Turmeric July futures Surged up on Monday (5:00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric is increased by 0.65% to 5556 level at NCDEX. Trend remained weak for Turmeric as good monsoon reports kept prospects of better sowing this year and the uptrend was limited. With rates at very low levels, further downtrend may be limited. However favorable monsoon reports amidst high stocks and lack of strong demand kept the uptrend limited. 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.
CS TURMERIC (JULY) OVERVIEW:
TREND: BULLISH
RESISTANCE 2: 5630
RESISTANCE 1: 5590
SUPPORT 1: 5510
SUPPORT 2: 5470
STRATEGY: BUY ON DIPS
The NCDEX Soyabean July futures surged up by 0.61% in the last trading to close at 2802 level till Monday closing. Satisfactory report on the weather front also keeps sentiments soft these days. Talks of sufficient amount of inventory lying with stockists and reports of timely onset of soybean will be seen as bearish price drivers. In coming weeks soybean prices shall tend to move lower as good number of deliveries will be in the market after the June expiry. So despite technical strength seen in soybean, positional buying in the futures is not recommended. The 2017-18 soybean ending stocks from the USDA’s May report came in at 480 million bushels, which was 88 million bushels below the pre-report analyst average.
CS SOYABEAN (JULY) OVERVIEW:
TREND: BEARISH
RESISTANCE 2: 2850
RESISTANCE 1: 2810
SUPPORT 1: 2770
SUPPORT 2: 2740
STRATEGY: SELL ON RISE
The NCDEX Guarseed July futures Surged up by 2.06% in the last trading to close at 3366 level till Monday closing. Moderate weak trend persisted for Guar as any uptrend was limited by prospects of better sowing this time as cloudy weather is seen over Rajasthan with prospects of rains in growing areas by end of this week. Traders do feel however the current rates are on the lower side. Rains would be beneficial for the new crop sowing from next month. Pre-monsoon showers are likely to have good impact on crop sowing starting June.
CS GUARSEED (JULY) OVERVIEW :
TREND: BULLISH
RESISTANCE 2: 3450
RESISTANCE 1: 3400
SUPPORT 1: 3310
SUPPORT 2: 3360
STRATEGY: BUY ON DIPS
The NCDEX Dhaniya July futures Surged up by 1.21% in the last trading to close at 4836 level on Monday. 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.
CS DHANIYA (JULY) OVERVIEW:
TREND: SIDEWAYS
RESISTANCE 2: 5000
RESISTANCE 1: 4920
SUPPORT 1: 4730
SUPPORT 2: 4640
STRATEGY: SELL ON RISE
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