Turmeric June futures Surged up on Thursday (5:00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric is increased by 1.46% to 5436 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 (JUNE) OVERVIEW:
TREND: SIDEWAYS
RESISTANCE 2: 5540
RESISTANCE 1: 5490
SUPPORT 1: 5360
SUPPORT 2: 5280
STRATEGY: BUY ON DIPS
The NCDEX Soyabean June futures surged up by 0.55% in the last trading to close at 2760 level till Thursday 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 (JUNE) OVERVIEW:
TREND: BULLISH
RESISTANCE 2: 2800
RESISTANCE 1: 2780
SUPPORT 1: 2740
SUPPORT 2: 2720
STRATEGY: BUY ON DIPS
The NCDEX Guarseed June futures Surged up by 0.34% in the last trading to close at 3221 level till Thursday 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 (JUNE) OVERVIEW :
TREND: BEARISH
RESISTANCE 2: 3280
RESISTANCE 1: 3250
SUPPORT 1: 3180
SUPPORT 2: 3140
STRATEGY: SELL ON RISE
The NCDEX Dhaniya June futures Surged up by 1.20% in the last trading to close at 4651 level on Thursday.
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 (JUNE) OVERVIEW:
TREND: SIDEWAYS
RESISTANCE 2: 4720
RESISTANCE 1: 4690
SUPPORT 1: 4610
SUPPORT 2: 4580
STRATEGY: SELL ON RISE
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