Turmeric July futures traded on a surged up Tuesday (5.00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric spiced by 0.29% to 5570 level at NCDEX. Slight firm trend persisted for Turmeric as falling stocks amidst reports of improving demand in the mandis supported the prices that have fallen a lot over last few months. However, 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 ack 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.
TURMERIC (JULY) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 5750,
RESISTANCE 1: 5650,
SUPPORT 1: 5500,
SUPPORT 2: 5450.
STRATEGY: BUY ON DIPS
The NCDEX Soyabean July futures slipped by -0.43% in the last trading to close at 2788 level till Tuesday closing. Summarizing this month’s USDA report, that was released on June 9th, Global oilseed production is forecast higher this month at 573.0 million tons. A larger cottonseed forecast in Pakistan and China, as well as higher sunflower seed output projected for Ukraine, more than offset reductions in EU rapeseed. Global soybean production is unchanged this month, imports are estimated lower in this month’s USDA report, as ample carry-in stocks in Brazil reduce the need for imports from Paraguay. Global exports are reduced on lowered projections for Argentina. Global soybean stocks are lifted this month with increases in Argentina and Brazil.
SOYABEAN (JULY) TECHNICAL VIEW:
TREND: CONSOLIDATE
RESISTANCE 2:2850,
RESISTANCE 1:2820,
SUPPORT 1: 2770,
SUPPORT 2: 2750.
STRATEGY: BUY ON DIPS
Guarseed futures traded on a Positive note increased demand on Tuesday (5.00PM). Gaurseed July contract gained to 0.65% to 3392 levels. Rates found strong psychological support at the 7000 mark as moderate bounce backs were noted for Guar rates. With export demand remaining good, further fall was limited. However, prospects of rains in growing regions in Rajasthan in coming days are keeping uptrend limited with chances of better sowing if monsoon rains arrive on time and remains good. Traders do feel however the current rates are on the lower side. Rains would be beneficial for the new crop sowing. Prospects of early arrival and normal monsoon reports too pressurized sentiments for Guar which is highly sensitive to Monsoon rains.
GAURSEED (JULY) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 3500,
RESISTANCE 1:3450,
SUPPORT 1: 3350,
SUPPORT 2: 3300.
STRATEGY: BUY ON DIPS
The NCDEX Dhaniya July futures Surged up by 0.37% in the last trading to close at 4860 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.
DHANIYA (JULY) TECHNICAL VIEW:
TREND: BULLISH
RESISTANCE 2: 5000,
RESISTANCE 1: 4900,
SUPPORT 1: 4800,
SUPPORT 2: 4700.
STRATEGY: BUY ON DIPS
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