June. Prospects of early arrival and normal monsoon reports too pressurized sentiments for Guar which is highly sensitive to Monsoon rains.
GAURSEED (JUNE) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 3550,
RESISTANCE 1:3520,
SUPPORT 1: 3450,
SUPPORT 2: 3400.
STRATEGY: SELL ON RISE
The NCDEX Dhaniya June futures Surged up by 3.42% in the last trading to close at 5329 level on Friday. 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: CONSOLIDATE
RESISTANCE 2: 5500,
RESISTANCE 1: 5400,
SUPPORT 1: 5100,
SUPPORT 2: 5000.
STRATEGY: BUY ON DIPS
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